Economics Quiz: Indian Economy After Independence!

ISRO, or the Indian Space Research Organisation, is the organization responsible for research and development in the area of satellites and communications. They are known for their expertise in space technology and have successfully launched numerous satellites for various purposes, including communication. ISRO's advancements in satellite technology have greatly contributed to the field of communication and have enabled better connectivity and communication services in India and around the world.

Nehru's decision to establish a mixed economy in India means that he opted for an economic system that combines elements of both socialism and capitalism. In a mixed economy, the government plays a significant role in regulating and controlling certain sectors of the economy, while also allowing for private ownership and market forces to operate. This decision reflects Nehru's aim to balance the benefits of state intervention and social welfare with the advantages of free market competition and private enterprise.

The Bhoodan Movement was a land reform movement in India that aimed to address the issue of landlessness and unequal distribution of land. It was started by Acharya Vinobhabhave, a disciple of Mahatma Gandhi. Vinobhabhave believed in the concept of Sarvodaya, which means the welfare of all, and he advocated for the voluntary donation of land by wealthy landowners to be redistributed among the landless. The movement gained significant support and played a crucial role in raising awareness about land reform and social justice in India.

The correct answer is Soviet Russia. The Five Year Plan in India was borrowed from the Soviet Union. The Soviet Union introduced the concept of Five Year Plans in the 1920s as a way to centrally plan and develop the economy. India adopted this model in 1951, with the aim of achieving rapid industrialization and economic growth. The Five Year Plans in India focused on various sectors such as agriculture, industry, infrastructure, and social welfare. The influence of the Soviet Union on India's economic policies during that time is evident in the adoption of the Five Year Plan system.

The Chairman of the Planning Commission of India is the Prime Minister of India. The Planning Commission is a government body responsible for formulating and implementing India's Five-Year Plans. As the head of the government, the Prime Minister holds the authority to oversee and guide the planning and development processes of the country. Therefore, it is the Prime Minister who assumes the role of the Chairman of the Planning Commission.

The correct answer is 2007 - 2012. The Eleventh Five Year Plan period refers to the time frame during which the plan was implemented. In this case, it was implemented from 2007 to 2012.

In 1991, India experienced a significant turning point in its economy. The country faced a severe economic crisis, with high inflation, low foreign exchange reserves, and a balance of payments problem. To address this, the Indian government implemented a series of economic reforms known as the "1991 economic liberalization." These reforms aimed to open up the Indian economy, encourage foreign investment, and liberalize trade and industry. As a result, India experienced a period of rapid economic growth, increased foreign investment, and a shift towards a market-oriented economy. Therefore, 1991 holds a special significance in Indian Economy.

The correct answer is 1967. The Green Revolution refers to a period of increased agricultural productivity that occurred in the 1960s and 1970s. It involved the introduction of new farming techniques, such as the use of high-yielding varieties of crops, improved irrigation methods, and the use of fertilizers and pesticides. This revolution was particularly important in increasing food production in developing countries, leading to a significant reduction in hunger and poverty. Therefore, 1967 is the correct year when the Green Revolution was introduced.

The correct answer is 74.04%. This is the literacy rate in India according to the 2011 census.

The correct answer is 1950. The Planning Commission of India was established in 1950. It was a government agency responsible for formulating and implementing India's Five-Year Plans, which aimed at promoting economic and social development in the country. The commission played a crucial role in the planning and allocation of resources, setting targets, and monitoring progress towards achieving developmental goals. However, it was replaced by the NITI Aayog in 2015.