USEFUL ECONOMY BITS for Group-2

1)    The minimum number of persons required to get a cooperative society registered is 10.

2)   Mumbai city is called Manchester of India.

3)   Nagaland state has the highest growth rate in population.

4)   Elementary education covers children in the age group 6-14.

5)   Sales tax is an indirect tax.

6)   Rising trend in share prices is called Bullish trend.

7)   UTI was the first mutual fund in India.

8)   Banks which help in foreign trade are called EXIM Banks.

9)   The return on debentures is called Interest.

10)     'White goods' are   Durable consumption western countries.

11)      The Present coinage system in India was introduced in 1957.

12)     Ninth Five Year Plan period is 1997-2002.

13)     The first Industrial Policy Resolution was presented in 1948.

14)     Reserve Bank of India is the country’s Central Bank.

15)     Reserve Bank of India issues all currency in India except One-rupee notes.

16)     The important plantation crop produced in India is Rubber.

17)     The highest area under irrigation is in the state of Uttar Pradesh.

18)     Employees Provident Fund Act was enacted in1952.

19)     The Eighth Five Year Plan covers the period 1992-97.

20)    The new industrial policy was announced on July 24, 1991.

21)     The rate of growth projected in the Eighth Five Year Plan is 5.6%.

22)    M.S. Swaminathan is associated with Green Revolution.

23)    The largest deposits of uranium in India are found in Bihar.

24)    Mica is abundantly found in the state of Jharkhand.

25)    Delhi was the venue for the festival of Gold 2005.

26)    Tirupur is famous as a huge exporter of Knitted garments to many parts of the world.

27)    Ankaleshwar in India is known for the production of Petroleum.

28)    LIC of India uses the ad line "We know India better".

29)    The part of profit or other surpluses of a company distributed proportionately among shareholders is called Equity Share.

30)    NABARD stands for National Bank for Agriculture and Rural Development.

31)     Ashok Leyland is owned by the Hindujas.

32)    Hyundai is South Korea's largest car manufacturing company.

33)    'Bottle neck inflation' means Rise in prices without increase in the aggregate demand.

34)    Recession in the market implies Slump in trade & industry due to fall in demand.

35)    India is the largest tea producing country in the world.

36)    BPO is an abbreviation for Business Process Outsourcing.

37)    Suvidha Fixed Deposit scheme was launched by which bank IDBI.

38)    Varishtha Pension Bima Yojana has been launched by LIC of India.

39)    K.L.M. Royal Airlines belongs to Netherlands.

40)    BBC World uses the ad line, 'Knowing is everything'.

41)     Reliance has found the gas in Krishna -Godavari basin.

42)    Bharat Petroleum has introduced improved quality petrol called 'Speed'.

43)    The main cause of International Trade is Comparative cost difference.

44)    Land Revenue is not a Central Government tax.

45)    The commercial banks finance rural credit through NABARD.

46)    Saffron is mainly produced in the state of Jammu & Kashmir.

47)    Tamil Nadu tops in the production of safety matches and finished leather.

48)    The factory producing the largest quantity of Titanium is located in the state of Kerala.

49)    Rourkela Steel Plant is located in the state of Orissa.

50)    Karnataka state is known as the ‘Silk State’ of India.

51)     The region known as the ‘Rice-Bowl’ of India is Krishna-Godavari Delta region.

52)    Maharashtra state leads in the production of cotton.

53)    Kerala is the largest rubber producing state in India.

54)    Firozabad in U.P is famous for Glass industry.

55)       The Geological Survey of India has located most of India’s Chromites deposits in Cuttack.

56)        Bangalore city is known as the silicon valley of India.

57)     The two iron and steel plants that have been setup in collaboration with the former Soviet Union are Bokaro and Bhilai.

58)     Command Area Development Programme (CADP) was launched to ensure better utilization of irrigation potential.

59)     The oldest oil refinery in India is located in Digboi (Assam).

60)        Reserve Bank of India was established in the year 1935.

61)      Industrial Credit and Investment Corporation of India (ICICI) was established in the year 1955.

62)        Industrial Finance Corporation of India (IFCI) was established in the year 1948.

63)        IDBI was setup in the year 1964.

64)        SIDBI was setup in the year 1990.

65)        NABARD was established in the year 1982.

66)        HUDCO was setup in the year 1970.

67)        HDFC was established in the year 1977.

68)        LIC was established in the year 1956.

69)     GIC was setup in the year 1973.

70)     By eradicating poverty Mahatma Gandhi wished to ‘Wipe out every tear from every eye’.

71)     The concept of Five Year Plans in India was introduced by Jawaharlal Nehru.

72)    The famous Haldia oil refinery was set up in collaboration with which country France.

73)     India has its first oil refinery at Digboi.

74)     The town Titagrah is associated with Paper industry.

75)        Hindustan Zinc Limited is located in Udaipur.

76)     The port on the eastern coast of India built after independence to export iron ore to Japan is Paradeep (Orissa).

77)     Indian telephone industry is located at Bangalore and Srinagar.

78)      Gondwana coal fields are located in Madhya Pradesh.

79)         ‘Kundremukh iron ore Project’ is located in Karnataka.

80)        India contains the world’s one-fourth mineral deposit of Mica.

81)      The oldest and largest industry in India is Cotton textile.

82)      The Zawar mines of Udaipur are famous for Zinc.

83)     The state which accounts for more than 90% of total rubber production in India is Kerala.

84)      Madhya Pradesh state in India is the only producer of diamonds.

85)     Lignite mines in India are located in the state Tamil Nadu (Neyveli).

86)    After Uttar Pradesh, Maharashtra leads in the production of sugarcane.

87)      Cauvery delta in Tamil Nadu is famous for the production of Rice.

88)     The main producer of Jute in India is West Bengal.

89)     The only Indian state where gold mining is carried on is Karnataka.

90)      The state which produces largest quantity of cloves is Kerala.

91)       Liquidity is the ability of the bank to convert its non-cash assets into cash easily and without Loss.

92)     The financial position of a commercial bank is reflected in its balance sheet.

93)      UTI was set up in 1964.

94)     Hilton Young Commission recommended the establishment of the Reserve Bank of India.

95)    CENVAT is related with Special excise duty.

96)     Decentralization will Increase the importance of subordinates.

97)     Unclaimed dividends are shown in the balance sheet under the heading Current liabilities.

98)        The President appoints the finance commission in every fifth year.

99)     National watershed development project for rain fed area was launched in 1990-91.

100)  In India the first cement factory was started in Chennai.

101)   ‘Dow Jones’ is the stock index of USA.

102)      In India, the deadline of the goal ‘Power for all’ is in the year 2012.

103)  The nodal agency for setting up of Agro-Export zones is APEDA.

104)   ‘Nikkei’ is the stock index of Japan.

105)   State Bank of India was nationalized in the year 1955.

106)  The 1^ST Finance Commission was setup in the year 1952.

107)  ‘Dax’ is the stock exchange of Germany.

108)   With Germany’s assistance the Rourkela Steel Plant had been built.

109) MRTP commission was appointed by the Government in 1969, to check the Concentration of economic power in the hands of a few business families.

110)    Rice Bown Theory professed that democracy was useless to the poor in and under developed country, if it could not guarantee them adequate food, clothing and shelter.

111)        Removal of poverty was the main objective of Fifth five year plan.

112)   Sales tax is a type of Indirect tax.

113)   Most of the disguised unemployed persons in India are found in agriculture.

114)   Seasonal unemployment refers mainly to agriculture.

115)   The following programmes were started during the Fourth Five Year Plan
(i) Rural Works Programme (RWP).

           (ii) Marginal Farmers and Agricultural Labourers Scheme (MFAL).

          (iii) Small Farmers Development Agency (SFDA).

          (IV) Integrated Dry Land Agricultural Development (IDLAD).

116)    Food for work Programme was introduced during the Fifth Plan.

117)   The SFDA has been merged into IRDP.

118)    The Food for work Programme has been restructured as NREP.

119)    TRYSEM deals with training of rural youth for self-employment.

120)   The major emphasis in the First Plan was on agriculture.

121) The major emphasis of the Third Plan was on making India self-reliant.

122)  Population growth is not an objective of Indian's economic planning.

123)  The Third Plan turned out to be a failure.

124)  The Plan Holiday refers to the period 1966-69.

125)  The strategic aim of the Fifth Plan was removal of poverty and attainment of economic self-reliance.

126) The poverty line is defined on the basis of an average daily intake of 2400 calories in rural areas. 

127) In India, the largest number of workers is employed in Textile industry.

128)  The apex institution in the field of industrial finance is Industrial Development Bank of India.

129)  The Reserve Bank of India became a state owned institution in 1949.

130)  Commercial Banks in India have accelerated the process of economic growth.

131)   The rationale behind the nationalization of commercial banks in 1969 was

(a) Removal of control by a few

           (b) Provision of adequate credit for agriculture and small industry

           (c) Encouragement to a new class of entrepreneurs.

132)   Sales tax is the most important source of revenue of the States in India.

133)  Chelliah Committee examined and suggested tax reforms.

134)  The most important source of public revenue is taxes.

135)  Mixed economy envisages private and public sectors.

136)  A market economy is one in which products and factors are bought and sold.

137)  The economic factors responsible for the under-development of the Indian    economy is

     (i) Shortage of capital

              (ii) Technological backwardness

             (iii) Lack of skilled manpower

138)  High rate of capital formation is not a feature of a developing economy.

139)  Economic development has been retarded in India mainly due to poor infrastructural facilities.

140)   In a free economy inequalities of income are mainly due to private property and inheritance.

141)   Mass illiteracy is not the economic factor, for the causes of poverty.

142)   National income does not include interest on unproductive national debt.

143)  Subsidies mean payment by Government to business enterprises without buying any goods and services.

144)  Depreciation means Loss of equipment over time due to wear and tear.

145) The 'secondary sector' of Indian economy includes(a)  Manufacturing (b) Construction (d) Electricity, gas and water supply.

146)  Expenditure on defence is an item of public consumption.

147)  1921 is known as 'Year of the Great Divide' with regard to population growth in India.

148)  Bihar state has the least literacy rate.

149) The maximum number of people in India works in the primary sector.

150)  According to the 2001, census, the most densely populated state is West Bengal.

151)      Mumbai is the most populated city in India.

152)The Department of Planning and Development was constituted by the Government of India in 1944.

153)  The Planning Commission was set up by the Government of India in 1950.

154)  The concept of rolling plan was accepted in 1977.

155)     The long-term objectives of development in India have been

     (a)   High rate of growth with a view to improve the level of living of the people.

     (b)   Social justice.

     (c)   Economic self-reliance.

156)  Disguised unemployment refers to more persons employed for a job, out of 

      them a few can accomplish.

157)   White revolution is associated with Dr. Varghese Kurien.

158)   "Golden Handshake" is the term associated with Voluntary Retirement Benefits.

159)  The first to implement the concept of planned economy was Joseph Stalin.

160)   Recent industrial development of India is largest due to Liberalization of government policies.

161)   In India, while defining an urban area, the most important consideration besides the size of its population is that it should have Three-fourths of its male working population on non-agricultural pursuits.

162)             The Media campaign 'The World is waiting' is related to British Airways.

163)  Among the BRIC countries (Brazil, Russia, India and China), India is the only trade-deficit country.

164)  In 2005 the Government of India approved a proposal to set up an International Container Trans-shipment Terminal at Cochin port.

165)  The most important commodity in India's internal trade is Coal.

166)  Deepest mine in India is located at Kolar.

167)  Kandla port has a free trade zone.

168)     The maximum power in India comes from thermal plants.

169)  The maximum amount of energy in the present day world is

          provided by Fossil fuels.

170)  Of the heavy inorganic chemicals, the basic industrial chemical that

           Is used in the largest quantity is Sulphuric acid.

171)   India's as well as Asia's first wind farm is located in Gujarat.

172)  Karl Marx advocated the establishment of a classless society.

173)  Indian economy is most appropriately described as a Mixed             

          economy.

174)  The first state in India to recognize tourism as an industry is Goa.

175)   Data one is the name associated with BSNL broadband service.

176)             Tata Motors has become the first Indian company in the automobile

      and engineering sector to be listed on the NEW York Stock

          Exchange(NYSE).

177)  Peter A Pyhrr is known as the father of 'Zero base budgeting'.

178)   The central objective projected by the eleventh five year plan of   

           India is faster and enhanced Industrial growth.

179)  Sales tax is not a central tax.

180)             In India, a tax on agricultural income can be levied only by the state

      Governments.

181)    Kandla port was first developed after Independence.

182)  The first chemical port in India for export and import of chemical

       products is being set up at Diu.

183)      As an export item of India, Pepper spice occupies the top position in

          value.

184)  In India the major export of iron ore is from Marmugao.

185)  The BSE sensex is based on the price movement of 30 shares.

186)  Cigarette and betel 'masala' also called 'goods of sin' in popular parlance, serve as a source of substantial revenue and yet the tax levied on them is termed as 'Sin Tax".

187)             High rates of interest in a low inflation regime Discourage people to make an investment.

188)   According to 'India Vision 2020', if India has to attain the goal of total employment by the year 2020, it should work towards generating scope for 2 million jobs per year.

189)  The largest gold producing country in the world is South Africa.

190)  Iron and Steel industries is regarded as the most basic for our modern civilization.

191)      Coal is not a source of geothermal energy.

192)  The punch-line "We Invest in Your Dreams" is of the Jammu & Kashmir Bank.

193)  ITC has started a rural marketing network called "e-chaupal".

194)  Diesel engines for railways are manufactured at Varanasi.

195)   Statistical study of human population is called Demography.

196)  Gem cutting in India is done mainly at Surat.

197)   Trade Union means Organisation of employees.

198)  Dr. Raja J Chelliah headed the Tax Reforms Committee.

199)  Sardar Sarovar Project is to be constructed on the river Narmada.

200)                 Four-fifths of the goods traffic in the country is carried by    

        Railways.

201)  Plan Holiday occurred between Third and Fourth Plan.

202)             Central Government is responsible for the construction of National  

         highways and border roads.

203)             A depreciation of a nation's currency usually causes Internal /

         domestic prices to Rise.

204)                 World's largest producer of coffee is Brazil.

205)                 The free trade port of the country is Kandla.

206)                 "Garibi Hatao" was the famous slogan during 1971 elections.

207)                 Salem is important for Stainless steel.

208)                 Wealth accumulated by evading tax is called Black money.

209)                 The Food Corporation of India established on January 1, 1965.

210)  Nepanagar is associated with Paper mills.

211)   The longest railway platform in India is in Kharagpur.

212)  Green Revolution has been very successful in Wheat.

213)  DPAP stand for the Drought Prone Area Programme.

214)  Headquarters of the World Bank is situated at Washington.

215)  The length of the Indira Gandhi Canal is 468 km.

216)  Mazagaon Dock is a ship building yard at Mumbai.

217)  Apex institution which regards rural credit is NABARD.

218)  World Bank is also known as IBRD.

219)  The non-food crop is Tea.

220)                 The largest cotton production nation in the world is USA.

221)  The disease Small-pox has been eradicated from India.

222)                  The biggest enterprise of our government is Railways.

223)                 Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) are

          terms most closely related to banking.

224)                 National saving certificates (NSC) are issued by Post offices.

225)                 The major source of power in India is Coal.

226)                 The Oil and Natural Gas Commission was set up in India in 1956.

227)                 Agriculture still remains the backbone of the Indian economy.

228)                 The first Regional Rural Bank was established in 1975.

229)                 The Comprehensive crop Insurance Scheme (CCIS) was launched in

         1975.

230)                 National Productivity Council was set up in 1958.