Q: What percentage of the global wealth did India control during ancient times?
India controlled 1/3rd to 1/4th of global wealth.
Q: What was the main basis of the ancient Indian economy? Agriculture and
Handicrafts.
Q: Name the 7 elements of Arthashastra economic policy by Kautilya. King,
Ministers, Agriculture, Fortresses, Treasury, Army, Allies.
Q: What was the impact of British rule on Indian industries?
Deindustrialization, excessive imports, collapse of handicrafts.
Q: What was the share of manufacturing in Net Domestic Product (NDP) by 1946?
Only 7% of NDP.
Q: What is the Nehruvian model? State-led industrialization, planning
commission, and public sector dominance.
Q: What was India's literacy rate in 1947? 18%.
Q: What were the two major Industrial Policy Resolutions in India pre-1991? IPRs
of 1948 and 1956.
Q: What does the term 'License Raj' refer to? System of excessive regulatory
control and licensing requirements.
Q: Name the Act limiting firm expansion in 1969. Monopolies and Restrictive
Trade Practices Act (MRTP Act), 1969.
Q: What was the GDP growth rate during early liberalization (1980–1990)?
Between 5.7% and 5.8% per annum.
Q: What crisis triggered 1991 economic reforms? Balance of Payments crisis.
Q: What are the three pillars of 1991 reforms? Liberalization, Privatization,
Globalization (LPG).
Q: When was SEBI given statutory powers? In 1992 — part of capital market reforms.
Q: Name one major result of 1991 trade reform. Reduction of import tariffs and end
of License Raj.
Q: What is the role of NITI Aayog? Think tank promoting cooperative federalism and
innovation.
Q: What is India's largest employment sector? Primary sector – Agriculture and
allied activities.
Q: What is the current GDP share of the primary sector? Approximately 18.8% of
GDP.
Q: What is PM-KISAN? Income support scheme for farmers.
Q: What is MSP? Minimum Support Price – set at 1.5x cost of production.
Q: What is the GDP contribution of the secondary sector? About 30% of GVA.
Q: What is the focus of the PLI scheme? Production-linked incentives to boost
manufacturing and exports.
Q: What is 'Make in India'? An initiative to promote investment and innovation in
manufacturing.
Q: Name a logistics reform scheme under infrastructure. PM Gati Shakti &
National Logistics Policy (NLP).
Q: What is Start-up India? A program to promote entrepreneurship and innovation
across sectors.
Q: How much does the tertiary sector contribute to GDP? Around 53.89% — the
largest share among sectors.
Q: Which two services have seen high FDI inflows in India recently?
Telecommunications and Insurance (100% & 74% FDI respectively).
Q: What do India's reforms post-1991 aim to achieve in the long term? Sustainable,
inclusive growth with global integration.
Q: What does FDI stand for? Foreign Direct Investment.
Q: What are the two sectors where public sector monopoly still remains post-
reforms? Railways and Atomic Energy.
