Glossary Five Year Plan : The Indian economy focussed on centralized and integrated planning since independence. These were carried out through the five year plans of the Planning Commission. Welfare State : A welfare state not only protects the people but also takes care of the social and economic wellbeing of its citizens. Public Sector : The public sector is that part of the economy which is controlled by the state.
It includes public services and public enterprises. Private Sector : The private sector is that part of the national economy that is not under direct state control. It is run by private individuals or groups for profit. Administrative Reforms Commission: It is the committee appointed by ( the government of India for giving recommendations for reviewing the public administrative system of India.
Planned Economy : It is a type of economic system where investment and the allocation of capital goods take place according to economic and production plans. Capital Goods : Goods that are used in producing other goods, rather than being bought by consumers. Liberalisation : It is any process whereby a state lifts restrictions on some private individual activities. The term is most often used in discussing economic liberalization.
FERA : Foreign Exchange Regulation Act is an act which was enacted to regulate payments and foreign exchange in India. Per Capita Income : Per Capita income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area’s total income by its total population. Zamindari System : Zamindari System was introduced during the British rule in India.
Zamindars were recognized as owner of the lands and were given the rights to collect the rent from the peasants. Land Ceiling Act : The urban land ceiling act was passed in India in . It means fixing maximum size of land holding that an individual can own. Urbanization : It is the shift of population from rural to urban areas.
It leads to an increase in urban population and has an impact on the individuals and the society. Animal Husbandry : It is concerned with animals that are raised for meat, fibre, milk, eggs, or other products. It includes care, breeding and the raising of livestock. Rural-Urban Divide : The glaring disparities in income distribution, consumption, and quality of life between rural and urban areas.
GDP : Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time which is often calculated annually. I. Choose the correct answer . The chairman of the Planning Commission is a.
The President b. The Prime Minister c. The Home Minister d. The Finance Minister .
NITI Aayog was introduced under the Prime Ministership of a. Manmohan Singh b. Narasimha Rao c. Vajpayee d.
Narendra Modi . Who among the following used the term ‘Evergreen Revolution’ for increasing agricultural production in India? a. Norman Borlaug b.
M.S Swaminathan c. Subramanian d. R.K.V Rao