Economic and Financial Miscellaneous Facts
1. According to the World Bank, on the basis of the purchasing power parity, the economy of India is the fourth largest economy in the world.
2. In the production of vegetables, India is on the second position (after China).
3. India is in the first position in the production of milk.
4. The highest producer of milk in India is Uttar Pradesh.
5. India is the third-largest producer of Tobacco. The largest producer and consumer of tobacco in China.
6. Four industries that have been reserved for the public sector are -Arms and Ammunition, Atomic Energy, Rail Transportation, and Minerals mentioned in the scheduled list of Atomic Energy.
7. The position of India is first as a producer of pulses.
8. The Centre receives maximum net revenue through Excise Duty.
9. First Hydel Power Plant in India was started in Darjiling.
10. The Money-Order system in India was launched in 1880.
11. First postal stamp was launched in India in 1852.
12. Maharashtra is the 1st state which accorded the status of Industry to agriculture in 1997.
13. The "Big Push Theory" has been given by R. Rodan.
14. Alfred Marshal propounded the "Principle of consumer surplus".
15. Central Agmark Laboratory is in Nagpur.
16. First Cotton Industry of the country was established in Kolkata in 1818 and the second by Kovas Jee Nana Bhai in Mumbai in 1853.
17. Sindri Fertilizer Factory, Chitaranjan Locomotives, Indian Telephone Industry, Integral Coach Factory, Penciline Factory, Indian Telephone Industry were all established during first five-year plan.
18. The largest number of co-operative institutions is in India.
19. Unorganised sectors are creating more employment than organized sector in India.
20. The share of groundnut is the highest in the production of oil seeds. Three cities of India have more than 1 crore population – Mumbai, Kolkata and Delhi.
21. Urbanisation is highest in Goa in India.
22. Asian Development Bank was established in 1966. (Head Office – Manila)
23. The social accounting method of estimating national income was developed by Richard Stone.
24. TRIFED: Tribal Co-operative Marketing Development Federation of India Ltd. established by the government in 1987 to benefit small tribal farmers.
25. NAFED: National Agricultural Co-operative Marketing Federation of India Ltd. was established for marketing agricultural products.
26. In 1993 FERA (Foreign Exchange Regulation Act 1973) was replaced by FEMA (Foreign Exchange Management Act).
27. Small Industries have been completely relaxed from licensing.
28. Since 2002, the price of all petroleum products are market-determined. Kerosene and domestic LPG is supplied at subsidized rates to target groups.
29. Foreign exchange rates are not fixed. It changes with market conditions. But for example the exchange rate as on April 4, 2013 :
1 US Dollar = 75.99 Rupees
1 Pound Sterling = 90.18 Rupees
1 Euro = 96.49
30. Rupees Average size of holding in India is continuously decreasing due to rigid population growth.
31. Agriculture Income Insurance Scheme was announced in 2004 to provide insurance safeguards and economic security to farmers. >- Department of Agriculture and Co-operation formulated the Farm Income Insurance Scheme.
32. Green Revolution is associated with the use of HYVS (High Yielding Variety Seeds), Chemical fertilizers and new techniques.
33. Seed Crop Insurance is operational since 1999-2000.
34. Seed Bank is in operation since 1999-2000. Its functions include meeting contingency requirements, developing infrastructure for the production and distribution of seeds.
35. Types of loans provided to Indian Farmers :
(a) Short Term Loans: Less than 15 months
(b) Medium Term Loans: 15 months to 5 years
(c) Long Term Loans: more than 5 years
36. Loans are acquired from Institutional Sources (Banks) and Non-institutional sources (money lenders).
37. Export-Import (EXIM) Bank was set up in 1982 for financing exports and imports.