Indian Economy MCQs

Notes:
India and Greece signed an open sky agreement in September 2016. The agreement allows airlines from both countries to operate unlimited flights to each other’s destinations. The open sky agreement was the first after India’s civil aviation policy was finalized in 2016. This policy permits open sky arrangements with countries beyond a 5,000 km radius from India, including Greece. The USA also has such an agreement with India.

Notes:
India allows 100% Foreign Direct Investment in petroleum refining by public sector undertakings approved for disinvestment since 2021. 100% FDI through the automatic route is also permitted for private sector petroleum refining projects. A 49% FDI cap applies to public sector refining projects without disinvestment. These rules were notified through Press Note No. 3 (2021 Series) on July 29, 2021.

Notes:
Reliance Industries Limited (RIL) operates the Jamnagar Refinery in Gujarat. The refinery was commissioned in 1999 and expanded in 2008. It has a refining capacity of 1.24 to 1.4 million barrels per day. It is recognized as the world’s largest single-location refinery. The site also features petrochemical complexes. Reliance’s refinery exports refined petroleum products globally.

Notes:
Average revenue is the amount that a firm receives per unit of output sold. Marginal revenue is the change in total revenue resulting from a small change in sales volume.

Notes:
When the marginal revenue productivity of a factor is equal to the factor’s marginal-cost (MR=MC), the firm will be in equilibrium and its profit will be maximum.

Notes:
Devaluation refers to the official lowering of the value of a country’s currency relative to another currency, by which the monetary authority formally sets a new fixed rate. It causes a country’s exports to become less expensive, making them more competitive in the global market.

Notes:
Gram Uday Se Bharat Uday Abhiyan, launched by Prime Minister Narendra Modi in April 2016, aims to “generate efforts to increase social harmony across villages”, “promote rural development” and “foster farmers’ welfare and livelihood of the poor”. The scheme also involves development of panchayat raj, optimum utilization of funds of panchayat Raj, with focus on clean drinking water and sanitation, role of women and rural development and social inclusion of welfare of scheduled caste, scheduled tribes and also persons with disabilities.

Notes:
External debt (or foreign debt) is that portion of a country’s total debt that is owed to creditors outside the country. Debtors can be governments, corporations or private households. Debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

Notes:
The services sector is the largest recipient of FDI in India, accounting for over 80% of total inflows. Key areas include IT, finance, and telecom. Recent data consistently ranks services above manufacturing, infrastructure, or renewables in total FDI share according to RBI and DPIIT statistics.

Notes:
महाराष्ट्रातील पहिला “Aquafest” जलपर्यटन महोत्सव जळगावच्या मेहरूण तलावात आयोजित करण्यात आला. राज्याचे पर्यटन मंत्री गिरीश महाजन यांच्या हस्ते उद्घाटन झाले. हा उपक्रम जलक्रीडा पर्यटनाला चालना देण्यासाठी आणि देशी-विदेशी पर्यटकांना आकर्षित करण्यासाठी राबवण्यात आला. तसेच, मंत्री महाजन यांनी या भागातील पर्यटन पायाभूत सुविधांच्या विकासासाठी आर्थिक गुंतवणुकीची घोषणा केली.