Indian Economy MCQs

Notes:
Export Credit Guarantee Corporation of India was established in 1957. It is to strengthen export promotion by covering the risk of exporting on credit. Its headquarters is located in Mumbai.

Notes:
The majority of ports in India are located in the below-given states:
1.Maharashtra -53
2.Gujarat -40
3.Tamil Nadu – 15
4.Karnataka – 10

Notes:
Alang Yard in Gujarat, India is the largest ship-breaking yard in the world. India is the largest ship-breaking country in the world with a share of about 30%.

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Darjeeling hydropower plant in West Bengal was set up in 1897. Shivasamudram hydroelectric Power Plant is located in Karnataka.  It was set up in 1902.

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Indian Railways introduced Bharat Gaurav trains, first-of-its-kind theme-based tourist circuit trains, in 2021. It aims to showcase India’s rich cultural heritage and historical places to the people of India and the world.
Indian Railway Catering and Tourism Corporation (IRCTC) is set to run Bharat Gaurav trains in the Mumbai and Delhi sector. IRCTC, a PSU under the Ministry of Railways operating the first Bharat Gaurav Tourist Train.

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The increase in total cost by a firm by producing one additional unit of output is called marginal cost. Average cost is the total cost of producing a given output divided by that output.

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Production means “creation of value-for-exchange utility.” It can create six types of utilities:
form utility, time utility, place utility, ownership utility, service utility and knowledge utility.

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The redistribution of taxes and subsidies is the redistribution of wealth. They do not lead to the wealth creation of a nation which is actually the stream of goods and services that it creates and accumulates capital.

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‘Devaluation’ means the official lowering of the value of a country’s currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency. Devaluation makes a country’s exports relatively less expensive for foreigners and makes foreign products relatively more expensive for domestic consumers, discouraging imports.

Notes:
Union Tourism Ministry has recently released a report which revealed that Maharashtra registered the most number of foreign tourist visits with 1.26 million in 2021.
It is followed by Tamil Nadu with 1.23 million foreign tourist visits respectively. The number of foreign tourist arrivals decreased by 44 per cent to 1.52 million, during 2021. India ranked 54th in the global Travel and Tourism Development Index (TTDI) in 2021.