Indian Economy Quiz 2

In 2020-21, 28.5% of the revenue came from Goods and Services Tax (GST) followed by Corporate Tax, Personal Income Tax, Union Excise Duty and Customs Duty 28.1%, 26.3%, 11% and 5.7% respectively.

The population growth experienced in India can largely be explained by variations in birth and death rates. Some of the most important causes of population growth in India are: Widening Gap between Birth and Death Rates, Low Age at Marriage, High Illiteracy, Religious Attitude towards Family Planning, etc.

The Planning Commission, agency of the government of India established in 1950 to oversee the country's economic and social development, chiefly through the formulation of five-year plans.

Inventory is the accounting of items, component parts and raw materials a company uses in production or sells.

NSSO (national sample survey organization) is the organization under the ministry of statistics of the government of India. It conducts socio-economic surveys on various subjects like employment, consumer expenditure, health, unemployment, and medical services, etc.

Per capita income is a measure of the amount of money earned per person in a nation or geographic region. It is calculated by dividing country's national income by its population.

Total utility is the sum of all marginal utilities derived from the consumption of each additional unit of a commodity. When marginal utilities are zero, it means that every additional unit of a good does not add any benefits to the consumer. In that case, total utility is maximized.

Saving is closely related to physical investment, in that the former provides a source of funds for the latter. Consumers decide to save more, and spend less, the fall in demand would lead to an increase in business inventories. The change in inventories brings savings and investment into balance without any intention by the business to increase investment.

National Bank for Agriculture and Rural Development (NABARD) is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.

Major items of India's exports are Petroleum Products, textiles and garments, gems and jewelry, chemicals and related products, Pharmaceutical Products and agricultural and allied products.