Indian Economy Quiz 3

When the government disinvests its shares to the extent of 4 to 5 percent to meet the deficit in the budget, this is termed deficit privatization or token privatization.

Professional tax, VAT, and motor vehicle tax are some of the taxes that are levied and collected by the state. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax.

The basic approach was the development of high-yielding varieties of cereal grains, expansion of irrigation infrastructure, modernization of management techniques, distribution of hybridized seeds, synthetic fertilizers, and pesticides to farmers.

₹50 among Mahatma Gandhi Series of currency notes issued by the RBI has a drawing of the Parliament House depicted on it.

Bilateral trade is the exchange of goods between two countries promoting trade and investment. The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment.

In India, the Minimum Wages Act was enacted in 1948. It is an Act of Parliament concerning Indian labour law that sets the minimum wages that must be paid to skilled and unskilled labours. The Act gives both the Central government and State government jurisdiction in fixing wages.

Consumer sovereignty is the situation in an economy where the desires and needs of consumers control the output of producers.

Small Scale Industries (SSI) are those industries in which the manufacturing, production and rendering of services are done on a small or micro scale. These industries make a one-time investment in machinery, plant, and equipment, but it does not exceed ₹. 10 crore and annual turnover does not exceed ₹. 50 crore.

A non-resident Indian is classified as an individual who has gone out of India, or who stays outside India for employment or for carrying on business or any vocation.

Domestic private savings is the domestic source of planned finance. Private saving is the total amount of savings done by the private (financial and non-financial) corporations and household sectors.