Indian Economy
General Knowledge

Miscellaneous Facts

Miscellaneous Facts

» 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.
» In the production of vegetables, India is on the second position (after China).
» India is on the first position in the production of milk.
» The highest producer of milk in India is Uttar Pradesh.
» India is the third largest producer of Tobacco. The largest producer and consumer of tobacco is China.
» Four industries which have been reserved for public sector are -Arms and Ammunition, Atomic Energy, Rail Transportation and Minerals mentioned in the scheduled list of Atomic Energy.
» The position of India is first as a producer of pulses.
» The Centre receives maximum net revenue through Excise Duty.
» First Hydel Power Plant in India was started in Darjiling.
» The Money-Order system in India was launched in 1880.
» First postal stamp was launched in India in 1852.
» Maharashtra is the 1st state which accorded the status of Industry to agriculture in 1997.
» The "Big Push Theory" has been given by R. Rodan.
» Alfred Marshal propounded the "Principle of consumer surplus".
» Central Agmark Laboratory is in Nagpur.
» First Cotton Industry of the country was established in Kolkata in 1818 and the second by Kovas Jee Nana Bhai in Mumbai in 1853.
» Sindri Fertilizer Factory, Chitaranjan Locomotives, Indian Telephone Industry, Integral Coach Factory, Penciline Factory, Indian Telephone Industry were all established during first five-year plan.
» The largest number of co-operative institutions is in India.
» Unorganized sectors are creating more employment than organized sector in India.
» 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.
» Urbanization is highest in Goa in India.
» Asian Development Bank was established in 1966. (Head Office - Manila)
» The social accounting method of estimating national income was developed by Richard Stone.

» TRIFED : Tribal Co-operative Marketing Development Federation of India Ltd. established by government in 1987 to benefit small tribal farmers.
» NAFED : National Agricultural Co-operative Marketing Federation of India Ltd. was established for marketing the agricultural products.
» In 1993 FERA (Foreign Exchange Regulation Act 1973) was replaced by FEMA (Foreign Exchange Management Act).
» Small Industries have been completely relaxed from licensing.
» Since 2002, price of all petroleum products are market determined. Kerosene and domestic LPG is supplied at subsidized rates to target groups.
» Foreign exchange rates are not fixed. It changes with market conditions.
» Average size of holding in India is continuously decreasing due to rigid population growth.
» 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.
» Green Revolution is associated with the use of HYVS (High Yielding Variety Seeds), Chemical fertilizers and new techniques.
» Seed Crop Insurance is operational since 1999-2000.
» Seed Bank is in operation since 1999-2000. Its functions include meeting contingency requirement, development infrastructure for production and distribution of seeds.

» 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

» Loans are acquired from Institutional Sources (Banks) and Non- institutional sources (money lenders).
» Export-Import (EXIM) Bank was set up in 1982 for financing exports and imports.