Economics – GK Questions

FDI and FII flows are recorded in the Capital account.

A systematic record of all economic transactions with the world.

International Development Association.

IMF provides short/medium term Balance of Payments support.

Established on Jan 1, 1995, replacing GATT.

Historically estimated by Planning Commission using Tendulkar/Rangarajan methods.

Refers to the 15-59 years working-age population.

Components are Health (life expectancy), Education, and Standard of living.

Served as the Finance Minister during the 1991 crisis.

Also famously known as the White Revolution in India.

Primarily focused on high-yielding varieties of wheat and rice.

Liberalization, Privatization, and Globalization.

Co-existence of government and private business entities.

The First Five Year Plan covered the period 1951-1956.

Formed on January 1, 2015, via a cabinet resolution.

Appointed by the President of India every 5 years.

Fiscal Responsibility and Budget Management Act.

Shows the borrowing requirement excluding past interest obligations.

Occurs when revenue expenditure exceeds revenue receipts.

It indicates the total borrowing requirement of the government.