Economics: CUET Mock Test - 7

High Yielding Variety Programme (HYVP) The core philosophy of the programme was to increase the productivity of food grains by adopting latest varieties of inputs of crops. Introduction of new high yielding varieties of improved seeds and enhanced application of the fertilizers and extended use of pesticides were its main features.

The Committee on Vision 2020 was constituted by the Planning Commission in June, 2000, under the chairmanship of SP Singh, for crystallising the country’s vision for the future in the year 2020.The vision will reflect people’s aspirations, the full potentials of growth and development, and lay out the efforts needed to fulfill this vision.
The objective of this committee was, as described by Dr. Abdul Kalam, "Transforming the nation into a developed country, five areas in combination have been identified based on India's core competence, natural resources and talented manpower for integrated action to double the growth rate of GDP and realize the Vision of Developed India”

High level of illiteracy, lack of healthcare facilities, and limited access to resources are some of the basic problems in poor areas. Pollution and environmental issues are the other challenges that India is facing at present.

Self-reliance, or for that matter self-sufficiency, refers to the elimination of external assistance. It means that an economy is so sufficient that it does not have to rely on any external help or assistance. In other words, it means zero foreign aid.

On 4th October, the government of India approved the 12th five year plan (2012-17) that aims to achieve annual average economic growth rate of 8.2 per cent, down from 9 per cent (Eleventh plan 2007-12). The aim of the 12th Five Year plan is to achieve “faster, sustainable and more inclusive growth”.

The objective of 11th Five-year plan is to Increase agricultural GDP growth to 4% per year to ensure a wider spread of benefits. Create 70 million new work opportunities. Augment minimum standards of education in primary school and to increase GDP up to 10%. Health and infrastructure were also the priority areas in 11th Five Year Plan.

Planning by Inducements: In this system there is persuasion rather than compulsion or deliberate enforcement of orders.  Here the consumers are free to consume whatsoever they like, producers are free to produce whatsoever they wish. 
A free market is one where voluntary exchange and the laws of supply and demand provide the sole basis for the economic system, without government intervention. A key feature of free markets is the absence of forced transactions or conditions on transactions.

Normal Borlaug was also known as the “Father of the Green Revolution,” Borlaug helped lay the groundwork for agricultural technological advances that alleviated world hunger. Borlaug studied plant biology and forestry at the University of Minnesota and earned a Ph. D. in plant pathology there in 1942.

RBI has four subsidiaries viz. Deposit Insurance and Credit Guarantee Corporation, DICGC; National Housing Bank; Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and NABARD.

The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army. In 1965–1966, India fought a War with Pakistan.

All the state government-imposed land ceiling in 1960 except North-Eastern states.

The High Yielding Variety Programme (HYVP) was launched in the Kharif of 1966-67 with an objective to attain self-sufficiency in food by 1970-71. The core philosophy of the programme was to increase the productivity of food grains by adopting latest varieties of inputs of crops.

RBI has four subsidiaries viz. Deposit Insurance and Credit Guarantee Corporation, DICGC; National Housing Bank; Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and NABARD.

An economy primarily based on central planning is referred to as a planned economy. In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. Planning may also take the form of directive planning or indicative planning.

Ex-officio means the person is member of some body by the virtue of holding some post. A formal model of planning was adopted, and accordingly the Planning Commission, reports directly to the Prime Minister of India.
Hence, the Prime Minister is the ex-officio chairman of the planning commission.

The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army. In 1965–1966, India fought a War with Pakistan.

The total fertility rate (TFR) has declined from 5.2 to 4.5 during 1971 to 1981

HIGH YIELDING VARIETY PROGRAMME (HYVP) was launched in 1966, which helped the country in attaining self-sufficiency in food. This programme helped ‘Green revolution in India, by combining the application of high analysis and balanced fertilizer, irrigation, plant protection, improved implements etc. Initially it was implemented in about 1.89 million hectares area.

Foreign-exchange reserves (also called Forex reserves) are, in a strict sense, only the foreign-currency deposits held by national central banks and monetary authorities. 
However, in popular usage, it also includes gold reserves, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available.

Public investment in agriculture sector especially in infrastructure, which includes irrigation, power, roads, market linkages and research and extension, has fallen in the reform period.

This is because of decreasing demand of industrial products due to various reasons such as cheaper imports, inadequate investment in infrastructure etc. 
In a globalized world, developing countries are compelled to open up their economies to greater flow of goods and capital from developed countries and rendering their industries vulnerable to imported goods. Cheaper imports have, thus, replaced the demand for domestic goods.
Third statement is true. For e.g. U.S.A. has not removed their quota restriction on import of textiles from India and China.

The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.

The chain of reforms that took place with regards to business, manufacturing, and financial services industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner.

The growth of agriculture declined.The industrial sectors reported fluctuation. The growth of service sector has gone up. The growth during this phase was mainly driven by the growth in the service sector.

The reform process has been widely criticised for not being able to address some of the basic problems facing our economy especially in the areas of employment, agriculture, industry, infrastructure development and fiscal management.

This sector has been experiencing a number of policy changes such as reduction in import duties on agricultural products, removal of minimum support price on certain product categories and lifting of quantitative restrictions on agricultural products; these have adversely affected Indian farmers as they now have to face increased international competition.  
Because of export oriented policy strategies in agriculture, there has been a shift from production for the domestic market towards production for the export market focusing on cash crops in lieu of production of food grains. This puts pressure on prices of food grains.

Both are correct. It could achieve only Rs.24,338crore, .i.e. 41.66%. Disinvestment can be defined as the action of an organisation (or government) selling or liquidating an asset or subsidiary. It is also referred to as ‘divestment’ or ‘divestiture.’

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.