Explain the significance of the Arthashastra in Indian economic philosophy.

Arthashastra is vital in economics.

• Focuses on governance strategies.

• Emphasizes agricultural development.

• Highlights fair taxation principles.

Fill in the blank: The primary sector of the Indian economy includes agriculture and ___ activities.

Related

True or False: British colonial policies significantly enhanced India's manufacturing sector during the 19th century.

False. British policies stifled India's manufacturing sector, leading to a decline in indigenous industries.

What impact did the zamindari system have on Indian agriculture?

The zamindari system led to exploitation of peasants, increased land tenancy demand, and neglect of productivity, exacerbating agricultural decline.

Describe the economic conditions of India at the time of independence in 1947.

India faced severe economic challenges.

• Predominantly rural economy.

• Low literacy rate at 18%.

• High poverty and stratification.

Fill in the blank: The Nehruvian economic model focused on state-directed industrialization and ___ redistribution.

Social

What was the average GDP growth rate of India from 1950 to 1980, often referred to as the 'Hindu growth rate'?

3.5 percent annually.

True or False: The Green Revolution in India was primarily focused on enhancing agricultural productivity through traditional methods.

False. The Green Revolution introduced high-yielding seed varieties and modern agricultural practices.

What were the main objectives of the economic reforms initiated in India in 1991?

The reforms aimed to shift towards a market-oriented economy and achieve macroeconomic stabilization by reducing fiscal deficits.

Explain the role of NITI Aayog in contemporary Indian economic planning.

NITI Aayog fosters cooperative federalism.

• Promotes state collaboration.

• Develops strategic national policies.

• Encourages public-private partnerships.

Fill in the blank: The services sector in India accounts for approximately ___ percent of the total Gross Value Added (GVA).

53.89

What factors contributed to the decline in agricultural productivity during the colonial era in India?

The decline was driven by exploitative land tenure systems, high rents, indebtedness, and a focus on extraction over productivity enhancement.