Salient Features and Challenges Before Indian Economy

Frictional unemployment occurs when workers are temporarily between jobs due to normal labor market turnover - people quitting, being fired, or entering/re-entering the workforce. It's caused by the time lag matching workers with jobs as demand, supply, and market conditions constantly change. Structural unemployment is from skill mismatches, disguised is hidden underemployment, and open unemployment is visible joblessness.

According to the 2001 Census, Uttar Pradesh had the highest child labour population in India. As India's most populous state with significant poverty and developmental challenges, UP consistently reports high numbers of working children. Other states like Maharashtra, Bihar, and Andhra Pradesh also had substantial child labour but ranked below Uttar Pradesh.

The N.C. Saxena Commission (2009) recommended using religion and caste as new criteria for identifying Below Poverty Line (BPL) households, alongside income and social indicators. The Tendulkar Committee focused on consumption expenditure, while the Wadhwa Committee dealt with public distribution systems. Planning Commission sets policy but doesn't typically recommend specific BPL criteria.

Population explosion is considered the biggest challenge to India's development success because it puts enormous pressure on resources, infrastructure, employment, and social services. While poverty, illiteracy, and unemployment are serious problems, they are both causes and effects of overpopulation. Rapid population growth makes it extremely difficult to improve living standards despite economic progress.

In India's official agricultural land classification, 'Marginal Farmers' are those who hold land up to 1 hectare (2.47 acres). Small farmers have 1-2 hectares, semi-medium have 2-4 hectares, and medium/large farmers hold more than 4 hectares. This classification is used for policy targeting and agricultural development programs.

According to official Indian economic data, approximately 94% of India's workforce was employed in the unorganised sector in 2012-13. The unorganised sector includes small enterprises, informal jobs, self-employment, and casual labour without formal contracts or social security. This figure highlights the predominance of informal employment in India's economy.

As per official SEBI and stock market data, India has 23 approved share markets including major stock exchanges like BSE and NSE, plus commodity exchanges and specialized segments. This number includes established exchanges and their approved segments operating under SEBI regulation. The exact count can vary slightly based on how regional exchanges and segments are classified.

Suresh Tendulkar headed a committee named as Suresh Tendulkar Committee to know about the people living under poverty line in India.

Correct answer is (1). 

The BSE SENSEX (Sensitive Index) tracks 30 financially sound and representative companies across key sectors. These 30 companies are selected based on market capitalization, trading volume, and industry representation. The index was originally created with a base of 30 companies in 1986 and maintains this number for focused market representation.

Correct answer is (2). 

It is easy to suggest that one may park the funds in equity. In times of inflationary turbulence, there could be greater uncertainty in equity returns, which, in any case, are not sure guarantees. The best way to hedge against inflation is to park funds in saving instruments that offer interest rates in excess of the average rate of inflation. 

Correct Answer: Malegam Committee

Disguised unemployment is the most prevalent type in India, especially in the agricultural sector where more people are employed than actually required. In this situation, marginal productivity of labor is zero or negative - removing some workers doesn't reduce output. This occurs due to surplus labor, lack of alternative employment, and the pressure of population on limited resources.

The modern Indian economy after 1991 liberalization is fundamentally market-oriented, with price signals, competition, and private enterprise driving production decisions. While India still has labour-intensive sectors due to abundant labor, the organizing principle is market allocation rather than being labour-intensive per se. The self-sufficient village system describes pre-independence subsistence economy.