Indian Economy

The Ad hoc Treasury Bill System was a mechanism for meeting budget deficits in India. It was indeed abolished on 31 March, 1997, as part of financial reforms to reduce automatic deficit financing.

The 15th SAARC Summit was originally scheduled for July-August 2008. After several postponements and venue changes, it was eventually held in Colombo, Sri Lanka. The summit venue was changed to Sri Lanka from the originally planned location.

Viswapati Trivedi was appointed as the Joint Chairman-cum-Managing Director of National Aviation Company of India Ltd. (NACIL) in 2008. NACIL was formed to oversee the merger of Air India and Indian Airlines. Trivedi was a seasoned banker with extensive experience in the financial sector.

The Ministry of HRD announced that FDI limit in education would be raised to 100%. This was part of broader economic liberalization measures to attract foreign investment in the education sector. The move aimed to bring international expertise and improve educational infrastructure.

The Union Budget 2008-09 retained service tax at 12%. There was no increase to 13% nor reduction to 10%. The budget focused on stability in indirect tax rates during a period of economic uncertainty. Service tax was a major source of revenue for the government.

Under the new income tax slabs proposed in Union Budget 2008-09, the 20% tax bracket was extended up to Rs. 5,00,000. This was an increase from the previous limit, providing relief to middle-income taxpayers. The restructuring aimed to stimulate consumption and reduce tax burden.

The Chelliah Committee (officially the Tax Reforms Committee) was constituted in 1991 to recommend comprehensive reforms in India's tax structure. It suggested major changes including reduction in customs duties, broadening of tax base, and simplification of tax laws. The committee's recommendations influenced tax policy for decades.

According to final estimates from the Ministry of Agriculture, foodgrains production for 2006-07 was 219.3 million tonnes. This was a record production at the time, reflecting good monsoon and improved agricultural productivity. The estimate included rice, wheat, coarse cereals, and pulses.

The statement 'Kerala was cent-per cent literate state' is FALSE according to 2001 census data. While Kerala had the highest literacy rate at around 90.9%, it was not 100%. The question asks which statement is false, making this the correct choice. Literacy rate was calculated for population aged 7 years and above, not 6 years.

India holds the FIRST position in milk production globally. India surpassed the United States to become the world's largest milk producer, driven by the White Revolution (Operation Flood). The country produces over 150 million tonnes of milk annually, accounting for about 20% of global production.

Population density is defined as the number of persons living per square kilometer. It's a key demographic indicator that helps understand population distribution and pressure on resources. India's population density is approximately 382 persons per sq. km. (as of 2001 census), varying significantly across states.

The Abhijit Sen Committee was constituted to examine the impact of futures trading on retail and wholesale prices of agricultural products. The committee studied whether speculative trading in commodity exchanges was causing price volatility and inflation in essential food items. It submitted recommendations on regulating futures markets.

The Indravati Hydroelectric Project is located in Orissa (now Odisha). It is a multipurpose project on the Indravati River, a tributary of the Godavari. The project generates electricity and also provides irrigation benefits. It's one of the major hydroelectric projects in eastern India.

The Deepak Parekh Committee was specifically constituted to recommend mechanisms for infrastructure financing in India. It focused on developing innovative funding sources for infrastructure projects.

Sikkim and Goa are among the smaller states that had not established Regional Rural Banks (RRBs) for a significant period after the RRB scheme was launched. RRBs were established to provide banking facilities in rural areas.

The Narasimham Committee (1991 and 1998) recommended a four-tier banking structure consisting of: (1) 3-4 large banks with international presence, (2) 8-10 national banks, (3) regional banks, and (4) local rural banks. This was aimed at strengthening the banking system.

According to NSSO survey data on household consumer expenditure, the average daily spending per person in rural India was approximately Rs. 21 during the survey period. This reflects the low consumption levels in rural areas.

The first Indian train to receive ISO-9001 certification was the H. Nizamuddin-Habibganj (Bhopal) express, known as the Bhopal Express. ISO certification indicates quality management standards.

The National Development Council (NDC) was constituted in 1952 to promote common economic policies among states and the center. It's an important body for development planning in India's federal structure.

Interest Rate Policy is a key instrument of Monetary Policy, which is implemented by the Reserve Bank of India. Monetary Policy controls money supply and interest rates to achieve economic objectives like price stability and growth.

Monetised Deficit (also called Monetised Fiscal Deficit) occurs when the RBI extends credit to the government. Increase in net RBI credit for the Central Government represents monetised deficit, where the government's borrowing is financed by printing money.

The Rastogi Panel was appointed by the Finance Ministry to review service tax issues and recommend improvements in the service tax regime. Service tax is an important source of revenue for the government.

The Reserve Bank of India was nationalized in 1949, though it was established in 1935. Nationalization meant that RBI became fully owned by the Government of India, bringing it under state control.