• Economics is the social science that analyses the production, distribution and consumption of goods and services.
• Father of Modern Economics—Adam Smith
• First Modern Book on Economics—‘Wealth of Nations ’ by Adam Smith
• Economics has two branches
• Micro Economics is the branch of economics that deals with the personal decisions of consumers and entrepreneurs.
• Macro Economics deals with the larger aspects of nation's economy such as section of agriculture, industry and service.
  • It is also known as General Theory
  • It is developed by IM Keynes
• World Nations are divided into three:
  1. Developed Nations
  2. Developing Nations
  3. Least Developed Nations.

 

• Developed nation is a country which has a highly developed economy and advanced technological infrastructure relative to other less developed nations.
• USA, Canada, France, England, Germany, etc. are considered as developed nations.
• Continent with highest number of developed nations: Europe.
• Developed nations in Asia: Singapore, Japan, South Korea.
• The country with highest per capita income: Qatar.

 

• A developing nation is a country with a low living standard, undeveloped industrial base, and low human development index (HDI) relative to developed countries.
• Economically, backward states are known as developing nations.
• ‘Third World Countries’ is another term for developing countries.
• BRICS: Brazil, Russia, India, China and South Africa.
  • BRICS countries are the fastest growing economies in the world.

 

• Least developed countries exhibit the lowest indicators of economic development with the lowest HDI ratings of all countries in the world.
• They are underdeveloped economies in Asia, Africa and Latin America.

   

• Countries: USA, Britain, France, etc.

   

• Countries: China, Cuba, Vietnam and North Korea

 

• Country: India174

 

• Primary Sector deals with the obtaining and refining of raw materials.
• Secondary Sector includes the processing of raw materials into finished goods, e.g. industrial sector.
• Tertiary Sector deals with the services to business and consumers, e.g. banking, insurance.

   

• IMF was established in 1945, but it began its operations of March 1, 1947.
• Headquarters: Washington, USA.

 

• The International Bank for Reconstruction and Development (IBRD)
• IBRD has two affiliations:
  1. The International Development Association (IDA) established in 1960.
  2. The International Finance Corporation (IFC) established in 1956.

 

• The World Trade Organization (WTO), was established on January 1, 1995 by the Marrakesh Agreement signed at Marrakesh, Morocco, on April 15, 1994.
• It succeeded the General Agreement on Tariffs and Trade (GATT) setup in 1948.
• Headquarters: Geneva (Switzerland).

 

• WEF: It is Geneva-based non-profit foundation.
• Best known for its annual meeting in Davos, Switzerland.
  • Which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world, including health and the environment.

 

• The Asian Development Bank (ADB) is a regional development bank established on 22 August, 1966.
• Headquarters: Manila.

 

• Currency and Coins are known as legal tender money.
• Bank money or deposits are non-legal tender money.
• The country which adopted gold standard first was United Kingdom.
• Financial capital of Europe: Zurich in Switzerland.
• Plastic money: Popular name of credit cards.
• Official currency of the United States of America: US Dollar .
• The highest valuable currency: Kuwait Dinar
  The Eurozone: 19 of the 28 member states of the European Union (EU) .
• Euro is the currency used by the EU institutions.
• Euro is not used by Britain, Denmark and Sweden.

 

• First bank in the world: Royal Bank of Scotland (1728).
• A Central Bank or Reserve Bank is the Apex Bank of a country.
  • It is responsible for the formulation and implementation of the monetary policy of the country.
  • Issue currency for the country.
  • Custodian of the foreign exchange.
• Central Bank of USA: Federal Reserve
• Central Bank of Japan: Bank of Japan
• Central Bank of England: Bank of England
• Supervision and control of Euro: European Central Bank
  • Headquarters: Frankfurt
• First bank to issue Traveller's Cheque: The American Express (1891).
• Founder of Bangladesh Grameen Bank is nobel laureate Muhammed Yunus.
• Islamic Banking is consistent with the principles of the Shari'ah (Islamic rulings).
  • Shari'ah prohibits the payment or acceptance of interest charges for the lending and accepting of money.
• ‘World's Local Bank’: HSBC
• ATM: Automated Teller Machine
• Internet banking: Banking transactions done with the help of interest.175
• Mobile Banking: Accessing of one's bank account from one's mobile and transferring fund to other accounts and making payments.
• The biggest source of aid to the third world: World Bank.
• The rate at which world bank provides loan to underdevelopment countries: 5.5%

 

• Study of population: Demography.
• First five populated countries: China, India, USA, Indonesia, Brazil.
• World Population Day: 11 July, 1987.
  • Population day was declared on the date in which the world's population reached to five billion people.

 

Books	Authors
Choice of Technique	Amartya Sen
Development as Freedom	Amartya Sen
Poverty and Famine	Amartya Sen
Communist Manifesto	Karl Marx and Friedrich Engels
Das Kapital	Karl Marx
Wealth of Nations	Adam Smith
The Affluent Society	JK Galbraith
Asian Drama	Gunnar Myrdal
Great Depression of 1990	Ravi Batra
Argumentative Indian	Amartya Sen
Poverty and Un-British Rule in India	Dadabhai Naoroji
General Theory of Employment, Interest and Money	JM Keynes
Values and Capital	John R Hicks
Theory of Games and Economic Behavior	John von Neumann and Oskar Morgenstern
Foundation of Economic Analysis	Paul A Samuelson
Capitalism and Freedom	Milton Friedman
Peddling Prosperity	Paul Krugman
American Capitalism	John Kenneth Galbraith
The Two Trillion Dollar Meltdown	Charles R Morris
The Road to Serfdom	FA Hayek
Risk, Uncertain and Profit	Frank H Knight
The Theory of Money and Credit	Ludwig von Mises
Human Action	Ludwig von Mises
Prices and Production	Ludwig von Mises
Prices and Production	Friedrich Hayek
Time and Money	Roger W Garrison
Theory and History	Ludwig von Mises
The Theory of Free Banking	George A Selgin

• UNFPA: United Nations Fund for Population Activities was established in 1967
  • Headquarters: New York
• Lowest populated country: Vatican
• Highest populated continent: Asia
  • Least populated continent: Australia
• Highest populated island: Jawa
• Country with highest population density: Monocco
• 100% urbanized city in the world: Singapore

 

• India is a developing country and our economy is a mixed economy.
• In a mixed economy, the public sector co-exists with the private sector.

 

• The national income is the sum total of the value of all the final goods produced and services of the residents of the country in an accounting year.
• National income includes the contribution of three sectors of the economy.
• In India, a combination of production method and income method is used for estimating national income.
• First scientific attempt to calculate national income was done by Dr VKRV Rao.176
• The first official attempt was made by Prof PC Mahalanobis in 1948–49.
• Today national income is calculated and published by Central Statistical Organization (CSO).
• Gross Domestic Product (GDP) is the total value of all final goods and service currently produced within the domestic territory of a country during a given period.
• Gross National Product (GNP) is the money value of all final goods and services produced in a year.
• Gross National Product (GNP) is the money value of all final goods and services produced in a year.
• Net National Product (NNP) at market price is the money value of all final goods and services after providing for depreciation.
• Net National Product (NNP) at factor cost (national income) is the sum of the wages, rent, interest and profit paid to factors for their contribution to the production of goods and services in a year.
• Personal income is the sum of all incomes actually received by an individuals or households during a given year.
• Disposable Income: From personal income, if we deduct personal taxes like income taxes, personal property taxes etc. what remains is called disposable income.
• Per capita income.

 

• Second most population country in the world
  • With over 1.21 billion people (2011 census) more than a sixth of the world's population
• India's population growth rate: 17.7%
• The sex-ratio (i.e. number of females per 1000 males): 943/1000
• Highest sex ratio: Kerala (1084 females)
• Second highest: Puducherry (1034 females)
• India's literacy rate: 74.04%
• Male literacy rate: 82.14%
• Female literacy rate: 64.46%
• Density of population: 383 person per sq km
• State with highest density: Bihar (1102)
• Most density populated UT: Delhi (11297)
• Minimum Density State: Arunachal Pradesh (17) UT: Andaman and Nicobar (46)
• Child population in the age group 0–6 years (2011 Census): 164.5 million.
• Population of scheduled castes: 201.4 million
• Most populous state: Uttar Pradesh
• Least populated state: Sikkim
• Union territories with lowest population: Lakshadweep and Daman and Diu
• Lowest sex ratio: Daman and Diu (615 females)
• State with highest literacy: Kerala (93.91%)
• State with lowest literacy: Bihar (63.82%)
• Union Territory with Higest literacy rate: Lakshadweep (92.28%)
• Union territory with lowest literacy rate: Dadra and Nagar Haveli (76.24%)
• The Indian population had reached the billion mark by 2000
• Four major families of languages:
  • Indo-European, Dravidian, Austro-Asiatic and Tibeto-Burman languages
• National Population Stabilization Fund (NPSF) was renamed as Jansankhya Sthirata Kosh (JSK) in 2003.

 

• State having maximum unemployed people: Sikkim
• State having the least unemployed people: Chhattisgarh
• State having maximum unemployment rate: Kerala
• Women account for just 22% of workforce in India

 

• Foreign trade in India is administered by the Ministry of Commerce and Industry.
• The foreign exchange reserves of India include
  • Foreign Exchange Assets of RBI
  • Gold Stock of RBI
  • SDR (Special Drawing Right) holdings of the Government.
• The current policy covers period 2009–2014.
• The Government of India notifies the EXIM Policy for a period of five years.
  • The Export Import Policy is updated every year on 31st March.
• It becomes effective from 1st April of every year.177
• United States of America (USA) is India's biggest export market.
• India's top import source: China
• India's biggest import: Crude Petroleum
• The largest Indian partners with their total trade (sum of imports and exports) USA.

 

• A budget is the anticipated annual estimate of expenditure and revenue of a country or a subordinate authority like a corporation.
• It is known as ‘Annual Financial Statement’.
• It has to be presented before the parliament for each financial year.
• It was prepared under the guidelines of Articles 112.

 

• Consolidated fund in India: It consists of all revenue and loans received by the government.
• Contingency fund: The fund comprises the sum placed at the disposal of the president to meet unforeseen expenditure.
• Public account: It consists of all receipts and payment which are in the nature of a deposit account with the government.
  • First budget presented in India: Sir James Wilson
  • During the period of Lord Canning (1860)
  • First finance minister of free India: RK Shanmukham Chetty
    • 26 November, 1947
  • Highest number of budget in India was presented by: Morarji Desai (10 times).
• Only woman who presented budget: Indira Gandhi

 

• A compulsory contribution given by a citizen or organization to the government is called tax, which is used for meeting expenses on welfare work.
• Taxes in India are levied by the central government and the state governments.

 

• Direct taxes: A tax which is paid by a person as shown it is legally imposed and the burden of which cannot be shifted to any other persons is called a direct tax, e.g. income tax, wealth tax (2015), property tax, estate duties, gift tax, etc.
• Indirect taxes: An indirect tax is levied and collected from a person who manages to pass it to some other persons to whom the real burden of the tax falls. Hence, in the case of indirect taxes, the tax payer is not the tax bearer, e.g. commodity taxes or sales tax, excise duties, custom's duties, etc.
• Taxes imposed by the central government
• Income tax, corporate tax, property tax, succession tax, gift tax, custom duty, tax on agricultural wealth, service tax, etc.
• Taxes by the state government
  • Land revenue tax, agricultural income tax, agricultural land revenue, state excise duty, entertainment tax, stamp duty, road tax, motor vehicle tax, etc.

 

• Launched in India: 2005
  • First state to implement VAT: Haryana
  • First country: France
  • Introduced in 1954
• As on 2 June 2014, VAT has been implemented in all the states and union territories of India.
• Central Value Added Tax (CENVAT)
  • Is the rechristened MODVAT
  • The government introduced CENVAT in lieu of central excise taxes in 2000–01 budget.
  • It plans to extend the CENVAT to the customs duties in due course.
  • Initially the CENVAT was introduced as an experiment in a limited basis, but later it was extended to all sectors of the economy.

 

• Government's intent of merging all taxes like service tax, excise and VAT into a common goods and service tax (GST).
  • GST is a comprehensive value added tax (VAT) on goods and services.178
• France was the first country to introduce this system in 1954.
• Through a tax credit mechanism, GST is collected on value added goods and services at each stage of sale or purchase in the supply chain.

 

• NITI Aayog (National Institution for Transforming India) was set up replacing Planning Commission on January 1, 2015.
• The Prime Minister will head the NITI Aayog.
• NITI Aayog is tasked with the role of formulating policies and direction for the government.
• Its governing council will comprise of the Chief Minister and the Lieutenant Governers of Union Territories.
• The Prime Minister will appoint the Vice Chairperson and Chief Executive Officer of NITI Aayog.
• Asian Development Bank's former Chief Economist Arvind Pana gariya is the first Chairperson of NITI Aayog.

 

• First plan was based on Herold-Domar Model.
• Plan achieved the growth rate if 3.6%, which was more than its aim.
• Introduction of first five year plan prepared by Dr KN Raj.
• A number of river valley and multipurpose projects were undertaken like bhakra nangal, damodar valley, hirakud valley project, etc. second five year plan (1956–1961).
• This plan was based on PC Mahalanobis Model Development.
• Industries and Minerals were on top priority.
• Plan achieved 4.1% rate of growth.
• Green Revolution started during this plan (1961–1966).
• This plan is also called Gadgil Yojana.

 

• The miserable failure of the third plan forced the government to declare ‘Plan Holiday’.
• The main reason of plan holiday
  • Indo-Pakistan war, lack of resources, devaluation of currency and increase in price level.

 

• Nationalization of banks (1969) and India's first nuclear explosion (1972) were the major steps during this period.
• It achieved only 3.3% annual rate of growth as against its aim of 5.7%.

 

• This plan is associated with Indira Gandhi's slogan of ‘Garibi Hatao’.
• Growth rate target was fixed at 5.5%.
• Indira Gandhi launched the 20 point program during this plan.
• The plan was terminated by the Janata Government in the year 1978.

 

• Continuation of the terminated Fifth Plan.
• The concept was introduced by Gunnar Myrdal in his famous work, Asian Drama.
• It was implemented by Janata Party Government.
• First country to adopt this plan Sweden.
• The Janata Government originally introduced this plan for the period 1978–1983.

 

• The Janata Government originally introduced this plan for the period 1978–1983.
• But later a new Sixth Plan replaced it, for the period.
• The target growth rate 5.2% and it achieved 5.7% of annual rate of growth.
• Integrated Rural Development Programme (IRDP), Minimum Needs Programme (MNP) were started during this plan period.

 

• There was increase in per capita income at the rate of 3.6% per annum.
• Private sector was given priority during this plan.179
• Employment generating program like Jawahar Rozgar Yojana were started during this plan.

 

• The Eighth Five Year Plan (1990–95) could not take off due to the fast changing political situation at the centre.
• The new government (June 1991) decided that the Eighth Five Year Plan would commence on 1st April 1992.
  • 1990–91 and 1991–92 should be treated as separate Annual Plans.

 

• In this plan, top priority was given to ‘Development of Human Resources’, i.e. Employment, Education and Public Health.
• Pradhan Mantri Rozgar Yojana (PMRY) was started on 1993.

 

• Launched 50th year of India's independence.
• Priority given to agriculture and rural development.
• Plan failed to achieve the GDP growth target of 7%.
  • realized only 5.35% average GDP growth.
• Main reason for failure of ninth plan was recession in international economy.

 

• Growth with human development is the main objective of Tenth Plan.
• Set out to achieve 7.9% growth rate.
• Set out to achieve 7.9% growth rate
  • It had to satisfy with an actual rate of around 7.7%.

 

• India's average annual growth rate was 8%.
• Farm sector grew at an average rate of 3.7% as against the targeted 4%.

 

• It had envisaged 9% annual average economic growth rate which was later fixed at 8% by the National Development Council.
• Areas of main thrust: Infrastructure, health and education.
• The 12th plan seeks to achieve 4% agriculture sector growth rate.
• The 12th plans to bring down the poverty ratio by 10%.

 

Year	Plan	Aims
1951-56	1st Plan	Focus on Agriculture
1951-61	2nd Plan	Focus on Industry
1961-66	3rd Plan	Self sufficiency in food grains
1966-69	Plan Holiday	Due to stability, selfreliance
1969-74	4th Plan	Growth, stability selfreliance
1974-79	5th Plan	Garibi Hatao (removal of poverty)
1978	Rolling Plan
1980-85	6th Plan	Comprehensive growth
1985-90	7th Plan	Food grain production.Jawahar Rozgar Yojana
1992-97	8th Plan	Economic reforms
1997-2002	9th Plan	Developing basic minimum services. Empowerment of women
2002-2007	10th Plan	8% GDP Growth
2007-2012	11th Plan	Towards faster and more inclusive growth
2012-2017	12th Plan	8% GDP growth
2015	Planning Commission is replaced with NITI Aayog

 

• Monetary unit of India: Rupee
  • It is based on the decimal system.
• The act which gave the Government the monopoly of note issue in India—Paper Currency Act of 1861.180
• Rupee was first minted in India—Sher Shah Suri
• First paper currency in India—1882.
• Indian rupee became an independent currency with the establishment of RBI in 1935.
• Exchange value of the rupee came to be fixed by IMF standards in 1947.
• Decimal System of Coinage in India 1957.
• Denomination of Bank Notes 5, 10, 20, 50, 100, 500 and 2000.
• The printing of 5 rupee notes which had stopped earlier was resumed in 2009.
• Demonetization is the act of stripping a currency unit of its status as legal tender.
• Demonetization is necessary whenever there is a change of national currency.
• On 8 November 2016, the Government of India announced the demonetization of all 500 and 1,000 banknotes of the Mahatma Gandhi Series. ₹ 1000 notes replaced with ₹ 2000.
• Each bank notes has its amount written in 17 languages
  • Assamese, Bengali, Gujarati, Kannada, Kashmir, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjab, Sanskrit, Tamil, Telugu and Urdu.

 

• Paper for making currencies and other security papers are manufactured by Security Paper Mill (Hoshangabad, MP).
• Indian Security Press: Nashik (Maharashtra) Postal and non-postal, Judicial and non- Judicial stamps, Cheques and Bonds.
• Security Printing Press, Hyderabad
  • established in 1982
  • printing postal material for southern states.
• Currency Notes Press (Nashik).
• Coins are minted at four places: Mumbai, Kolkata, Hyderabad and Noida.
• Modernized Currency Note Press: Mysore (Karnataka), Salboni (West Bengal).
• Foreign countries which accept Indian Rupee as legal tender: Nepal and Zimbabwe.
• Nepal and Bhutan peg their currencies to the Rupee.
• Only one foreign language that is printed in Indian Currency: Nepali
• First paper currency was issued by China
• One rupee coin issued in the year 1962
• First Indian language which is recorded on the basis of the Indian rupee: Assamese
  • Last Indian language: Urdu
  • Malayalam: 7th position
• Polymer Bank notes of ten rupees implemented in mysore, Jaipur, Shimla, Bhubhaneshwar, Kochi.
• The first Malayalee to be portrayed in a coin Sree Narayana Guru
  • The first Malayalee women: Alphonsamma.
• RBI withdrawed coins of 25 Paise and below on 2011 June 30.

 

• The new economic reforms was launched in 1991 during the period of PV Narasimha Rao government.
• Father of Indian Economic Reforms: PV Narasimha Rao.
• First Chairman Disinvestment Commission GV Ramakrishna
• Disinvestment Commission was aimed to reduce of economic stabilization or to improve efficiency in public enterprises through structural adjustments initiated to improve their efficiency and productivity.
• The Commission was reconstituted for a period of two years under RH Patel in 2001.
• The commission was wound up in October 2004.
• National Renewal Fund was established on February 3 1992.
  • It was constituted for rehabilitation of displaced laborers of sick industrial units affected due to industrial modernization, technological development, etc.

 

• NDC—National Development Council was constituted on 6th August, 1952.
• Ex-officio chairman: The prime Minister.
• Ex-officio secretary: Secretary of Planning Commission.
• Members of National Development Council: Chief Minister of all the states and the members of Planning Commission.181
• It is a constitutional body.
• Aims to make cooperative environment for economic planning between states and Planning Commission.

 

• Indian government officially selected the symbol created by D Udaya Kumar Dharmalingam on July 15, 2010
  • It is derived from the Devanagari consinant and the Latin letter ‘R’.
  • The first series of coins with the rupee symbol was launched on 8th July 2011.
• Fifth Currency with Symbol
  • Other four currencies: Dollar, Euro, British Pound, Yen.

 

• First bank: Bank of Hindustan
• First purely Indian Bank: Punjab National Bank
  • established in Lahore in 1894
• In 1860, the government of India under the British rule passed Joint Capital Company Act under which banks can be established under limited liability.
• Under this the first three banks were established:
  • Allahabad Bank (1865)
    • Oldest Joint Stock Bank in India
  • Alliance Bank of Shimla (1881)
  • Awadh Commercial Bank
    • First entirely India Joint Stock Bank
    • Established in 1881 in Faizabad
• The General Bank of India was established in 1786.
• Oudh Commercial Bank was established in 1786 in Faizabad (UP).
• In 1990 government gave licence for private banks. These came to be known as New Generation Banks.
• The first new generation bank: Global Trust Bank (which later amalgamated with Oriental Bank of Commerce).
• Banking Reforms was started in 1992–1993 on the recommendation of Narasimham Committee.
• The Reserve Bank of India (Amendment) Act, 2006 was enacted in June 2006.
• The Banking Law (Amendment) Bill 2012 was introduced to amend the Banking Regulation Act, 1949.

 

• First Bharatiya Mahila Bank-Mumbai (Nov. 19, 2013).
  • India's first total women bank
  • Headquarters: New Delhi.
• First Branch: Mumbai
• First CEO: Usha Anantha subramanian
  • The bank commence operation with an initial of ₹1000 cr.
• Started Function on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi.
• First branch in Kerala—Thiruvananthapuram
• First State to implement E-payment system of RBI—Karnataka.

 

• First Nationalisation of banks took place on July 19, 1969.
  • During the tenure of Prime Minister Indira Gandhi
  • 14 banks were nationalized.
• Second nationalization were made on April 15, 1980
  • Six banks were nationalized
• On 4th September 1993, the New Bank of India was merged with the Punjab National Bank.
• Providing banking credit to rural people was the main aim of Nationalisation drives in 1969 and 1980.
• The Nedungadi Bank was merged with Punjab National Bank in 2003.
• Lord Krishna Bank was merged in 2006 with the Centurian Bank.
• Centurian Bank was merged with HDFC Bank.

 

• Headquarters—Mumbai.
• RBI was established on 1st April 1935 and was Nationalized on 1st January 1949.
• RBI is the Central Bank of India.
• First Governor of RBI: Sir Osborne Arkell Smith (1935–37).
• First Indian Governor: CD Deshmukh (1943–49)182
  • Present Governor –Urjit Patel.
• He later became the Union Finance Minister.
• Representative of India at the IMF.
• Bank rate, Open Mark operations, SLR and CRR are the instruments of monetary policy of RBI.
• Four Zonal Training Centres: Belapur, Chennai, Kolkata and New Delhi
• First RBI Governor to sign in Indian Rupee: James Taylor
• Longest term as RBI Governor: Benegal Rama Rau (1949–1951)
• RBI Governor who later became Prime Minister: Manmohan Singh
• Symbol of RBI logo: Tiger, palm tree
• RBI was setup on the recommendations of Hilton Young Commission.

 

• Established as Bank of Calcutta in 1806.
  • It become Bank of Bengal in 1809
• In 1921, the three presidency Banks (Bengal, Bombay and Madras) amalgamated to form Imperial Bank of India.
• In July 1, 1955 Imperial Bank was nationalized and named as State Bank of India.
• Headquarters Mumbai
• SBI is the largest public sector bank in India.
  • Largest Commercial bank in India in terms of branches.
  • Worlds second largest bank in terms if branches.
  • Highest number of Branches in India.
• It had seven associated banks
  • But on 13th August 2008, State Bank of Saurashtra and in 19th June 2009 State Bank of Indore were merged with SBI.
  • Now there are only 5 subsidiary banks for SBI.
  • State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore.
• First Core Banking system was introduced by State Bank of India.
• Indian Bank has opened its first branch in China.
• First woman to be the Chairperson of State Bank of India (on October 7, 2013) Present Chairperson: Arundhathi Bhattacharya
• SBI Sri Lanka, the oldest bank in Sri Lanka celebrated its 150th year in Sri Lanka on 1st July 2014.

 

• The Export Import Bank of India was founded in 1982.
• Headquarters—Mumbai
  • It was set up for financing, facilitating and promoting foreign trade in India.

 

• The Industrial Development Bank of India was established on July 1964.
• Headquarters–Mumbai.
• Apex bank for industrial finance in India.
• In September 2004. RBI incorporated IDBI as a Scheduled Bank.

 

• SIDBI: Small Industries Development Bank of India.
• SIDBI started its operation from 2nd April 1990.

 

• The National Housing Bank is an Apex financial institution for housing.
  • It was set up as wholly owned subsidiary of the Reserve Bank of India.
• Headquarters: New Delhi
• The bank started its operation from July 8 1988.
• Regulator and Supervisor of Housing Finance Companies (HFCs) in the country.

 

• The Regional Rural Bank (RRBs) are scheduled banks sponsored by individual nationalized commercial banks.
• First Regional Rural Bank in India is called Prathama Grameen Bank
  • It is sponsored by syndicate bank and was set up in 1975.183

 

• Largest Banking Group in the World HSBC (The Hongkong and Shanghai Banking Corporation).
• Largest Bank is terms of Capital Market. ICBC (Industrial and Commercial Bank of China).

 

• A stock exchange is an organized market for buying and selling shares and other securities.
• Second largest share holding population- India
• There are 23 stock exchanges in India
  • 21 are regional and 2 are national.

 

• Established–1992 in Mumbai
• Third largest Stock Exchange in the world
  • In terms of the number of trades in equities.
  • Second fastest growing stock exchange in the world with a recorded growth of 16.6%.
• National Stock Exchange Index–NIFTY.

 

• BSE was earlier known as
  • ‘The Native Share and Stock Brokers Association.’
  • It was established in 1875.
• First Stock Exhange in India: BSE
  • Asia's first stock exchange operates in Dalal Street.
• SEBI: Securities and Exchange Board of India
  • SEBI regulate the working of the Stock Exchange.
  • It was set up on April 12th 1988.
  • It was made a statutory body on January 30, 1992.
• First private sector bank set up under RBI guidelines: UTI Bank Ltd (1994)
  • Now it was renamed as Axis Bank.

   

• The Indian insurance sector has 52 insurance companies
  • Of which 28 are in non-life insurance business and 24 in life insurance.
• India's life insurance sector is the biggest in the world
  • with about 36 crore policies.
• Insurance sector is listed in the Seventh Schedule of the Constitution
  • it can only be legislated by the central government.
• First Insurance Company: Oriental Insurance Company
  • Started by Anita Bhavsar in Kolkata
  • Established in 1818.
• First Indian insurer: Bombay Mutual Life Assurance Society
  • Started in 1870.
• First General Insurance Company: Triton Insurance Company
  • Started by British (1850).
• Life Insurance Companies Act and the Provident Fund Act was implemented in 1912 to regulate the insurance business.
• The oldest existing insurance company in India–National Insurance Company Ltd.
  • Founded in 1906 and is still in business.
• Nationalization of the Life Insurance sector is based on the Government of India Ordinance on 19th January 1956.
• Nationalization of General Insurance is based on General Insurance Business (Nationali- zation) Act 1972.

 

• Largest state-owned life insurance company in India.
• Largest insurance company in the world in terms of number of policies covered.
• First woman managing director: Usha Sangwan.

 

• GIC: Sole reinsurance company in the Indian insurance market.
  • It was formed on 22nd November 1972 and nationalized on January 1, 1973.
• Headquartered in Mumbai.

 

1. National Insurance Company Ltd
   • It was established in 1905 based in Mumbai and was nationalized in 1972.184
2. New Indian Assurance Company Ltd
   • It was founded by Sir Dorabji Tata in 1919.
   • Nationalized in 1973.
3. Oriental Insurance Company Ltd
   • It incorporated at Bombay on 12th September 1947.
   • The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 till the General Insurance Business was nationalized in the country.
4. United India Insurance Company Ltd
   • It was founded in 1938
   • Headquarters: Chennai
   • With effect from December 2000 these subsidiaries delinked from the parent company and were set up as independent insurance companies.

   

• Sriniketan experiment: Rabindranath Tagore started this experiment for the economic and cultural rehabilitation of villages in and around Santhiniketan.
  • Overall development of the villages was achieved through collective group activities which included agriculture, poultry livestock, horticulture, etc.
• Gurgaon initiative: It was the bold rural development project initiated by FL Brein, the Deputy Commissioner of Gurgaon. He tried for the integrate and overall development of the villages with the active participation of the villagers.
• Marthandam project: This was a community reconstruction programme launched by Dr Spencer Hatch for the overall development of 40 villages in and around Marthandam.

   

• The National Food for Work Programme was launched in November 2004 in 150 most backward districts of the country.
• The Scheme is 100% centrally sponsored.
• The scheme would provide wage employment to any individual willing to do manual unskilled labor. In general, the NFFWP scheme is self-targeting in nature.

 

• The Sampoorna Grameen Rozgar Yojana (SGRY) was launched on 25th September 2001 by merging the ongoing scheme of Employment Assurance Programme (EAS) and the Jawahar Grama Samridhi Yojana (JGSY).
• Its objective is to provide additional wage employment and food security, alongside creation of durable community assets in rural area.

 

• The Pradhan Mantri Gram Sadak Yojana (PMGSY) was launched on 25th December, 2000. It is a fully funded centrally sponsored scheme.
• The primary objective of the PMGSY is to provide connectivity to all the eligible unconnected habitations of more than 500 persons in the rural areas (250 person in the hilly and desert areas) by good quality all-weather roads.

 

• A centrally sponsored scheme called Valmiki Ambedkar Awas Yojana (VAMBAY) was formally launched by the Prime Minister on 2nd December 2001 at Hyderabad.
• The Scheme has the primary objective to facilitate the construction and upgradation and to provide health and enabling urban environment through community toilets under Nirmal Bharat Abhiyan, a component of the scheme.

 

• The Integrated Rural Development Programme (IRDP) is a rural development program of the Government of India launched in financial year 1978 and extended throughout India by 1980.
• It is a self-employment program intended to raise the income-generation capacity of target group among the poor.
• IRDP was replaced by SGSY (Swarna Jayanthi Grama Swarozgar Yojana), a new scheme launched on 1st April 1999.185

 

• TRYSEM was started in August 1979 for facilitating diversification of IRDP activities.
• The scheme: TRYSEM aimed at providing basic technical and enterpreneurial skill to the rural poor in the age group of 18–35 years enable them take up income generating activities (self/wage employment).
• It had been laid down that the coverage of youth from SC/ST communities should be atleast 59% of rural youth trained. Out of the total beneficiaries, at least 50% should be women.
• The scheme had been merged into Swarnajayanti Gram Swarojgar Yojana (SGSY) with IRDP, DWCRA, etc. from April, 1999.

           

• NRDP was implemented on October 1980.
• It aims at the implementation of additional employment to the employed and under employed persons.

             

• MSY was launched in 1993.
• Under MSY every rural adult women was encouraged to have the MSY a/c in the post office which has jurisdiction over her village. For an amount of ₹ 300 in a year, the government contribute 25% as incentive.186

   

• There are about 44,000 villages in which the population of scheduled castes is above 50 percent.
• A new scheme called Pradhan Mantri Adarsh Gram Yojana (PMAGY) is being launched for the integrated development of 1000 such villages. Already, the pilot scheme has been taken up for implementation in five states, mention only four states—Bihar, Rajasthan, Tamil Nadu and Assam.

 

• Kudumbasree the State Poverty Eradication Mission (SPEM) was launched by Government of Kerala in 1998 with the active support of Government if India and NABARD for wipping out absolute poverty within a period of 10 years.
• The slogan of the mission is ‘reaching out to families through women and reaching out to community through families.’
• ‘Kudumbashree’ envisages prosperity of the economically backward families inty he state with multiple programs that will provide them information, create awareness, build up their capability and capacity, enhance their confidence and show the opportunity for better social security and empower them physically, socially, economically and politically.

 

UNFPA	United Nations Fund for Population Activities
KINFRA	Kerala Infrastructure Development Corporation
HUDCO	Housing and Urban Development Programme
NABARD	National Bank for Agricultural and Rural Development
DRDA	District Rural Development Agency
NIRD	National Institute of Rural Development
PHC	Primary Health Centre
REC	Rural Electrification Corporation
RRBs	Regional Rural Banks
LDB	Land Development Banks
NFRD	National Fund for Rural Development
NIRD	National Information Centre
NIC	National Informatic Centre
RIB	Rural Information Bureau
RDB	Rural Development Bureau
SIRD	State Institute of Rural Development
IRMA	Institute of Rural Management Anand
DRIP	District Rural Industries Project
HED	Indian Institute for Entrepreneur Development
CORD	Centre on Rural Documentation
DIC	District Industries Centre
DPDC	District Planning and Development Council
GB	Grameen Bank
KVK	Krishi Vigyan Kendra
NEs	National Extension Service

 

• Largest livelihood provider in India
• It also contributes a significant figure to the gross domestic product.
• Role of agriculture in Indian economy
  • Share in national income
  • Largest employment providing sector
  • Contribution to capital formation
  • Providing raw material in industries
  • Market for industrial products

             

• KSSY was implemented on July 1, 2001.
• It provides life insurance protection, periodical lumpsum survival benefit and pension to those who were the age of 18–50 years.

 

• The Green revolution was confined only to high yielding varieties (HYV) mainly rice, wheat, maize and jowar.
• First Green Revolution: 1967–68
• Second Green Revolution: 1983–84
• Father of Green Revolution: Dr Norman Borlang
• Father of Green Revolution in India: Dr MS Swaminathan
• Poineer state in Green Revolution: Punjab
• Known as ‘Granary of India’, ‘Bread Basket of India’.

 

• The Revolution in the country has been achieved by means of Operation Flood. It was carried out in three phases.
• The Father of the White Revolution in India: Dr Varghese Kurien (Milk man of India).
• India ranks first in the world in milk production.
• The highest producer of milk in India: Uttar Pradesh.
• National Dairy Development Board: (Anand, Gujarat 1965).
• National Dairy Research Institute: Karnal, Haryana (Largest Milk Producing State- Haryana).

 

• ATM stands for ‘Any Time Milk’ (It is a Vending Machine)
• First Any Time Milk Centre—Anand, Gujarat
• World dairy Day—June 1
• Pasteurization is invented by french scientist Louis Pasteur
• India's first robotic dairy plant has been opened in Virar in suburban Mumbai by Amul Dairy on the birth anniversary of Sardar Vallabhbhai Patel.

 

• Apex institution of Rural Credit.
• It was established of Rural Credit.
• NABARD was established on the recommendations of Shivraman Committee.
• TRIFED total cooperative Marketing Development Federation India Ltd.
• NAFED: National Agricultural Cooperative Marketing Federation India Ltd.
• Agricultural Income Insurance Scheme was announced in 2004.
• National Agriculture Insurance Scheme was implemented in October 1999.
• ICDP: Integrated Cereal Development Program
• ICAR: Indian Council of Agricultural Research
  • Autonomous organization under the Ministry of Agriculture, Government of India.
  • established in 1929
  • Headquarters—New Delhi
• Indian Agricultural Research Institute (IARI)
• Populary known as Pusa Institute, began in 1905 at Pusa (Bihar).188

   

• First Steel Industry Plant: Bengal Iron Works Company in 1870 (West Bengal).
• First large scale steel plant: TISCO at Jamshedpur in 1907.
  • It was the first modern Iron and Steel plant.
  • It was set up by Jamshedji Tata.
• IISCO launched steel plan at Burnpur in 1919
  • TICO and IISCO belongs to private sector
• The first public sector unit Vishveshvaraya— Iron and Steel works at Bhadrawati.
• Public sector steel plants
  • Rourkela (Orrisa), Bhilai (MP)
  • Durgapur (WB), Vishkhapattanam (AP)
• Bhilai plant was set up in collaboration with Russia in Kolkata.
• Rourkela Steel Plant in Orissa was setup under the Second Five Year Plan period in association with Germany.
• Bokaro Steel Plant was set up under the fourth five year plan in association with the Russian Government. It is located in Jharkhand.
• The first on-shore steel plant in India: Vishakhapatnam.
• SAIL: Steel Authority of India Ltd. was established in 1974.
  • The public sector steel plants are managed by SAIL.

 

• Oldest industry of India.
• First Cotton Textile mill started in India 1818
  • Fort Gloster, Calcutta.
• Bombay Spinning and Weaving Company was established in 1854 at Bombay by CN Daver.
  • The first modern cotton textile mill in India.
• Leading cotton textitle producing states: Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, West Bengal and Tamil Nadu
• Kanpur is famous for textiles and clothingm large modern tanneries, leather works and shoe manufacturing.
• The modern woollen textile industry—Lal Imli at Kanpur in 1876.
• Main wool producing state
  • Rajasthan, Punjab, Jammu and Kashmir, Karnataka, Gujarat, Uttar Pradesh, Uttarachal, Andhra Pradesh, Maharashtra and Haryana.
• Largest producer of woolen textiles: Punjab, Maharashtra: Second largest producer.
• Manchester of India: Ludhiana
  • Produces 90% of woolens in India.

 

• Export oriented industry
  • also provides substantial employment opportunities in agriculture and industrial sectors.
• First modernised industrial unit
  • also provides substantial employment opportunities in agriculture and industrial sectors.
• First modernized industrial unit—Reshra in West Bengal in 1855.
• World number one in the raw jute and jute goods production.
• Number two in export of jute goods in the world.
• Largest producer of jute: West Bengal
  • Followed by Bihar, Assam and Odisha.

 

• India is the only country producing all the four known commercial varieties of silk, viz. Mulberry, Tasar (Tropical), Eri, Muga.
• India is the second-largest country in the world in producing natural silk.
  • First: China
• Largest producer of Silk: Karnataka
  • Second: West Bengal
• First modern silk factory: Howrah in 1832.
• Largest producer of muga silk: Assam.

 

• World's largest producer of cellulosic fiber.
• World's fifth largest producer of synthetic fiber.
• First mill–Travancore Rayons Ltd.
  • Rayapuram in Kerala in 1950.189

 

• Aluminum companies:
  • HINDALCO, NALCO, INDAL, MALCO
• India's leading aluminum and copper producer: Hindalco Industries Ltd.
• The first aluminimum factory of India was set up in JK Nagar, West Bengal in 1937 AD.
• Indian Aluminium Corporation Ltd was formed in 1937.
• BALCO: Bharat Aluminum Company Ltd, 1965.
• NALCO: National Aluminum Company Ltd, 1981.
• Indian Copper Corporation was set up in 1924
  • Which was taken over by Hindustan Copper Ltd (established in 1967), in 1972.

 

• There are four zinc smellters in the country
  • Aluva (Kerala), Debari and Chanderi (Rajasthan), Vishakhapatnam (Andhra Pradesh).
• The first lead smelting plant
  • Tundoo near Dhanbad by Metal Corporation of India. It was taken over the Hindustan Zinc Ltd.

 

• India is a major exporter of heavy and light engineering goods among the third world countries.
• Heavy Engineering Corporation Ltd was set up at Ranchi (Jharkhand) in 1958.
• Pioneer company in the manufacturing of Machine tools: Kirloskar Brother Ltd.

 

• Railways Engine Manufacturing Industries: Chittaranjan Locomotive, West Bengal.
• Diesel Locomotive Works Varanasi UP.
• Tata Engineering and Locomotive Works: Jamshedpur.
• Railway Coaches Manufacturing Units: Perambur (Tamil Nadu), Kapurthala (Punjab), Bengaluru (Karnataka), Kolkata (West Bengal).
• The Integral Coach Factory: Perambur near Chennai was set up in 1955 with Swiss collaboration.
• Railway Workshops: Kharagpur (West Bengal), Jamalpur, Samastipur, Barauni (Bihar), Ajmer (Rajasthan), Jhansi (UP).

 

• BIS is a national standard body of India for drawing up standard for the products of Indian Industry.
• It is established by the Bureau of Indian Standard Act, 1986.
• Established 23 December 1986. Headquarters New Delhi.
• It allots quality marks to various products, known as ISI mark. ISI mark is a certification mark for industrial products in India.
• BIS is the successor of the Indian Standards institution established in 1947.
• FPO (Food Process Order) Mark is a certification sold in India following the Food Safety and Standards Act of 2006.
• The FPO mark guarantees that the product was manufactured in a hygienic food safe.
• Certifying Agency Ministry of Food Processing Industries (India).
• The standard have been in force since 1955.
• AGMARK is a certification mark employed on agricultural production in India.
• It is legally enforced in India by the agricultural produce (Grading and Marking) Act of 1937 (and amended in 1986).
• AGMARK cover quality guideline for 205 different commodities spanning a variety of pulses, cereals, essential oils, vegetables oils, fruits and vand semi-processed products.
• Certifying Agency: Directorate of Marketing and Inspection, Government of India.
• Non-polluting Vehicle Mark is a manufacturing certification mark required on all new motor vehicles sold in India.
• The Mark certifies that the motor vehicle conforms to the relevant version of the Bharat Stage emission standards.
• Certifying Agency Central Pollution Control Board of India.
• BIS hallmark is a Hallmarking system for gold as well as silver jewellery certifying to the purity of the metal based on the standard laid by the Bureau of Indian Standards.
• Eco mark is a mark for environmentally friendly products for reducing environmental impact.190
• Eco mark is a certification mark issued by the Bureau of Indian Standard.
• The marking scheme was started in 1991.

 

• India's largest automobile company: Tata Motors
• Leading automobile companies with the highest sales
• Maruti Udyog Ltd
• Mahindra and Mahindra Ltd
• Ashok Leyland Ltd
• Bajaj Auto Ltd
• TVS Motor Company Ltd
• Hero Moto Corp Ltd
• Tata Engineering and Locomotive Company (TELCO) is the leading producer of medium and heavy commercial vehicle.