Development Experience and Economic Reforms Test - 1

Service sector is also known as a tertiary sectorbecause apart from the production of the product, the service sector alsoprovides services maintenance, consulting, and training.

Several systems were introduced by the Britishgovernment on land settlement such as the Zamindari system. In the Zamindarisystem, the profits that were from the agricultural sectors went directly tothe Zamindars and not to the cultivators.

The organization responsible for framing five-year plans in India was the Planning Commission, known as Yojana Ayog in Hindi. However, the Planning Commission was replaced by the NITI Aayog (National Institution for Transforming India) in 2015.

The economic condition of the foreign trade sector wasreally bad during the eve of independence due to large restrictions on exportsand imports from the other countries except for Britain and the surplus profitthat was made out of foreign trade were solely distributed among administratorsand the rest were spent in war expenses.

Globalization aims at increasing the integration and interdependence among countries. 

Britishers depended highly on the monsoon showers forirrigation purposes; they did not even use the technologies, and fertilizersfor the production of crops as a result the agricultural production during theeve of Independence affected the Indian economy.

The process of removing government-imposed limits orimpediments is known as Liberalization.

The percentage of foreign investment limits in banks following the financial sector reforms was raised to 74.

The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.

Post-Green Revolution, the production of wheat and rice doubled due to initiatives of the government.