Development Experience and Economic Reforms Test - 3

The first train in India ran on rails in the year 1853.

The Green Revolution in India was particularly successful for crops like wheat and rice, leading to significant increases in agricultural productivity during the 1960s and 1970s.

The process through which a company hires improved services from external sources is known as outsourcing.

Dadabhai Naoroji was the first to estimate the country’s per capita national income during the British rule for the year 1888.

The first Industrial Revolution began in Great Britain in the 1700s and 1800s and was a time of significant innovation. The American Industrial Revolution followed in the late 19th century and was an engine of economic growth in the U.S.

After the New Economic Policy, the growth of Indian economy is mainly driven by the service sector. 

This model was created as a review framework for India’s Second Five-year Plan in 1955 with the appointment of Prime Minister Jawaharlal Nehru, as India saw the need to introduce a formal-plan model after the First Five Year Plan (1951-1956).

New Economic Policy can be divided into two groups, Stabilization measures and Structural reform measures.

The Indian economy in the 1980s, including overspending by the government and insufficient revenue generation, was a significant factor leading to the financial crisis.

It was established on 6 August 1952 to strengthen and consolidate national efforts and resources to fund the Five Year Plan of the Planning Commission, to promote common economic policies across all key sectors, and to ensure balanced and rapid development in all parts of the country.