Indian Economy On The Eve Of Independence Test - 3

Tata Iron and Steel Company or TISCO is the first iron and steel manufacturing plant in India which was founded and established by Jamsetji Tata and Dorabji Tata respectively on 26th August 1907 at Jamshedpur, Jharkhand. 

Jute Textile Industry  is one of the major Industries in the Eastern India, particularly in West Bengal.

The false statement is B: Indian economy at the time of independence was an industrial economy.
Explanation:
- On the eve of independence, agriculture was the principal occupation of people: This statement is true. Agriculture was the primary occupation of the majority of the Indian population at the time of independence. It was the main source of livelihood for people in rural areas.
- Indian economy at the time of independence was an industrial economy: This statement is false. The Indian economy at the time of independence was primarily agrarian in nature, with agriculture being the mainstay. The industrial sector was underdeveloped and contributed only a small portion to the overall economy.
- Railways was developed by the British Raj as a means to enlarge the size of the market for British India: This statement is true. The British Raj developed the railway infrastructure in India to facilitate the transportation of goods and raw materials, thereby expanding the market for British India and promoting colonial trade.
- Indian economy served as a source of raw material for the British industry and market for its finished goods: This statement is true. During the colonial period, India served as a supplier of raw materials, such as cotton, jute, and tea, to the British industry. Additionally, India was also a market for finished goods manufactured in Britain.
In conclusion, statement B is false as the Indian economy was primarily agrarian at the time of independence and not an industrial economy.

India ’s per capita income during colonial period was estimated by some individual. Among the notable estimators —Dadabhai Naoroji, William Digby, Findlay Shirras.

To determine the largest share of the workforce, we can look at the options given and analyze each sector to see which one had the highest percentage of workers.
The options are:
A: Secondary sector
B: Tertiary sector
C: Primary sector
D: None of these
To find the answer, we need to understand what each sector represents:
1. Secondary sector: This sector includes industries that engage in manufacturing and construction activities.
2. Tertiary sector: This sector comprises services such as banking, education, healthcare, tourism, etc.
3. Primary sector: This sector involves activities related to natural resources and raw materials, such as agriculture, mining, fishing, etc.
To determine the largest share of the workforce, we need to consider which sector employs the most people.
Given that the largest share of the workforce is 72%, we can conclude that the answer is C: Primary sector . This means that the majority of the workforce is engaged in activities related to natural resources and raw materials such as agriculture, mining, fishing, etc.

CAGR stands for Compound Annual Growth Rate.
The Compound Annual Growth Rate (CAGR) is a financial metric used to measure the annual growth rate of an investment over a specific period of time. It represents the average rate at which an investment has grown or is expected to grow over multiple periods.
Here is a detailed explanation of the term:
1. Definition:
- Compound: The growth rate is compounded over the given period, meaning that it takes into account the effect of compounding.
- Annual: The growth rate is calculated on an annual basis.
- Growth Rate: It represents the rate at which an investment has grown or is expected to grow.
2. Calculation:
- The formula to calculate CAGR is: CAGR = (Ending Value / Beginning Value)^(1 / Number of Years) - 1
- It involves taking the ratio of the ending value of an investment to its beginning value, raising it to the power of 1 divided by the number of years, and then subtracting 1.
3. Example:
- Let's say you invested $1,000 in a stock that grew to $1,500 over a period of 5 years. The CAGR would be:
- CAGR = ($1,500 / $1,000)^(1 / 5) - 1
- CAGR = 0.1487 or 14.87%
4. Significance:
- CAGR provides a standardized way to compare the growth rates of different investments.
- It eliminates the impact of volatility and gives a more accurate representation of the investment's performance over time.
- It is commonly used in finance and investing to assess the performance of mutual funds, stocks, and other investment vehicles.
In conclusion, CAGR stands for Compound Annual Growth Rate, which is a financial metric used to measure the annual growth rate of an investment. It is calculated by taking the ratio of the ending value to the beginning value, raising it to the power of 1 divided by the number of years, and then subtracting 1. CAGR is a useful tool for comparing the performance of different investments and understanding their growth rates over time.

The cotton textile mills, mainly dominated by Indians, were located in the western parts of the country, namely, Maharashtra and Gujarat, while the jute mills dominated by the foreigners were mainly concentrated in Bengal.

The correct option is Option B

Railways assisted British industries to widen the market for their finished products. 

Post and telegraphs were developed to enhance the efficiency and effectiveness of the British administration.

GNP means gross national product. it is clear that it is on national level and a nation 's resident should be included only. A another word is GDP it is gross domestic product. It includes every Product that has been made in our country it does not matter that who has made it resident or non resident.

The three-sector is an economic theory which divides economies into three sectors of activity, manufacturing (secondary 10%), and services (tertiary 18%).