ECONOMY ONE LINER for TSPSC SI CONSTABLE SSC

  The Banking Regulation Act was passed in India in 1949. 

 Adam Smith is called the father of modern Economics 

 The SLR is determined by the RBI. SLR stands for Statutory Liquidity Ratio

 The base financial year for the calculation of the all India Index of Industrial Production (IIP) is 2011-12 since May 2017. 

 The agricultural sector is the largest employer in the Indian economy. However, this sector accounts for only about 17% of India's GDP. 

 An economic condition when there is one buyer and many sellers is called Monopsony 

 A fiscal deficit occurs when a government's total expenditures exceed the total revenue that it generates, excluding money from borrowings 

 An increase in price will decrease consumer surplus 

 A situation where the expenditure of the government exceeds its revenue is called Budget Deficit 

 Theory of opportunity cost is given by Gottfried Haberler. 

 When the output is equal to zero, the variable cost is zero. A variable cost is a corporate expense that changes in proportion to production output. 

 A substantial increase in capital expenditure or revenue deficit leads to Fiscal Deficit 

 The Khadi and village Industries Commission Act was passed in the year 1956 

 The Micro, Small and Medium Enterprises Development Act was passed in the year 2006 

 Union Budget of India is presented by the Finance Minister of India in Lok Sabha of the Parliament 

 Micro-economics is also called Price theory 

 Hire and Fire is a policy of capitalist economy 

 Aclosed economy is one that has no trading activity with outside economies 

 Gender Budget Statement (GBS) was first introduced in the Indian Budget in 2005-06. 

 The symbol of Indian rupee has been prepared byUdaya Kumar 

 Economic survey is prepared by the Ministry of Finance 

 The two main indicators of inflation in India are the wholesale price index and the consumer price index. 

 The national income estimation is the responsibility of Central Statistical Organisation (CSO) 

 The new GDP series calculates GDP based on Market price 

 First Five-Year Plan was based on the Harrod–Domar model 

 Indian income tax is Direct and progressive 

 Software industry is not affected by seasonal unemployment 

 RTGS full form is Real Time Gross Settlement 

 Foreign direct investment is full form of FDI 

 Rate of growth of an economy is measured in terms of National income 

 France was the first country to implement the GST in 1954 

 DD is called a banker cheque 

 Balance Sheet show the assets and liabilities which includes real account and personal account. 

 ‘Capital and growth’ written byJohn Richard Hicks 

 GDP is an indicator of the financial health of a country  Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017 

 New Economic Policy of India was announced in the year 1991 

 One Rupee note bears the signature of the Finance Secretary of India 

 Third five year plan is also known as “Gadgil Yojana” 

 In India, Fiscal Policy is formulated by the Ministry of Finance. 

 Export-Import bank of India was established in 1982 

 Small Industries Development Bank of India (SIDBI), set up on April 2, 1990 

 The central banking functions in India are performed by the Reserve Bank of India 

 Income inequality is the major determinant of poverty both in developed and non-developed countries

  GATT was the earlier name of the WTO 

 A Golden Handshake Scheme is associated with voluntary retirement 

 The International Monetary Fund (IMF) is an organization of 189 countries 

 The objective of self-reliance and zero net foreign aid was declared in the Fourth Five year plan 

 Brent Index is associated with the price levels of light Crude oil 

 On July 12, 1982, the ARDC was merged into NABARD 

 The second Five Year plan was based on Mahalanobis model 

 Short-term finance is usually for a period ranging up to 12 months 

 'Planned economy for India' was a book written by M. Visvesvaraya