The proportion of GDP contributed by the industrial sector increased in the period from 11.8 per cent in 1950-51 to 24.6 percent in the year 1990-1991.

Small scale industrial committee was set up in the year 1955. It was also called a Karve committee. It was named after Dattatreya Gopal Karve who was an Indian economist and professor who contributed to the fields of economics, public administration, and the cooperative movement in India. Karve committee was set up in the year 1955 for the growth of small scale industries.

Economic liberalization of India was initiated in the year 1991. The main goal of liberalization is to make economy more market oriented with expanded role of private and foreign investment. The former prime minister P V Narasimha Rao spearheaded economic liberalization policies in the early 1990s.

New Industrial Policy, 1991 aimed to liberalise the economy by removing the hurdles in industrial growth. An important step taken in this context is that the public sector's portfolio will be reviewed with greater realism. The focus will be on strategic high technology and essential infrastructure industries. This would improve the performance of the public sector units.

Thus, the correct answer is C.

In 1991, India met with an economic crisis relating to its external debt. India approached the International Bank for Reconstruction and Development (IBRD)  and the International Monetary Fund (IMF). 

Scientific discovery that was introduced in India to improve agricultural yield after independence is called Green Revolution. It refers to a set of research technologies that led to improvement of food grain production drastically. It was introduced in 1960s. Dr. M.S.Swaminathan is known as father of green revolution in India.                                                  

Second plan was in action from the year 1956 to 1961. The Second Plan was particularly in the development of the public sector and "rapid industrialisation". The architect of the second plan and supporter of rapid was P. C. Mahalanobis.

Economic liberalization of India was initiated in the year 1991. The main goal of liberalization is to make economy more market oriented with expanded role of private and foreign investment. The former prime minister P V Narasimha Rao spearheaded economic liberalization policies in the early 1990s. During 1991 economic reforms Dr. Man Mohan Singh was the finance minister.

The Indian Institutes of Technology (IITs) are autonomous public institutes of higher education, located in various places of India. The first IIT was established in India in Kharagpur. It was established in the year 1951 in the state of West Bengal.                                               

J.C. Kumarappa was one among the many eminent economists of India.  Kumarappa is credited for developing economic theories based on Gandhism. He was a pioneer of rural economic development theories. He proposed blueprint that put greater emphasis on rural industrialisation.

Prior to the 1991 economic liberalisation,India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.

Following are highlights of the Liberalisation, Privatisation and Globalisation Policy in India :-

• Foreign Technology Agreements
• Industrial Licensing
• Abolition of License-Permit Raj

Aryabhata was the first Indian Satellite named after the great Indian astronomer Aryabhata. It was launched on 19 April 1975. It was built by Indian Space Research Organization and was launched from Kapustin Yar, a Russian rocket launch station.

The Government of India took some measures in 1991 for rapid industrialisation. The measures include:-

• Abolition of industrial licensing
• Allowing foreign investment
• Encouragement to private sector
• Co-existence of public and private sectors.

The then Prime Minister Jawaharlal Nehru gave high priority to agriculture, irrigation and power project after India's independence.

The term Liberalisation means movement towards a free market system. It is also known as the withdrawal of regulation and restrictions of private sectors. Private sectors are encouraged to enter into core industries that are reserved for the public sector. It is one of the notable aspects of the economic reforms 1991 of India.

 Village economy was badly affected. The village panchayats were deprived of their rights. The introduction of the concept of private property in land turned land into a market com­modity. Changes came in social relationships. New social classes like the landlord, the trader, the money-lender, and the landed gentry shot into prominence. The class of rural proletariat, the poor peasant proprietor, the sub-tenant and the agricultural labourer multiplied in number. The climate of co-operation gradually gave place to the system of competition and individualism; the pre-requisites for the capitalist development of agriculture were created.

Tarapur Atomic Power Station (T.A.P.S.) is located in Tarapur, Maharashtra, India. It was constructed initially with two boiling water reactor (BWR) units by Bechtel and GE under the 1963 123 Agreement between India, the United States, and the International Atomic Energy Agency (IAEA).

Privatisation can refer to the act of transferring ownership of specified property or business operations from a government organization to a privately owned entity, as well as the transition of ownership from a publicly traded, or owned, company to a privately owned company. For a company to be considered privately owned, it cannot secure funding through public trades on a stock exchange.

The Indian Space Research Organisation (ISRO) operates through a countrywide network of centres. Sensors and payloads are developed at the Space Applications Centre in Ahmedabad. Satellites are designed, developed, assembled, and tested at the ISRO Satellite Centre in Bangalore. Launch vehicles are developed at the Vikram Sarabhai Space Centre in Thiruvananthapuram. Launches take place at the Satish Dhawan Space Centre on Sriharikota Island, near Chennai. The Master Control Facilities for geostationary satellite station keeping are located at Hassan and Bhopal. Reception and processing facilities for remote-sensing data are at the National Remote Sensing Centre in Hyderabad. ISRO’s commercial arm is Antrix Corporation, which has its headquarters in Bangalore.

The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.

Aryabhata, first unmanned Earth satellite built by India. It was named for a prominent Indian astronomer and mathematician of the 5th century ce. The satellite was assembled at Peenya, near Bangalore, but was launched from within the Soviet Union by a Russian-made rocket on April 19, 1975. Aryabhata weighed 794 pounds (360 kilograms) and was instrumented to explore conditions in the Earth’s ionosphere, measure neutrons and gamma rays from the Sun, and perform investigations in X-ray astronomy. The scientific instruments had to be switched off during the fifth day in orbit because of a failure in the satellite’s electrical power system. Useful information, nevertheless, was collected during the five days of operation.

Bangalore is known as the Silicon Valley of India and the IT Capital of India. It is considered to be a global information technology hub and largest software exports from India are done through Bangalore. Some of the top Indian IT service providers like Infosys, Wipro, Mindtree and Mphasis are headquartered in Bangalore. It is also the country headquarters to many top firms like Intel, Texas Instruments, Bosch, Yahoo, SAP Labs, Continental among others. Bangalore alone consists of more than 35% of all the IT companies present in India and contains close to 5000 companies, making it the largest IT contributor in India.

Hyderabad is known as the HITEC City or Cyberabad, and is a major global information technology hub and second largest IT exporter and the largest bioinformatics hub of India. It has become the first destination for the Microsoft development center in India and the largest software development center outside of their headquarters in Redmond, USA. Microsoft, Facebook, Apple Inc, Infosys, Google, Cognizant, Tata Consultancy Services, Computer Sciences Corporation, Accenture, Tech Mahindra, Wipro, HCL, Cyient, IGATE, Capgemini, Amazon.com, IBM, Dell, Deloitte etc., and close to 3000 companies operate from the city.

Some of the major companies having operation centers at Chennai are Accenture, Cognizant, TCS, Syntel, Wipro, Infosys, Verizon, HCL, Amazon.com, eBay, Paypal, Polaris, Patni, Capgemini and many major global providers. The city has a world class IT infrastructures with dedicated expressway nicknamed as IT expressways, and many other IT parks promoted by both government and private entities. The city's strong industrial base also favors the setting up of many major R&D centers in its vicinity.

Atomic power station converts the atomic energy into usable power. According to the data, there are 22 atomic power stations in India at present. This data is provided as of 2016. The unit used for electric power is gigawatt (GW), which is equal to one billion (10^9) watts.

Thus, the correct answer is D.

Information technology (IT) is the use of any computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data.

India's telecommunication network is the second largest in the world by number of telephone users (both fixed and mobile phone) with 1.053 billion subscribers as on 31 August 2016. It has one of the lowest call tariffs in the world enabled by mega telecom operators and hyper-competition among them. India has the world's second-largest Internet user-base. As on 31 March 2016, there were 342.65 million internet subscribers in the country.

Globalisation refers to the integration of markets in the global economy.  Markets where globalisation is particularly common include financial markets, such as capital markets, mone and credit markets, and insurance markets, commodity markets, such as markets for oil, coffee, tin, and gold, and product markets, such as markets for motor vehicles and consumer electronics.

Nationalisation was not included in the Industrial Policy of 1991. The policy envisaged disinvestment of government equity in public sector to mutual funds, financial institutions, the general public, and workers.

It was in May $1867$ that Dadabhai Naoroji put forward the idea that Britain was draining India. This is Drain Theory. The drain, he declared, was the basic cause of India's poverty and the fundamental evil of British rule of India.

All India Trade Union Congress (AITUC) is the oldest trade union federation in India and one of the five largest. It was founded on 31st october 1920 in Bombay by Lala Lajpat Rai, Joseph Baptista, First president- Lala Lajpat Rai. First General Secretary- Diwan Chaman Lal.

EXIM Bank (Export-Import Bank) of India is the leading export finance institution in the county. The bank was set up in the year 1982 under the Export-Import Bank of India Act, 1981. The Government of India launched the Export-Import Bank of India with an aim to augment exports from India and also to combine the county's foreign trade and investment with the overall economic growth. The bank began its operations as a supplier of export credit, but has over the period evolved into an institution that plays a major role in partnering with Indian industries including small and medium enterprises. It is the apex institution for coordinating the working of institutions in India engaged in financing exports and import of goods and services.

Agriculture is subject to the Law of Diminishing Returns. 

As we know that, when we employ more and more variable factors with the fixed factors, it results in a lower marginal product, thus leading to the Law of Diminishing Returns. In agriculture, the land is a fixed factor as it cannot be increased or decreased as per the choice of an agriculturist. When factors of production which are variable in nature are employed, Law of Diminishing Returns apply.

Thus, the correct answer is A.

Portuguese were the first Europeans to start trade with India. After the fall of Ottoman Empire and capture of Constantinople in 1453 it became difficult for Europeans to trade with India via land route.  The first successful voyage to India was by  Vasco da Gama in 1498, when after sailing around the Cape of good hope  he arrived in Calicut  now in Kerala. Having arrived there, he obtained from Saamoothiri Rajah permission to trade in the city. The navigator was received with traditional hospitality, but an interview with the Saamoothiri (Zamorin) failed to produce any definitive results. Vasco da Gama requested permission to leave a factor behind in charge of the merchandise he could not sell; his request was refused, and the king insisted that Gama should pay customs duty like any other trader, which strained their relations.

Mostly fine cotton and silk were exported from India to markets in Europe, Asia, and Africa; by the second quarter of the 19th century, raw materials, which chiefly consisted of sugar, raw cotton, opium, and indigo, accounted for most of India's exports.

From the time of Pre-Independence India has been one of the important trading countries, exporting primary items like cotton, raw silk, sugar, wool, jute, and indigo, etc. and importer of finished consumer goods like woollen clothes, cotton, silk, and capital goods like light machinery manufactured in Britain.

Scarce resources in Indian domestic market was because the British exported manufactured goods in surplus because selling manufactured goods means making more money as a state. Having more money as a state in return means that it can reinvest and can help its citizens better.

Britain held the monopoly of over India's imports and exports. Most of the foreign trade was restricted only to Britain, while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran).

The reason why the British wanted to export manufactured goods is because selling manufactured goods means making more money as a state. Having more money as a state in return means that it can reinvest and can help its citizens better, or spend the money in any other way it had to, to keep the country going .The Britishers utilized the wealth earned from export not for India's development but to  purchase expensive  and materials from Britain for their own use.

The Suez Canal was important to the British because of the fact that they had such a large overseas empire. By the time that the canal was built, the most important part of their empire was India. The Suez Canal made it much easier for them to transport goods to and from India.  it is the shortest trade link between Europe and countries on the Indian and Pacific Oceans. Because the majority of the world's goods are transported via sea, the Suez Canal greatly reduces the time and cost of transporting goods.

They exported raw materials from India at cheap rates and imported finished goods from Britain which adversely affected the Indian industries and economy as a whole.The British imposed heavy duties on exportation of Indian goods and no duties were levied on British goods which benefited them. The British ruled India to drain its resources and thus turned India into a colonial economy. They adopt various policies and methods which adversely affected the Indian Economy. 

The basic purpose of human development is to improve the well-being of people. Human development is the science that seeks to understand how and why the people of all ages and circumstances change or remain the same over time

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to public sector. Only the public sector have the power to intervene in the above mentioned sectors since these sectors are reserved only within the purview of the public sector.

Government of India constituted a Tax Reforms Committee (TRC) in August, 1991. Tax Reform Committee is also known as Raj Chelliah Committee. It is formed in order to reform direct and indirect taxes prevailing in India.

After economic reform industrial licensing was abolished for all industries, except 18 industries.Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development

For reform of direct and indirect tax laws Government of India constituted Tax Reform Committee. This Tax reform committee is also known as Raj Chelliah Committee. This committee helped to lay out agendas concerning India's direct and indirect tax.

Disinvestment was done in public sector. Disinvestment is included in the process of privatization. It means transfer of ownership of public sector to private sector.

New economic reforms in India were introduced in 1991. This new economic reform is based on LPG theme. LPG stands for Liberalization, Privatization and Globalization. This economic reform helps to create a more free economy.

Reservation for public sector has been reduced to only three industry groups. It is reduced in order to promote free and fair trade and uphold the process of liberalization.

Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991. It was based on liberalization, privatization and globalization. It helped to create a more free economy.

In order to generate adequate resources for public sector enterprises to sustain their growth, there had been an increasing demand for their privatization. Privatization can be defined as a process which includes transfer of ownership and management of the public enterprise to the private enterprises.

1. Bharat Electronics Limited (BEL)

2. Container Corporation of India Limited

3. Engineers India Limited

4. Hindustan Aeronautics Limited

5. Hindustan Petroleum Corporation Limited

6. Mahanagar Telephone Nigam Limited

7. National Aluminium Company Limited

8. National Buildings Construction Corporation Limited

9. NMDC Limited

10. Neyveli Lignite Corporation Limited

11. Oil India Limited

12. Power Finance Corporation Limited

13. Power Grid Corporation of India Limited

14. Rashtriya Ispat Nigam Limited

15. Rural Electrification Corporation Limited

16. Shipping Corporation of India Limited

Public sector refers to all the companies, bank, commerce and trade which has 51% or more of government shares as it equity. Therefore, it refers to the government ownership on commerce and trade.

The Bhabha Atomic Research Centre (BARC) is India’s premier nuclear research facility based in Trombay, Mumbai, Maharashtra. BARC is a multi-disciplinary research centre with extensive infrastructure for advanced research and development covering the entire spectrum of nuclear science, engineering and related areas.

Total outlay is another method to measure elasticity of demand this is also known as the expenditure method, Total outlay is calculated by taking into account the total expenditure which Is price multiplied by quantity. 

Equilibrium price is the price at which the quantity demanded and the quantity supplied is the same. After equilibrium is achieved the price does not change. It is the ideal market price.

Consumer surplus is the excess of amount that the consumer is willing to pay and the amount that the consumer actually pays. Hence, surplus arises because consumer receives more than what he pays for. 

“Deemed exports” classically refer to those transactions under which provide of goods do not leave the country, and payment for such requirements is innermost in Indian Rupees shall be treated as 'deemed exports', provided that supplies are artificial or formed in India. 

The Deemed export advantage consists of refund on duty on expenses on imports or excisable substance used in the manufacture of goods which are supplied to the suitable projects. 'Deemed Export Benefit' method profits are availed of by units in Power, Petroleum plant, manure and Nuclear Power Projects.

Thus, the correct option is A.

This has been the case of the developed economies of the world whose over had surplus in its trade accounts.

1:A market-clearing price is the price of a good or service at which quantity supplied is equal to quantity demanded, also called the equilibrium price
2:The equilibrium price clears the market: It is the price at which quantity demanded equals quantity supplied with excess demand is zero.

A market is termed to be sellers market when the demand is high and seller has a high degree of control on the market due to limited supply; in this case, the demand tends to exceed the available supply for a commodity.

True. Aggregate demand consists of consumption and investment demand. Aggregate demand is the demand of total goods and services in the economy as it is impossible to count all the physical quantities the total expenditure on all goods and services are taken into account. Aggregate demand consists of expenditure on household consumption, Private investment, Government expenditure on consumption and investment and imports and exports.  

EPCG stands for Export Promotion Capital Goods. This is a scheme provided by the government of India for importers and exporters to promote exports. 

When market is in equilibrium there is a balance of quantity demanded and quantity supplied are the same. Hence, because quantity demanded = quantity supplied there are no shortages in the market and the price is fixed which clears the market. 

Consumer has no consumer surplus on last unit of the commodity consumed. This is because consumer surplus is based on the law of diminishing marginal utility. According to this law, the Marginal utility/satisfaction of the consumer goes on decreasing with every additional consumption of the commodity. Hence, it is because of this law that the consumers willingness to pay for additional unit goes on diminishing and there is no consumer surplus on the last unit. 

When large firm takes up advertising and grants margin to distribution its called as market economics. Market economics facilitates sale and purchase of goods and services in the open market. 

At equilibrium level market demand is equal to market supply. This is the state where the market forces of demand and supply are same and there can be no change in the price. This is the state where the ideal market price is achieved. 

The minimum assured price offered by the government to the farmers for the purchase of their output is called support price. This helps the farmers to get adequate remuneration for their crop yield. It saves the customers from losses. 

In case of perfectly inelastic demand the change in price will have no effect on the quantity demanded. The consumers do not change their demand due to the change in price. This usually is seen in case of necessities. Hence, the equilibrium quantity will be same the price might increase or decrease. 

When the demand for a commodity is perfectly inelastic the change in price will have no effect on the quantity demanded. The consumers do not change their demand due to the change in price. This usually is seen in case of necessities. Hence, the equilibrium quantity will be same the price might increase or decrease. 

True.
Owing to improvement in technology, supply of the good in the market will increase causing a rightward shift of the supply curve. Accordingly, equilibrium price will decrease.

True.

False.
With a substantial cut in production due to increase in cost of production, the supply curve shifts to the left and equilibrium price will, thus, increase.

True.
Fearing shortage of rice, the demand curve for rice will shift towards right, causing a rise in equilibrium price.

True.
When import of inputs becomes expensive, the cost of production rises, leading to a cut in supplies. The supply curve shifts to the left. Accordingly, equilibrium price of the commodity tends to rise.

False.
When there is no excess demand or excess supply, the market clears. However, it does not mean that everybody is equally satisfied. At the given market price, some people may not be able to buy the product, and therefore, remain unsatisfied.