The targeted annual growth rate was 5.6%, but the actual growth rate was 6.7%.

The New Exim policy was for five years (April 1, 1992- March 31, 1997).

The theme of the Eighth Five Year Plan (1992-1997) was “plan with a human face”.

The period of 1990-92 was the second plan holiday. The first plan holiday was between 1966-69.

Under deficit financing, the government spends more money than it collects as revenue, the difference being made up by borrowing from the Reserve Bank of India by issue of promissory notes.

Economic liberalisation in India started with industrial de-licensing.

The Community Development Programme was started in the year 1952.

In India, plans are formulated by Planning Commission and are finally approved by the National Development Council. All state chief ministers are members of NDC. The NDC is headed by the Prime Minister of India.

This happened during the period of 1975-78. Fifth Five Year Plan was in action during this period (1974-78).

Participatory Notes (PNs/P-Notes) are instruments used by investors or hedge funds that are not registered with the SEBI (Securities and Exchange Board of India) to invest in Indian securities. Participatory notes are instruments that derive their value from an underlying financial instrument such as an equity share and hence the word ‘derivative instruments’.

National income is calculated on the basis of the current price levels.

As per provisions given under Article 281 of the Indian Constitution, the recommendations of the Finance Commission go to the President, who is constitutionally bound to place it before the two Houses of the Parliament.

Fringe Benefits Tax(FBT) was the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India’s Finance Act 2005 and was introduced for the financial year commencing April 1, 2005. The Fringe Benefit Tax was abolished in the Finance Bill of 2009. Securities Transaction Tax (STT) is the tax payable on the value of taxable securities transaction. STT was introduced in India by the 2004 budget and is applicable with effect from 1^st October 2004. Interest Tax is a special tax imposed on interest accrued in specified cases. 

The DEA or the Department of Economic Affairs is responsible for the preparation and presentation of Central Budget and the budgets for the State Governments under President’s rule and union territory administration to the Parliament. 

Nationalization of State Bank of India- 1955; Introduction of First Five-Year Plan- 1951; Enactment of Banking Regulation Act – 1949; Nationalization of Insurance Companies – 1955-56.