Central Revenue Board was divided into 'Central Excise and Custom Duty Board' and 'Central Direct Tax Board' in 1963. An Act to provide for the constitution of separate Boards of Revenue for Direct Taxes and for Excise and Customs and to amend certain enactments for the purpose of conferring powers and imposing duties on the said Boards was implemented in 1963. 

LIC of India was established in 1956. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. It was much later on the 19th of January, 1956, that life insurance in India was nationalized. 

As per the 61^st round of NSSO report, the per capita food intake in rural India during 2004-05 stands at 2047 calories. Compounded MPCE calculated for the seven-year period starting in the 61st round (2004-05) stands at 3.4% and 3.7% for rural and urban India, respectively and the food intake is 2047 calories. 

UTI- I have been kept under the control of the government. In 2003, UTI was divided into two parts, UTI Mutual Fund (UTI MF) and a specified undertaking of UTI or UTI-I. UTI MF was brought under SEBI regulations while UTI-I was kept under direct government control since its schemes offered guaranteed returns. 

As per the Economic Census 2005, 61.3% percentage of total installed enterprises in India is situated in rural areas. As reflected in the Economic Census 2005, there are 42.12 million enterprises in the country engaged in different economic activities other than crop production and plantation. Out of which, 25.81 million enterprises (61.3%) are in the rural areas and 16.31 million enterprises (38.7%) in the urban areas. 

Santacruz is been declared as the first Free Trade Zone in India. Santacruz Electronics Export Processing Zone (SEEPZ) is a Special Economic Zone in Mumbai, India. Situated in the Santacruz East area, it is subjected to liberal economic laws as compared to the rest of India to promote rapid economic growth using tax and business incentives and attract foreign investment and technology. Government proposed making SEEPZ a Free Trade Zone (FTZ) in 1999. 

The GDP growth target for 11^th Plan (2007-12) has been fixed at 9.0%. The Eleventh Five Year Plan (2007-08 to 2011-12) ended with GDP growing 7.9% per annum as against the target of 9.0% per annum set by the Planning Commission. The rapid GDP growth of 9.0% was regarded necessary for various reasons.

97% percentage of country's demand for natural rubber is met by indigenous production. Country's demand for natural rubber is largely met by indigenous production, with only a small proportion (less than 5 per cent) met through imports. Production of natural rubber has increased from a modest 15,830 tonnes in 1950-51 to 3.3 lakh tonnes in 1990-91 and 5.07 lakh tonnes in 1995-96. 

Antyodaya Anna Yojana was launched on 25 December, 2000. Antyodaya Anna yojana has been launched by the honourable Prime Minister of India on the 25th December, 2000. This scheme reflects the commitment of the Government of India to ensure food security for all create a hunger free India in the next five years and to reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas. 

First share market in India was established in Mumbai. It was in 1875 that the Indian Share Market first started functioning. The first share trading association in India was known as the Native Share and Stock Broker's Association, only to become the Bombay Stock Exchange (BSE) later on. This trading association started off its operations with around 318 members. 

Rolling Plans were made for the period 1978 to 1983. Fifth FYP was launched and planned for period 1974-79 but Janata government came in power in 1978 and ended the plan prematurely in 1978. The Janata government launched sixth FYP for period 1978-1983. Congress government when came in power in 1980 abandoned the sixth FYP and launched a new sixth FYP for period 1980-1985. The plan for period, 1978-83, is called the rolling plan. 

As per the Economic Census 2005, Tamil Nadu possesses the highest number of enterprises. As per fifth economic census 2005 the state which has the maximum number of enterprises in India is Tamil Nadu i.e. 44.47%. 

The aim of Antyodaya Programme was helping the poorest among poor. It is a Gandhian concept for developing the rural poor. It aims at raising the living standards of the poorest of the poor in the villages. 

The highest number of Foreign Institutional Investors registered with SEBI comes from USA. A t the end of 1996-97, 439 FIIs were registered with SEBI, and as of March 31, 1997, they had made cumulative net investments of US$ 7,591.9 million in the Indian securities markets. April 1996 saw the highest net investment of US$ 433.6 million by FIIs for any given month since they began investing.  

The field of Sunderajan Committee was petroleum. According to the Sunderarajan Committee, around 54.6 million MT of petroleum products will have to be moved over long distances in 2001-02 and around 87.3 million MT in 2006-07. To facilitate this movement, the transportation infrastructure in India will need to be strengthened.

GIC, UTI and LIC provide long run finance to industries. Besides the aid from development banks, such financial institutions provide long term finances to the companies and subscribe to their shares and debentures. 

Tertiary sector constitutes the highest share in National Income of India. The national income of India is expected to have 8.6% share of secondary sector and 10.6% share is of tertiary sector. 

Cash Reserve Ratio, Bank Rate and open market operations measure comes under quantitative credit controls adopted by Central Bank of the Country. Bank rate is the rate of interest charged by the Central Bank on the re discounting of bills of exchange. Under Cash reserve ratio, the central banks issue Government Securities to the commercial banks for which they have to pay to the central bank. 

The book 'Planning and the Poor' is written by B.S.Minhas. This book by B.S.Minhas illustrated the different horizons of rural development. 

SAARC took the decision to establish 'South Asian Development Fund'. The fifteenth summit of SAARC was held in Colombo, Sri Lanka on 1-3 August 2008. The issues discussed were regional cooperation, partnership for growth for the peoples of South Asia, connectivity, energy, the environment, water resources, poverty alleviation, the SAARC Development Fund, transport, information and communications technology development, science and technology, tourism, culture, the South Asian Free Trade Area, the SAARC Social Charter, women and children, education, combating terrorism, and the admission of Australia and Myanmar as observers. 

In India 'Marginal Farmers' are those who hold land up to 1 hectare. These farmers play a significant role in agrarian economy of the country. But they do not access technology, inputs and credits and subsidies from the government. 

Newly constituted organisation IORARC (Indian Ocean Rim Association for Regional Cooperation) has a membership of 14 countries. The Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC), initially known as the Indian Ocean Rim Initiative, is an International/Diplomatic Organization with 14 Member countries. It was first established in Mauritius on March 1995 and formally launched on 6-7 March 1997. 

Existence of non-monetised sector creates obstacles in measuring correct estimate of national income. A well organised system of exchange in an economy based on the use of money is described as monetisation.  So a non monetized sector affects the stability of national income. 

Aqua culture - fisheries, flori culture- flowers, seri culture- silk and viti culture- grapes. As the name suggests aqua culture relates to the aquatic life i.e. fisheries, flori culture is related to flora i.e. flowers and viti culture is all about the study and growth of grapes. 

Videsh Sanchar Nigam Ltd. has been renamed as Tata Communications Ltd. Telecom company Videsh Sanchar Nigam Ltd (VSNL), formerly owned by the government and now in the Tata fold, has been renamed Tata Communications Ltd.