Page 259 - General Knowledge

GENERAL KNOWLEDGE 2019

IMPORTANT FACTS

 India has modelled its planning according to Russian 7 years plan after independence.

 India is the seventh largest economy in the world at present and third largest by
purchasing power parity.

 Three sectors – Primary, Secondary and Tertiary.
 Primary – includes agriculture, forestry and fishing.

 Secondary – includes manufacturing, gas, water and electricity supply.

 Tertiary Sector – includes transport, storage and communication.
 First five year plan – 1951 – 1956. Based on Harrod Domar model. Agriculture is the

main aim.
 Second Five year plan – 1956-1961 based on Mahalonobis model.

 Third Five year plan – 1961-1966. It was a failure plan.
 Fourth five year plan – 1969-1974. Main aim is stability and progress towards self-

reliance.

 Fifth five year plan – 1974-1978. Also called as ‗rolling plan‘. Poverty and reduction of
unemployment is the main aim.

th
 12 five year plan- 2012-2017. To achieve growth rate of 8% GDP per annum.
 Direct and indirect are types of taxes. Indirect tax is paid by one person but collected
from another one.
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 On 18 June 2004, implementation of VAT was introduced.
 SEBI act formed in 1992 to act as Market intermediaries.

 Under finance commission act of 1951, Dr.B.R.Ambedkar played a vital role as Father of
Indian constitution.

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 IFC – International Finance Commission established on 20 July 1956.
 ICSID – International Centre for Settlement of Investment disputes formed in 1966

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