➤ The Industrial Policy outlines the rules, regulations, objectives, and guidelines for both public and private industrial development. ➤ It acts as a strategic roadmap for economic and industrial growth.
★ India’s first Industrial Policy was announced in 1948, later revised in 1956, 1980, 1991 etc.

➤ The Hilton Young Commission (also known as the Royal Commission on Indian Currency and Finance) recommended the establishment of the RBI. ➤ It was set up under the RBI Act, 1934 and began operations in 1935.
★ The RBI was nationalised in 1949 after independence.

➤ Real growth = Nominal GNP growth – Inflation rate ➤ 16% – 9% = 7% real increase in production.
★ Real GNP indicates actual economic growth adjusted for inflation.

➤ Muhammad Yunus pioneered the concept of microfinance and founded the Grameen Bank to offer small loans to poor rural women without collateral.
★ He received the Nobel Peace Prize in 2006 for this initiative.

➤ Agricultural subsidies are given to encourage farmers to use modern techniques, seeds, and fertilizers, and reduce the cost of production.
★ It helps achieve food security and income stability for small and marginal farmers.

➤ Net Investment = Gross Investment – Depreciation ➤ It shows the actual addition to the capital stock after accounting for wear and tear.
★ A positive net investment indicates economic expansion.

➤ NDP (Net Domestic Product) = GDP – Depreciation ➤ Depreciation accounts for wear and tear of capital assets used during production.
★ NDP gives a more accurate estimate of a country’s economic output.

➤ As interest rates rise, people prefer saving money to earn interest rather than holding cash, so demand for money falls ➤ When interest rates fall, demand for money increases.
★ This inverse relationship is central to monetary policy decisions.

➤ Devaluation is an official act of lowering a currency’s value in fixed exchange
➤ Depreciation is the market-driven fall in currency value
➤ Deflation is a reduction in money supply leading to fall in prices
➤ Exchange control involves restricting or rationing foreign currency usage
★ Devaluation and depreciation impact international trade and inflation differently.

➤ According to Census 2011, Thane (in Maharashtra) had the highest district-level population among all districts in India.
★ Thane had a population of over 1 crore as per Census 2011.

➤ Net Domestic Product (NDP) is calculated as: GDP – Depreciation ➤ It reflects the net value of goods/services produced domestically.
★ NDP excludes the wear and tear of capital assets.

➤ Between 1947 to 1990, a total of 7 Five-Year Plans were implemented, starting from the 1st Plan in 1951 to the 7th Plan ending in 1990.
★ The Eighth Plan began in 1992, after the 2-year Plan Holiday (1990–1992).

➤ PM MUDRA Yojana (launched in 2015) offers collateral-free micro loans up to ₹10 lakh to non-corporate small businesses via MLIs.
★ MUDRA stands for Micro Units Development & Refinance Agency.

➤ When population increases faster than GDP, per capita income falls, as income is spread over more individuals.
★ High population growth puts pressure on resources and reduces per capita output.

➤ SEZs offer tax holidays, customs duty exemptions, and relaxed regulations to boost exports and industrial growth.
★ SEZs are governed under the SEZ Act, 2005.

➤ The Free Rider Problem arises when people use public goods without contributing to their cost (e.g., streetlights, public defense).
★ Public goods are non-rival and non-excludable, enabling free riding.

➤ As per Census 2011, Puducherry, Lakshadweep, and Andaman & Nicobar Islands reported the highest sex ratios among Union Territories.
★ Puducherry had a sex ratio of 1037 females per 1000 males.

➤ Microfinance refers to small loans, savings, insurance, and other services for the economically underserved, especially women.
★ Prominent models include Grameen Bank and India’s Self Help Group-Bank Linkage.

➤ Intermediate goods are used as inputs in the production of other goods and services and are not meant for final consumption.
★ These are not included in GDP calculation to avoid double counting.

➤ The Second Green Revolution aimed at sustainable, inclusive, and technology-driven agricultural development beyond just increasing production.
★ It emphasized soil health, irrigation, rural infrastructure, and credit access.

➤ According to Census 2011, a marginal worker is one who works for less than 183 days (i.e., 6 months) in a year.
★ Those working 183 days or more are classified as main workers.

➤ DigiSaksham is a digital skills initiative launched by the Ministry of Labour & Employment with Microsoft India to improve employability.
★ Focuses on digital literacy, coding, productivity tools, and job-readiness training.

➤ The Fifth Five-Year Plan (1974–1979) launched by Indira Gandhi focused on poverty removal (“Garibi Hatao”), self-reliance, and employment generation.
★ It included programmes like IRDP, Minimum Needs Programme, etc.

➤ Gross National Product (GNP) is the total monetary value of goods and services produced by a country’s residents
➤ Net National Product (NNP) is GNP minus depreciation (i.e., net output)
➤ Personal income is the total income received by individuals before taxes
➤ Disposable personal income is the income left after personal taxes
★ GNP and NNP are key measures in national income accounting; Disposable income reflects purchasing power.

➤ As per Census 2011, India’s annual exponential population growth rate during 2001–2011 was 1.64%.
★ India’s total population in 2011 was over 121 crore, showing a decadal growth of 17.64%.