➤ The Reserve Bank of India (RBI) is the central bank of the country, responsible for monetary policy, regulation of banks, and issue of currency.
★ It plays a key role in controlling inflation, managing foreign exchange, and maintaining financial stability.

➤ According to Census 2011, Bihar had the lowest literacy rate among Indian states at 61.8%.
★ It lagged behind due to historical, social, and economic factors.

➤ The Green Revolution in India used high-yielding variety (HYV) seeds, chemical fertilizers, and modern irrigation to boost crop output.
★ It began in the 1960s and mainly benefited wheat and rice-producing areas.

➤ Arunachal Pradesh is the odd one out as it has very low population density (~17 persons/km²), while the others are densely populated.
★ Bihar has the highest population density as per Census 2011.

➤ The Planning Commission of India was set up in 1950 to design and implement Five-Year Plans for economic development.
★ The First Five-Year Plan began later in 1951.

➤ Globalisation involves reducing trade barriers, including liberalising import licensing, to promote international trade.
★ It allows greater integration with the world economy.

➤ Sanskrit is spoken by the least number of people as their mother tongue, according to Census 2011.
★ Only about 24,821 people reported it as their first language.

➤ As economies develop, the share of agriculture in GDP declines, while the service and industrial sectors grow.
★ Agriculture becomes less dominant due to industrialization and technological progress.

➤ Dadra and Nagar Haveli recorded the lowest literacy rate among Union Territories at 76.2% in Census 2011.
★ Lakshadweep had the highest among UTs at 91.85%.

➤ Intermediate goods are used in the production of final goods. Including them in national income would result in double counting.
★ Only final goods and services are counted in National Income to avoid inflation of values.

➤ C. Subramaniam played a key role in promoting HYV seeds, irrigation, and fertilizers, which led to the Green Revolution.
★ He was awarded the Bharat Ratna in 1998 for his contribution.

➤ The industrial sector promotes technological advancement, modernisation, and offers stable employment opportunities.
★ It is essential for economic transformation and urbanisation.

➤ Privatisation is meant to increase competition and efficiency. Reduced competition is a disadvantage, not an advantage.
★ Privatisation encourages market-driven performance.

➤ The MUDRA scheme offers loans under three categories: Shishu (up to ₹50,000), Kishore (₹50,001–₹5 lakh), and Tarun (₹5–₹10 lakh).
★ It targets small businesses and MSMEs.

➤ A lower CRR allows banks to lend more, which increases the money multiplier effect.
★ More credit in the system leads to higher money supply.

➤ The primary distinguishing feature of a bank is its authority to accept public deposits, which non-banking institutions cannot do.
★ This is a defining function under the Banking Regulation Act.

➤ Privatisation can lead to monopoly power in some sectors where competition is low, allowing private companies to exploit consumers.
★ Regulatory oversight is required to prevent monopoly exploitation.

➤ The money multiplier is calculated as 1 / CRR. If CRR = 0.25, then 1 / 0.25 = 4.
★ Higher CRR leads to a lower multiplier, and vice versa.

➤ As per Census 2011, the overall literacy rate in India was 72.98% (male: 80.9%, female: 64.6%).
★ This reflects growth in educational access, though gender disparity remained.

➤ Oil India Limited (OIL) is a joint sector company with investment from both the government and private entities.
★ Joint sector industries involve collaboration between public and private partners.

➤ The Industrial Policy Resolution of 1956 aligned with the 2nd Five-Year Plan, emphasizing the development of the public sector and heavy industries.
★ It laid the foundation for India’s socialistic pattern of society.

➤ Economic planning involves setting priorities because resources are limited, and all goals can’t be achieved at once.
★ Hence, planning is based on allocation of scarce resources.

➤ According to Census 2011, 68.8% of India’s population lived in rural areas.
★ It highlights India’s agrarian and rural demographic structure.

➤ Family funds involve direct personal financing and don’t need a financial intermediary like banks or NBFCs.
★ It’s a non-institutional source of finance.

➤ The Agricultural Prices Commission, now known as CACP, was set up to recommend Minimum Support Prices (MSP) for crops procured by the government.
★ It aimed to protect farmers’ incomes and ensure food security.

➤ The board was originally established as Central Board for Workers Education in 1958. In 2017, it was renamed after Dattopant Thengadi.
★ It aims to educate workers about their rights and responsibilities.

➤ SIDBI (Small Industries Development Bank of India) contributed 100% of the initial capital to set up MUDRA (Micro Units Development and Refinance Agency Ltd).
★ MUDRA supports non-corporate micro enterprises.