Indian Economy

The Fifth Five-Year Plan emphasized Garibi Hatao and poverty removal; it covered 1974–1979.

The IRDA, now IRDAI, regulates insurance in India under the IRDA Act, 1999; the authority was constituted in 1999.

Corporate tax is a direct tax because it is imposed directly on companies’ income; customs, excise and GST are indirect taxes.

LPG mainly contains propane and butane; its composition varies with source and season.

The National Development Council gave final approval to Five-Year Plans in the planning era; the NDC was established in 1952.

The International Labour Organization is headquartered in Geneva, Switzerland; it was founded in 1919 and became a UN specialized agency in 1946.

The Narasimham Committee examined banking-sector reforms; its first report was submitted in 1991 and the second in 1998.

The slogan Garibi Hatao became central to the Fifth Five-Year Plan, which began in 1974.

The Mid-Day Meal programme is administered through the Union education ministry, historically the Ministry of Human Resource Development; the national programme began in 1995.

Dairy farming belongs to the primary sector because it involves livestock-based production of raw agricultural goods.

The Kelkar Committee examined tax reforms; its report on indirect taxes was submitted in 2002.

GDP means Gross Domestic Product, the monetary value of final goods and services produced within a country’s domestic territory during a specified period.

The Mira Seth Committee is associated with the development and promotion of handlooms and the handloom sector.

The First Five-Year Plan was based mainly on the Harrod–Domar model and covered 1951–1956, with emphasis on agriculture and irrigation.