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INDIAN ECONOMY

India's forex reserves stand at..?
In a few hours the Government of India will table the Economic Survey for fiscal 2003-04. Economic Survey is always presented a day before the Annual Budget is announced by the Finance Minister. Take the Rediff Business Quiz and find out how much you know about the Indian economy.

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1. India's forex reserves stand at..?
a) $119 billion
b) $26 billion
c) $102 billion

Wrong! Try again.
Wrong! The correct answer is $119 billion.
India has the sixth largest foreign exchange reserves in the world at over $119 billion as on July 3, 2004. The increase has been primarily due to large inflows from foreign institutional investors, NRI deposits, and strong trade and exports activity. In 1991, India barely had forex reserves of $2 billion, after which Dr Manmohan Singh, the then finance minister, ushered in an era of libearlisation in India.
Correct!
India has the sixth largest foreign exchange reserves in the world at over $119 billion as on July 3, 2004. The increase has been primarily due to large inflows from foreign institutional investors, NRI deposits, and strong trade and exports activity. In 1991, India barely had forex reserves of $2 billion, after which Dr Manmohan Singh, the then finance minister, ushered in an era of libearlisation in India.

2. India's 2004-05 GDP growth is pegged at:
a) Between 6 and 6.5%
b) Above 7%
c) Below 6%

Wrong! Try again..
Wrong! The correct answer is above 7%.
In June 2004, Asian Development Bank said India's economy will grow at the rate of 7.4 per cent in 2004. The European Union also said that India will surpass 7.0 per cent growth this year. EU perceives the Indian economy, long seen as lagging its East Asian neighbours, to follow China in a sharp breakout.
Correct!
In June 2004, Asian Development Bank said India's economy will grow at the rate of 7.4 per cent in 2004. The European Union also said that India will surpass 7.0 per cent growth this year. EU perceives the Indian economy, long seen as lagging its East Asian neighbours, to follow China in a sharp breakout.

3. What was India's unemployment rate in 2003?
a) 8.6%
b) 9.1%
c) 7.8%

Wrong! Try again..
Wrong! The correct answer is 9.1%.
Economic reforms may have given a boost to industrial productivity and brought in foreign investment in capital intensive areas. But the boom has not created jobs, proportionately. According to a report by the Washington-based Institute of Policy Studies, the combined sales of the world's top 200 MNCs is now greater than the combined GDP of all but the world's nine largest national economies. Yet, the total direct employment generated by these multinationals is a mere 18.8 millions -one-hundredth of one per cent of the global workforce.
Correct!
Economic reforms may have given a boost to industrial productivity and brought in foreign investment in capital intensive areas. But the boom has not created jobs, proportionately. According to a report by the Washington-based Institute of Policy Studies, the combined sales of the world's top 200 MNCs is now greater than the combined GDP of all but the world's nine largest national economies. Yet, the total direct employment generated by these multinationals is a mere 18.8 millions -one-hundredth of one per cent of the global workforce.

4. India's fiscal deficit for FY04 stood at:
a) Rs1.62 trillion
b) Rs1.56 trillion
c) Rs1.26 trillion

Wrong! Try again..
Wrong! The correct answer is Rs1.26 trillion.
India's fiscal deficit for FY04 stood at Rs1.26 trillion. The better than expected fiscal deficit was largely due to 18.4 per cent jump in tax collections amid a rapidly expanding economy and strong corporate earnings.
Correct!
India's fiscal deficit for FY04 stood at Rs1.26 trillion. The better than expected fiscal deficit was largely due to 18.4 per cent jump in tax collections amid a rapidly expanding economy and strong corporate earnings.

5. India's economy grew at what rate in Q1, 2004-05?
a) 8.2%
b) 9.2%
c) 7.8%

Wrong! Try again..
Wrong! The correct answer is 8.2%.
India's economy grew 8.2 per cent in the first quarter from a year earlier, a pace beaten only by China among the world's 20 biggest economies. Normal rains in 2003-04 resulted in robust agricultural growth, which in turn pushed economic growth. India's manufacturing and services sectors too posted robust growth. GDP growth in Q3, 2003-04 touched all time peak of 10.4%.
Correct!
India's economy grew 8.2 per cent in the first quarter from a year earlier, a pace beaten only by China among the world's 20 biggest economies. Normal rains in 2003-04 resulted in robust agricultural growth, which in turn pushed economic growth. India's manufacturing and services sectors too posted robust growth. GDP growth in Q3, 2003-04 touched all time peak of 10.4%.

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Compiled by: Rediff Business Desk



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