Topic Details (Notes format)

Research & Development and Innovation

Subject: Economics

Book: Comprehensive Indian Economy

Investment in R&D fosters technological advancement, higher productivity, and global competitiveness. India’s R&D spend remains modest compared to developed nations, concentrated in defense and space. Private sector involvement is growing in pharmaceuticals, IT, and automotive sectors. Government initiatives like Make in India, Atal Innovation Mission, and dedicated innovation labs encourage startups, but bridging lab-to-market gaps remains a challenge. Exam queries might revolve around IPR regimes, venture capital ecosystems, and the link between university research and commercial products. Strengthening patent enforcement and building a robust knowledge economy is a strategic imperative for higher-value exports.

Practice Questions

Which organization publishes the Human Development Index (HDI)?

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What is “inclusive growth”?

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Which economic concept is described as “the next best alternative foregone”?

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What is the primary function of the International Monetary Fund (IMF)?

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What is the main function of the Reserve Bank of India (RBI)?

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Which of the following is NOT a function of the World Trade Organization (WTO)?

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Which of the following is NOT part of the World Bank Group?

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What is meant by “monetary policy”?

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What does the term “national income” refer to?

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What is meant by “liquidity trap”?

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