Economy -Important Bits
1- The establishment of the Tata Iron and Steel Company (TISCO) at Jamshedpur in 1907 was the 1st effort at large scale production of iron and steel in India.
2- The 1st modern industry to develop in India was the cotton textile industry.
3- The 1st bank of limited liability managed by Indians was OUDH Commercial Bank founded in 1881.
4- The Indian Iron and Steel Company (IISCO) was set up at Burnpur in 1919.
5- The permanent Settlement System (1793) which gave rise to a new class, Zamindars, was introduced by Lord Cornwallis.
6- The 1st All India Population Census was conducted in 1872.
7- The first paper mill in India was set up at Serampur, West Bengal in 1812.
8- The major trade partner of India in the pre-Independence period was the United Kingdom.
9- The land system under which the peasant himself owns the land and is responsible for payment of land revenue to the government is known as Mahalwari System.
10- The 1st unit of Iron and Steel (now known as Visvesvaraya Iron and Steel Limited) in public sector started functioning at Bhadravathi in 1923.
11- 1921 is regarded as the Year of Great Divide in the history of India’s Population.
12- The payment and Wages Act was passed in 1936.
13- The 1st Five Year Plan was launched on April,1951.
14- The Planning Commission of India was set up on 15th March,1950.
15- India resorted to devaluation of its currency for the 1st time in September, 1949.
16- The Industrial Credit and Investment Corporation of India (ICICI) was set up in 1955.
17- The Minimum Wages Act was passed in 1948.
18- The 1st Industrial Policy Resolution was presented in 1948.
19- The 1st ever institution set up to provide finance in India was Industrial Finance Corporation of India (IFCI) established in July, 1948.
20- Reserve Bank of India (RBI) was established under the Reserve Bank of India Act, 1934 on April1, 1935 and nationalized on January 1, 1949.
21- Bombay Stock Exchange (BSE) is the oldest stock exchange in Asia established in 1875.