Business/Economy,

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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.

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