Indian Economy (1950-1990)) - PART II

How many industries have been reserved exclusively for the public sector under Industrial Policy Resolution, 1956?

• (A) 17

• (B) 21

• (C) 15

• (D) 2

In 1955, the Karve Committee was constituted. What was the aim of Karve Committee?

• Development of public sector industries.

• Development of large scale industries.

• Development of small scale industries.

• Development of private sector industries.

The Industrial licensing policy introduced during 1950-1990 aimed at _________________

• Expansion of industries in backward regions.

• Promotion of regional equality.

• Checking undue expansion of industrial sector.

• All of the above.

Which of the following is not an objective of Import substitution during 1950-1990?

• Protection of domestic industries from foreign competition.

• To save foreign exchange reserves.

• Decreasing taxes on all imported goods.

• Substituting imports with domestic production.

Inward looking trade strategy is also known as policy of……….

• import relaxation

• import substitution

• import promotion

• none of these

Which of the following is correct about Industrial sector in India?

• It is more stable than Agriculture sector

• It is less stable than Agriculture sector

• Most of the population work under Industrial sector

• none of these

Answer explanation

Industry provides employment which is more stable than the employment in agriculture.

Agriculture depends on the environment and that' why its most unstable.

What were the reasons for the public sector to undertake the task of developing the industrial sector? (Select more than one answer)

• Industrialists did not have capital

• Objective welfare

• Government wanted to tighten the control

• Indian market was large so government can profit from it.

Answer explanation

Industrialist did not have capital and there were no incentives which could attract them to setup the industries as Indian market was not big enough for consumer goods.

Indian Government was following policies on socialist lines, so objective welfare was one of the aim.

Industrial Policy Resolution of 1956 was ______ policy.

• 1st

• 2nd

• 3rd

• 4th

Industrial Policy resolution of 1956 divided industries in to ___ schedules.

• One

• Two

• Three

• Four

Schedule A of IPR, 1956 consists of _______.

• Exclusively Private owned Industries

• Partially Private owned Industries

• Partially State owned Industries

• Exclusively state owned Industries