Development Experience and Economic Reforms

Question 1

When was the postal system in Indian introduced?

Answer 1

1837

Question 2

During the colonial period, Indian had ____ trade balance.

Answer 2

Favourable

Question 3

Characteristics of Indian Economy during the British Rule

Answer 3

Semi- feudal, Colonial, Dis-integrated, Backward and Stagnant

Question 4

What is Livelihood Agriculture?

Answer 4

When farmers mainly produce food crops only

Question 5

Share of the workforce engaged in agriculture during the colonial rule

Answer 5

85%

Question 6

When was Planning Commission constituted?

Answer 6

1950

Question 7

When was National Development Council formed?

Answer 7

1952

Question 8

State the Plan Holiday Period.

Answer 8

1966-69

Question 9

In which 5 year-plan was Malanobis Model adopted?

Answer 9

2nd Five-year plan

Question 10

Who formulates plans in India?

Answer 10

Planning Commission

Question 11

Who finally approves the draft of Indian plans?

Answer 11

National Development Council

Question 12

What is the central objective of Indian Planning?

Answer 12

Growth with Stability

Question 13

Who is the founder of the Green Revolution?

Answer 13

Norman. E. Borlaug

Question 14

What type of Reform is Maximum Price Ceiling?

Answer 14

Institutional Reform

Question 15

What type of problem of agriculture is defective tenure system?

Answer 15

Institutional

Question 16

T/F. Green Revolution improved the production of crops but not the income of farmers.

Answer 16

False

Question 17

What are wonder seeds?

Answer 17

HYV seeds which increase production when combined with fertilisers and pesticides.

Question 18

What is the number of Industrial policy declared after independence?

Answer 18

6

Question 19

Liberalised Industrial Policy was announced on ____

Answer 19

July 24, 1991

Question 20

Industrial Policy in force presently in India is

Answer 20

1991

Question 21

When was Industries (Development &Regulation) Act implemented?

Answer 21

1951

Question 22

Regional Equality is the main purpose of ____

Answer 22

Industrial Policy Resolution 1956

Question 23

Maximum Investment limit in fixed capital for small scale industry

Answer 23

5 crores

Question 24

T/F. In cottage industries, machines are not used whereas they are used in small scale industries.

Answer 24

True

Question 25

Presently, the number of industries reserved for the public sector is ___

Answer 25

2

Question 26

What are cottage industries?

Answer 26

Those which function part/ full time with the help of the family members and traditional methodology

Question 27

After independence, India had a favourable balance of trade situations for ____ times

Answer 27

2

Question 28

What % of India's share in World trade policy has been targeted in Foreign trade policy 2004-2009?

Answer 28

1.5%

Question 29

Import- Export Policy 2009-14 was declared on ____

Answer 29

27th August 2009

Question 30

Features of New EXIM policy are

Answer 30

1. Abolition of quantitative restriction on export 2. Special incentives on the export of agricultural products 3. Improvement in facilities in SEZs

Question 31

India's EXIM policy 2004-09 was declared on _____

Answer 31

31st March 2003

Question 32

T/F. Import Substitution leads to unfavourable foreign trade.

Answer 32

True

Question 33

What is the export promotion?

Answer 33

Process of giving incentives to old exporters and new entrepreneurs to increase exportable surplus

Question 34

The new economic policy of 1991 is also called____

Answer 34

U-turn policy

Question 35

__________ means removing all unnecessary controls and restrictions imposedby government like quotas..

Answer 35

Liberalisation

Question 36

What are non-tariff barriers?

Answer 36

Restrictions on imports by the government by means other than tax.

Question 37

What is demonetisation?

Answer 37

Process of detaching a currency from its status as legal tender in the country.

Question 38

T/F. All before demonetisation has occurred in the context of hyperinflation, wars, political upheavals or other extreme condition.

Answer 38

True

Question 39

T/F. Laissez-faire and liberalisation have the same meaning with reference to the economy

Answer 39

False

Question 40

Since when is WTO working?

Answer 40

January 1st, 1995

Question 41

Name any 2 taxes which were subsumed in GST

Answer 41

sales tax, service tax, value-added tax, excise duty

Question 42

Does Electricity distribution belong to the secondary sector?

Answer 42

No

Question 43

Occupational structure in British India was _____

Answer 43

stagnant and underdeveloped

Question 44

Small Scale Industries were differentiated from large scale industries by _____

Answer 44

Amount of Investment

Question 45

The Industrial Policy which worked till 1990 was adopted in _______

Answer 45

1956

Question 46

Fiscal Deficit is that part of government expenditure which is met by ______

Answer 46

Borrowing

Question 47

Financial sector reforms are undertaken by _

Answer 47

RBI

Question 48

The main source of foreign capital to India________ | a)Loans from abroad b)Foreign Direct Investment

Answer 48

Foreign Direct Investment

Question 49

What signifies the industrial sector in India? a) source of employment b) development of agriculture c) growth of civilisation d) All of the above

Answer 49

d- all of the above

Question 50

The fiscal policy includes a) taxation b) subsidies c) wages d) both a and b

Answer 50

d- both a and b

Question 51

Privatisation means a) allowing private individuals to set up industries that were earlier reserved for public sector b) selling part/ whole of government's equity to the private sector c) both a and b

Answer 51

c) both a and b

Question 52

When was planning commission abolished?

Answer 52

2015