Indian Economy (1950–1990)

Which of the following was a major limitation of India's economic policies before 1991?

1. Excessive competition from imports
2. Lack of government involvement
3. Industrial inefficiency due to excessive regulation
4. Complete absence of planning

Which of the following best describes the public sector?

1. Businesses owned by private individuals
2. Industries owned and managed by the government
3. Foreign multinational companies
4. Family-owned enterprises only

Which sector received the highest priority in the Second Five-Year Plan?

1. Services
2. Agriculture
3. Heavy industries
4. Information technology

The concept of self-reliance during the planning period mainly meant:

1. Depending entirely on foreign aid
2. Reducing dependence on imports and foreign assistance
3. Encouraging only exports
4. Eliminating agriculture

One major objective of land reforms after Independence was to:

1. Increase foreign investment
2. Eliminate exploitation by intermediaries
3. Promote luxury farming
4. Reduce irrigation

The Mahalanobis strategy mainly focused on:

1. Export promotion
2. Heavy industrialization
3. Tourism development
4. Privatization

The term "License Raj" refers to:

1. Free trade policy
2. Extensive government control through licenses and permits
3. Complete privatization of industries
4. Open competition without regulation

Which institution was established to provide long-term credit for agriculture and rural development?

1. RBI
2. NABARD
3. LIC
4. SEBI

The Green Revolution primarily increased the production of:

1. Tea and coffee
2. Wheat and rice
3. Cotton and jute
4. Sugarcane and tobacco

Import substitution refers to:

1. Increasing exports of agricultural goods
2. Producing goods domestically instead of importing them
3. Importing more luxury products
4. Reducing domestic production

Which economic system combines features of both capitalism and socialism?

1. Command economy
2. Mixed economy
3. Traditional economy
4. Barter economy

The Industrial Policy Resolution of 1956 assigned the leading role in industrial development to the:

1. Private sector
2. Cooperative sector
3. Public sector
4. Foreign companies

The Second Five-Year Plan mainly emphasized the development of:

1. Agriculture
2. Cottage industries only
3. Heavy and basic industries
4. Tourism

The Planning Commission in India was established in:

1. 1947
2. 1949
3. 1950
4. 1952

Which of the following was the primary objective of economic planning in India after Independence?

1. Maximizing exports only
2. Achieving rapid economic development with social justice
3. Promoting private monopolies
4. Reducing agricultural production