Insights Static Quiz -109, 2018
Economics
INSIGHTS IAS QUIZ ON STATIC SYLLABUS - 2018
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Question 1 of 5
1. Question
Consider the following statements
- Industrial Policy of 1956 introduced licensing permit raj
- Industrial Policy of 1969 included Monopolistic and Restrictive Trade Practices Act
Which of the above is/are correct
Correct
Answer – c
- A clear-cut classification of industries (also known as the Reservation of Industries) were affected with three schedules: Schedule A, B and C. All the schedule B industries and a number of schedule C industries came under this proivision. This provision established the so-called ‘Licence-Quota-Permit’ regime (raj) in the economy.
- A powerful industrial house was always able to procure fresh licences at the cost of a new budding entrepreneur. The price regulation policy via licencing was aimed at helping the public by providing cheaper goods, but it indirectly served the private licenced industries ultimately (as central subsidies were given to the private companies from where it was to benefit the poor in the form of cheaper goods). Similarly, the older and wellestablished industrial houses were capable of creating hurdles for the newer ones with the help of different kinds of trade practices forcing the latter to agree for sell-outs and takeovers. Monopolistic and Restrictive Trade Practices (MRTP) Act was passed. The Act intended to regulate the trading and commercial practices of the firms and checking monopoly and concentration of economic power
Incorrect
Answer – c
- A clear-cut classification of industries (also known as the Reservation of Industries) were affected with three schedules: Schedule A, B and C. All the schedule B industries and a number of schedule C industries came under this proivision. This provision established the so-called ‘Licence-Quota-Permit’ regime (raj) in the economy.
- A powerful industrial house was always able to procure fresh licences at the cost of a new budding entrepreneur. The price regulation policy via licencing was aimed at helping the public by providing cheaper goods, but it indirectly served the private licenced industries ultimately (as central subsidies were given to the private companies from where it was to benefit the poor in the form of cheaper goods). Similarly, the older and wellestablished industrial houses were capable of creating hurdles for the newer ones with the help of different kinds of trade practices forcing the latter to agree for sell-outs and takeovers. Monopolistic and Restrictive Trade Practices (MRTP) Act was passed. The Act intended to regulate the trading and commercial practices of the firms and checking monopoly and concentration of economic power
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Question 2 of 5
2. Question
Which of the following is/are true
- Infrastructure industries got a separate status in Industrial Policy Resolution of 1973
- Foreign investment was allowed in 1973 policy which was revoked in 1977 policy
Select the right code
Correct
Answer – c
- Industrial Policy 1973 – A new classificatory term i.e., core industries was created. The industries which were of fundamental importance for the development of industries were put in this category such as iron and steel, cement, coal, crude oil, oil refining and electricity. In the future, these industries came to be known as basic industries, infrastructure industries in the country.
- A limited permission to foreign investment was given, with the
multinational corporations (MNCs) being allowed to set up subsidiaries in the country in 1973 policy. In 1977 policy, Foreign investment in the unnecessary areas were prohibited (opposite to the IPS of 1973 which promoted foreign investment via technology transfer in the areas of lack of capital or technology). In practice, there was a complete ‘no’ to foreign investment.
Incorrect
Answer – c
- Industrial Policy 1973 – A new classificatory term i.e., core industries was created. The industries which were of fundamental importance for the development of industries were put in this category such as iron and steel, cement, coal, crude oil, oil refining and electricity. In the future, these industries came to be known as basic industries, infrastructure industries in the country.
- A limited permission to foreign investment was given, with the
multinational corporations (MNCs) being allowed to set up subsidiaries in the country in 1973 policy. In 1977 policy, Foreign investment in the unnecessary areas were prohibited (opposite to the IPS of 1973 which promoted foreign investment via technology transfer in the areas of lack of capital or technology). In practice, there was a complete ‘no’ to foreign investment.
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Question 3 of 5
3. Question
District Industries Centres were set up to promote decentralised industrialisation. Under which Industrial Policy Resolution, they were set up
Correct
Answer – a
- Industrial Policy Statement of 1977 was chalked out by a different political set up from the past with a different political fervour—the dominant voice in the government was having an anti-Indira stance with an inclination towards the Gandhian-socialistic views towards the economy.
- Decentralised industrialisation was given attention with the objective of linking the masses to the process of industrialisation. The District Industries Centres (DICs) were set to promote the expansion of small and cottage industries at a mass scale
Incorrect
Answer – a
- Industrial Policy Statement of 1977 was chalked out by a different political set up from the past with a different political fervour—the dominant voice in the government was having an anti-Indira stance with an inclination towards the Gandhian-socialistic views towards the economy.
- Decentralised industrialisation was given attention with the objective of linking the masses to the process of industrialisation. The District Industries Centres (DICs) were set to promote the expansion of small and cottage industries at a mass scale
-
Question 4 of 5
4. Question
Technology missions for the agriculture aiming for scientific farming were introduced by
Correct
Answer – a
The agriculture sector was attended with a new scientific approach with many technology missions being launched by the government through Industrial Policy of 1985.
Incorrect
Answer – a
The agriculture sector was attended with a new scientific approach with many technology missions being launched by the government through Industrial Policy of 1985.
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Question 5 of 5
5. Question
In context of industrial policy of India, what did the phrase “MRTP limit of Rs. 100 crore” mean
Correct
Answer – c
The firms with assets of Rs. 25 crore or more were put under obligation of taking permission from the Government of India before any expansion, greenfield venture and takeover of other firms (as per the MRTP Act). Such firms came to be known as the ‘MRTP Companies’. The upper limit (known as the ‘MRTP limit’) for such companies was revised upward to Rs. 50 crore in 1980 and Rs. 100 crore in 1985.
Incorrect
Answer – c
The firms with assets of Rs. 25 crore or more were put under obligation of taking permission from the Government of India before any expansion, greenfield venture and takeover of other firms (as per the MRTP Act). Such firms came to be known as the ‘MRTP Companies’. The upper limit (known as the ‘MRTP limit’) for such companies was revised upward to Rs. 50 crore in 1980 and Rs. 100 crore in 1985.
