Economics · General Awareness

Economic Sectors and Infrastructure

1,785 Questions

This topic covers the classification of primary, secondary, and tertiary economic sectors, along with their infrastructure requirements. Questions often explore the impact of globalization, privatization, and technology on various industries. This material is frequently tested in SSC, state PSC, and UPSC examinations.

Primary and secondary sectorsBanking and service sectorPrivatization and economic reformsIndustrial growth and laborFive-Year Plans priorities

Economic Sectors and Infrastructure Questions

Multiple choice organisation of commerce and management the nature of the indian economy part 2 industrial revolution in india subsidies, industrial policy and trade policy cottage and small scale industries

According to Section 7 of Micro, Small and Medium Enterprises Development Act, 2006, in the case of industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 where investment in plant & machinery does not exceed Rs 25 lakh are classified as _________.

  1. large industry

  2. micro enterprise

  3. small enterprise

  4. medium enterprise
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to Section 7 of Micro, Small and Medium Enterprises Development Act, 2006, in the case of industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 where investment in plant & machinery does not exceed Rs 25 lakhs are classified as micro enterprise. Micro enterprise is generally defined as a type of small business firms which can employ a few number of people.

Multiple choice organisation of commerce and management the nature of the indian economy part 2 industrial revolution in india subsidies, industrial policy and trade policy cottage and small scale industries

Small-scale industry under IDRA, 1951, is one with an investment up to _________ in plant and machinery, excluding land and building.

  1. 10 lakhs

  2. 1 crore

  3. 5 crore

  4. 10 crore
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Small-scale industry under Industry Development and Regulation act, 1951, is one with an investment up to 1 crore in plant and machinery, excluding land and building. Small scale industries can be defined as those industries where manufacturing activities take place in a very small scale.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

At present how many industries are under the purview of compulsory industrial licensing?

  1. $8$
  2. $6$
  3. $7$
  4. $10$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
At present there are only 6 industries under compulsory licensing namely:
1) Distillation and brewing of alcoholic drinks
2) Cigars and cigarettes
3) Electronic aerospace and defence equipment
4) Industrial explosives
5) Hazardous chemicals
6) Drugs and pharmaceuticals
Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

How many industries are kept for compulsory licensing at present?

  1. 3

  2. 6

  3. 5

  4. 7
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

At present there are five industries that require compulsory licensing. They are:
(i)   Distillation and brewing of alcoholic drinks
(ii)  Cigar, cigarettes and other substitutes of prepared tobacco
(iii) Electronic, Aerospace and all types of defence equipment
(iv) Industrial Explosive including match boxes
(v) Hazardous Chemicals

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

How many industries have been reserved for government sector at present?

  1. 3

  2. 4

  3. 5

  4. 6
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

At present the number of industries kept reserved for government sector are three. They are:
(i)  Atomic energy,
(ii) Railway transport, and
(iii) The substances specified in the schedule to the notification of the Government of India in the Department of Atomic Energy dated 15th March, 1995.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

Which industries are reserved for the public sector today, many years after LPG policy was introduced?

  1. Defence equipments

  2. Atomic energy generation

  3. Railway transport

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The reform policies abolished almost all industrial licensing. The industries which are now reserved for the public sector are defence equipments, atomic energy generation and railway transport.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

Which of the following sector(s) make(s) maximum contribution to the national income of India?

  1. Services

  2. Agriculture

  3. Industry

  4. Both Agriculture and Industry
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The services sector has consistently been the largest contributor to India's GDP for several decades, significantly outpacing both agriculture and industry in terms of value added.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

Which industry from the following is not reserved for public sector?

  1. Atomic energy

  2. Defense

  3. Rail transport

  4. None of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The question asks which industry is NOT reserved for the public sector. Since Atomic Energy and Rail Transport are reserved for the public sector, and the options provided are limited, 'None of the above' is the correct choice because all listed industries are indeed reserved.

Multiple choice geography irrigation and power generation of electricity exploration and conservation of minerals secondary sector : industry

Which industry provides jobs to the maximum number of people?

  1. Iron industry

  2. Textile industry

  3. Sugar industry

  4. Tea processing industry
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The textile industry occupies a unique position in the Indian economy because it contributes significantly to industrial production (14 per cent), employment generation (35 million persons directly – the second largest after agriculture).

Multiple choice geography secondary sector : industry generation of electricity exploration and conservation of minerals irrigation and power

Presently, Industrial Licensing is applicable for

  1. Electronic Aerospace & Defence Equipment

  2. Industrial Explosives

  3. Drugs & Pharmaceuticals (except Bulk Drugs Industry)

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Industrial licensing is still required for certain sensitive sectors, including defense equipment, industrial explosives, and hazardous chemicals, to ensure safety and security.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

Classify the following into economic and non-economic activities. 

  1. A mother cooking food for her children

  2. A teacher teaching in a coaching centre

  3. A young boy helps an old man in crossing the road

  4. The chaat seller outside a school

  5. A lady officer in Delhi Police
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A. It is a non-economic activity as a mother cooks food for her children out of love and affection and not with a motive to earn a profit or income.

B. It is an economic activity as the teacher is teaching with a motive to earn income or livelihood.
C. It is a non- economic activity as there is no earning of the young boy.
D. It is an economic activity as his motive is to earn profit.
E. It is an economic activity as the officer is doing this job to earn a livelihood.