Tag: indian economy on the eve of independence

Questions Related to indian economy on the eve of independence

Who among the following was the finance minister during the time of 1991 economic reforms?

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Dr Manmohan Singh

  2. Sardar Vallabh Bhai Patel

  3. Jawaharlal Nehru

  4. Indira Gandhi

Show answer
Correct Option: A
Explanation:

Economic liberalization of India was initiated in the year 1991. The main goal of liberalization is to make economy more market oriented with expanded role of private and foreign investment. The former prime minister P V Narasimha Rao spearheaded economic liberalization policies in the early 1990s. During 1991 economic reforms Dr. Man Mohan Singh was the finance minister.

First Indian Institute of technology was established in ________.

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Madras

  2. Bombay

  3. Kanpur

  4. Kharagpur

Show answer
Correct Option: D
Explanation:

The Indian Institutes of Technology (IITs) are autonomous public institutes of higher education, located in various places of India. The first IIT was established in India in Kharagpur. It was established in the year 1951 in the state of West Bengal.                                               

Who among the following proposed blueprint that put greater emphasis on rural industrialisation.

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. J.C. Kumarappa

  2. P. C. Mahalanobis

  3. Dr. B.R Ambedkar

  4. Mahatma Gandhi

Show answer
Correct Option: A
Explanation:

J.C. Kumarappa was one among the many eminent economists of India.  Kumarappa is credited for developing economic theories based on Gandhism. He was a pioneer of rural economic development theories. He proposed blueprint that put greater emphasis on rural industrialisation.

As a result of the foreign trade reforms ________.

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. the number of import licenses has increased.

  2. only a few types of goods and services can now be exchanged freely.

  3. EPCG scheme has been abolished.

  4. the average tariff rates have been reduced.

Show answer
Correct Option: D
Explanation:

Prior to the 1991 economic liberalisation,India was a closed economy due to the average tariffs exceeding 200 percent and the extensive quantitative restrictions on imports. Foreign investment was strictly restricted to only allow Indian ownership of businesses. Since the liberalisation, India's economy has improved mainly due to increased foreign trade.

Which of the following are highlights of the Liberalisation, Privatisation and Globalisation Policy in India?

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Foreign Technology Agreements

  2. Industrial Licensing

  3. Abolition of License -Permit Raj

  4. All of the above

Show answer
Correct Option: D
Explanation:

Following are highlights of the Liberalisation, Privatisation and Globalisation Policy in India :-

  • Foreign Technology Agreements
  • Industrial Licensing
  • Abolition of License-Permit Raj

India's first satellite Arya Bhatta was launched in the year______.

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. 1972

  2. 1975

  3. 1974

  4. 1973

Show answer
Correct Option: B
Explanation:

Aryabhata was the first Indian Satellite named after the great Indian astronomer Aryabhata. It was launched on 19 April 1975. It was built by Indian Space Research Organization and was launched from Kapustin Yar, a Russian rocket launch station.

The Government of India took some measures in 1991 for rapid industrialisation. The measures included______. 

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Abolition of industrial licensing

  2. Allowing foreign investment

  3. Encouragement to private sector

  4. Co-existence of public and private sectors

  5. All of the above

Show answer
Correct Option: E
Explanation:

The Government of India took some measures in 1991 for rapid industrialisation. The measures include:-

  • Abolition of industrial licensing
  • Allowing foreign investment
  • Encouragement to private sector
  • Co-existence of public and private sectors.

Who gave high priority to agriculture, irrigation and power project after India's independence?

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Jawaharlal Nehru

  2. Lal Bahadur Shastri

  3. Indira Gandhi

  4. Dr Manmohan Singh

Show answer
Correct Option: A
Explanation:

The then Prime Minister Jawaharlal Nehru gave high priority to agriculture, irrigation and power project after India's independence.

_____ means movement towards a free market system.

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. Liberalisation

  2. Privatisation

  3. Globalisation

  4. Systemisation

Show answer
Correct Option: A
Explanation:

The term Liberalisation means movement towards a free market system. It is also known as the withdrawal of regulation and restrictions of private sectors. Private sectors are encouraged to enter into core industries that are reserved for the public sector. It is one of the notable aspects of the economic reforms 1991 of India.

Who disintegrated the village economy of India?

civics foreign trade in india the government and economic development indian economy on the eve of independence impact of technology on livelihoods

  1. The Mughals

  2. The Princely states

  3. The British rule

  4. The Government of India

Show answer
Correct Option: C
Explanation:

 Village economy was badly affected. The village panchayats were deprived of their rights. The introduction of the concept of private property in land turned land into a market com­modity. Changes came in social relationships. New social classes like the landlord, the trader, the money-lender, and the landed gentry shot into prominence. The class of rural proletariat, the poor peasant proprietor, the sub-tenant and the agricultural labourer multiplied in number. The climate of co-operation gradually gave place to the system of competition and individualism; the pre-requisites for the capitalist development of agriculture were created.