Tag: foreign trade in india

Questions Related to foreign trade in india

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to ____________.

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

  1. private sector

  2. public sector

  3. joint sector

  4. none of the above

Show answer
Correct Option: B
Explanation:

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to public sector. Only the public sector have the power to intervene in the above mentioned sectors since these sectors are reserved only within the purview of the public sector.

Government of India constituted a Tax Reforms Committee (TRC) in ________.

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

  1. August, 1957

  2. August, 1971

  3. August, 1981

  4. August, 1991

Show answer
Correct Option: D
Explanation:

Government of India constituted a Tax Reforms Committee (TRC) in August, 1991. Tax Reform Committee is also known as Raj Chelliah Committee. It is formed in order to reform direct and indirect taxes prevailing in India.

Economic reforms were introduced in the following sector(s) of the economy ____________.

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

  1. industrial and financial sector

  2. financial and fiscal sector

  3. monetary and fiscal sector

  4. industrial, financial, fiscal and external sector.

Show answer
Correct Option: D
Explanation:
Economic reforms were introduced in the following sector(s) of the economy:
a) industrial sector
b) financial sector
c) fiscal sector
d) external sector
Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

After economic reform industrial licensing was abolished for _________.

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

  1. 18 industries

  2. 28 industries

  3. all industries, except 18 industries

  4. all industries

Show answer
Correct Option: C
Explanation:

After economic reform industrial licensing was abolished for all industries, except 18 industries.Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development
(iv) Mismanagement of foreign exchange reserve and shortage of foreign exchange

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

  1. (i) and (ii)

  2. (i) and (iii)

  3. (i) (ii) and (iii)

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development

(iv) Mismanagement of foreign exchange reserve and shortage of foreign exchange
Economic reforms aims to create a more freer economy and uphold the process of liberalization, privatization and globalization. It helps to achieve a higher economic growth and development.

For reform of direct and indirect tax laws Government of India constituted __________.

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

  1. Central Board of Direct Tax (CBDT)

  2. Tax Planning Commission

  3. Tax Reform Committee (TRC)

  4. Direct and Indirect Tax Board

Show answer
Correct Option: C
Explanation:

For reform of direct and indirect tax laws Government of India constituted Tax Reform Committee. This Tax reform committee is also known as Raj Chelliah Committee. This committee helped to lay out agendas concerning India's direct and indirect tax.

Disinvestment was done in _______________.

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

  1. public sector

  2. co-operative sector

  3. private sector

  4. joint sector

Show answer
Correct Option: A
Explanation:

Disinvestment was done in public sector. Disinvestment is included in the process of privatization. It means transfer of ownership of public sector to private sector.

New economic reforms in India were introduced in ________.

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

  1. 1990

  2. 1991

  3. 2000

  4. 2001

Show answer
Correct Option: B
Explanation:

New economic reforms in India were introduced in 1991. This new economic reform is based on LPG theme. LPG stands for Liberalization, Privatization and Globalization. This economic reform helps to create a more free economy.

Reservation for public sector has been reduced to only _________ industry groups.

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

  1. two

  2. four

  3. three

  4. five

Show answer
Correct Option: C
Explanation:

Reservation for public sector has been reduced to only three industry groups. It is reduced in order to promote free and fair trade and uphold the process of liberalization.

Which of the following is not the main feature of 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. Liberalization

  2. Privatization

  3. Planned economy

  4. Globalization

Show answer
Correct Option: C
Explanation:

Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991. It was based on liberalization, privatization and globalization. It helped to create a more free economy.