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

What did NEP focus on?

  1. Create a more competitive environment

  2. Remove barriers to entry

  3. Create employment

  4. Both A and B
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
India agreed to the conditionalities of World Bank and IMF and announced the New Economic Policy (NEP). The NEP consisted of wide ranging economic reforms. The thrust of the policies was towards creating a more competitive
environment in the economy and removing the barriers to entry and growth of firms. Creation of employment was not the objective of NEP.
Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

What were the primary reasons for the economic crisis in the 1980s?

  1. Spending on development programmes which didn't generate additional revenue

  2. Internal sources like taxation weren't generating enough revenue

  3. Income from public sector was not very high

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
The origin of the financial crisis can be traced from the inefficient management of the Indian economy in the 1980s. Development policies required that even though the revenues were very low, the government had to overshoot its revenue to meet problems like  unemployment, poverty and population explosion. The continued spending on development programmes of the government did not generate additional revenue.
Moreover, the government was not able to generate sufficiently from internal sources such as taxation. The income from public sector undertakings was also not very high to meet the growing expenditure.
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 were long-term measures in the NEP?

  1. Structural reform measures

  2. Stabilisation measures

  3. Both A and B

  4. None
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

India agreed to the conditionalities of World Bank and IMF and announced the New Economic Policy (NEP). The NEP consisted of wide ranging economic reforms. This set of policies can broadly be classified into two groups: the  stabilisation measures and the structural reform measures. Stabilisation measures are short term measures, on the other hand, structural reform policies are long-term measures.

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

Stabilisation measures were intended to __________.

  1. correct balance of payments

  2. improving efficiency of the economy

  3. control inflation

  4. A and C
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

India agreed to the conditionalities of World Bank and IMF and announced the New Economic Policy (NEP). The NEP consisted of wide ranging economic reforms. This set of policies can broadly be classified into two groups: the  stabilisation measures and the structural reform measures. Stabilisation measures are short term measures, intended to correct some of the weaknesses that have developed in the balance of payments and to bring inflation under control. In simple words, this means that there was a need to maintain sufficient foreign exchange reserves and keep the rising prices under control.

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

How much did the IMF and IBRD lend the Indian Government during the crisis?

  1. Rs. 7 billion
  2. $ 7 billion

  3. Rs. 6 billion
  4. $ 6 billion
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
India approached the International Bank for Reconstruction and Development (IBRD), popularly known as World Bank and the International Monetary Fund (IMF), and received $7 billion as loan to manage the crisis during 1991.
Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

When was the NEP introduced?

  1. 1980

  2. 1991

  3. 1990

  4. 1986
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
In 1991, India met with an economic crisis relating to its external debt. India agreed to the conditionalities of World Bank and IMF and announced the New Economic Policy (NEP). The NEP, introduced in 1991, consisted of wide ranging economic reforms.
Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

Who among the following cannot open 'No Frill Account' in a bank?

  1. Agricultural labourer

  2. Student

  3. A small firm selling white goods

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

No Frill Account is a basic banking account that requires either nil minimum balance or very low minimum balance. Charge applicable to such accounts are low. Services available to such accounts are limited. 

Firms selling white goods are not likely to have low amounts in the account due to their monetary transactions that happen on a regular basis.

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 organisations is created specially for providing credit to small and medium enterprises in India?

  1. NABARD

  2. SIDBI

  3. ECGC

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

Small Industries Development Bank of India (SIDBI): Established as wholly owned subsidiary of IDBI and SIDBI Act 1989. Its headquarters is in Lucknow. It has 5 regional and 21 branch offices across the country. It is the principal financial institution for, promotion, financing and development of industries in the small scale sectors. It also co-ordinates the agencies which provides finance to small enterprises.

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

In context of business and banking, what is CRAR?

  1. Capital to Risk (Weighted) Asset Ratio

  2. Credit to Risk Asset Ratio

  3. Credit to Risk Assessment Ratio

  4. Capital to Risk Assessment Rate
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Capital Adequacy Ratio (CAR), also called Capital to Risk (Weighted) Asset Ratio (CRAR) is a ratio of Bank's capital to its risk. Capital Adequacy Ratios are a measure of the amount of Bank's core capital expressed as a percentage of its risk-weighted asset.