INSIGHT UPSC QUIZ

In context of LPG reforms ushered in the Indian economy AFTER 1991, consider the following statements:

1. The reform policies led to the establishment of private sector banks, Indian as well as foreign.

2. The financial sector was allowed to take decisions on many matters without consulting the RBI. 

3. Foreign Institutional Investors (FIIs) were denied permission to invest in Indian financial markets. 

Which of the statement(s) given above is/are correct?

In 1950, the Planning Commission was set up with the Prime Minister as its Chairperson. The era of five-year plans had begun. Which of the statements given below correctly defines the goals of the five-year plans?

1. Import Substitution.

2. Inculcate use of new technology and changes in social outlook. 

3. Promote Foreign Trade.

4. To increase the country’s capacity to produce the output of goods and services.

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In 1950, the Planning Commission was set up with the Prime Minister as its Chairperson. The era of five-year plans had begun. Which of the statements given below correctly defines the goals of the five-year plans?

Which of the following should be the focus areas in order to bring about comprehensive rural development in India?

1. Undertaking land Reforms.

2. Building key Infrastructure.

3. Introducing measures for alleviation of poverty.

4. Preventing rural to urban migration.

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With reference to pre-liberalisation era, which of the following factors were responsible for underdevelopment and stagnation of the Indian economy?

1. Legacy of exploitative nature of British colonial rule in India.

2. Low agricultural productivity and corresponding under employment. 

3. Complete absence of capital goods industry. 

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In 1991, Indian government introduced a new set of policy measures which changed the direction of our economy. Which among the following were immediate reasons for such a landmark decision?

Arrange the following sources of earning of Union Government of India in decreasing order:

1. Custom duties.

2. Non-Tax Revenue.

3. Non-Debt Capital Receipts.

4. Union Excise Duties.

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The GDP of a country cannot be taken as an index of the welfare of the people of that country because:

1. The rise in GDP may be concentrated in the hands of very few individuals or firms.

2. Many activities in an economy are not evaluated in monetary terms.

3. It does not give information about the size of the economy.

4. Externalities do not have any market in which they can be bought and sold.

Which of the statements given above are correct?

Which of the following should be the focus areas in order to bring about comprehensive rural development in India?

Globalisation is the process of rapid integration or interconnection between countries. Which of the following factors enable/influence the process of globalisation?

1. Increasing foreign trade.

2. Improvement in technology. 

3. Reduction in trade barriers. 

4. Need for skilled persons.

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