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B Com Exam  >  B Com Tests  >  Indian Economy  >  Test: Industries Policy (Pre & Post 1991) - B Com MCQ

Test: Industries Policy (Pre & Post 1991) - B Com MCQ


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10 Questions MCQ Test Indian Economy - Test: Industries Policy (Pre & Post 1991)

Test: Industries Policy (Pre & Post 1991) for B Com 2024 is part of Indian Economy preparation. The Test: Industries Policy (Pre & Post 1991) questions and answers have been prepared according to the B Com exam syllabus.The Test: Industries Policy (Pre & Post 1991) MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Industries Policy (Pre & Post 1991) below.
Solutions of Test: Industries Policy (Pre & Post 1991) questions in English are available as part of our Indian Economy for B Com & Test: Industries Policy (Pre & Post 1991) solutions in Hindi for Indian Economy course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Industries Policy (Pre & Post 1991) | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Indian Economy for B Com Exam | Download free PDF with solutions
Test: Industries Policy (Pre & Post 1991) - Question 1
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What was a major objective of India's economic policy before the 1991 reforms?

Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 1
The primary objective of India's economic policy before the 1991 reforms was to achieve self-reliance in all sectors of the economy and develop a socialistic pattern of society.
Test: Industries Policy (Pre & Post 1991) - Question 2
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Which institution was established by the Indian government to provide medium and long-term investments for industrial development?

Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 2
The Industrial Finance Corporation of India (IFCI) was established by the Indian government to provide medium and long-term investments to support industrial development in the country.
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Test: Industries Policy (Pre & Post 1991) - Question 3
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How did the New Industrial Policy redefine the concept of economic self-reliance?

Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 3
The New Industrial Policy redefined economic self-reliance to mean the ability to pay for imports through foreign exchange earnings from exports, rather than solely relying on domestic industries.
Test: Industries Policy (Pre & Post 1991) - Question 4
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What was a significant change introduced by the New Industrial Policy (NIP) of 1991?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 4
The New Industrial Policy of 1991 introduced liberalization measures, emphasizing the need for competitiveness, reducing state intervention, and promoting a more open and competitive industrial environment.
Test: Industries Policy (Pre & Post 1991) - Question 5
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What does the term "industrial policy" refer to?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 5
Industrial policy refers to the principles, rules, regulations, and policies that guide a country's approach to developing its industrial sector. It outlines the government's strategy for promoting and regulating industrialization within the country.
Test: Industries Policy (Pre & Post 1991) - Question 6
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What was the main focus of the import-substitution policy in India?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 6
The import-substitution policy in India aimed to encourage the domestic production of goods that were previously imported, thereby reducing the country's dependence on foreign goods.
Test: Industries Policy (Pre & Post 1991) - Question 7
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What is the main objective of the Competition Act, 2002?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 7
The main objective of the Competition Act, 2002, is to promote healthy competition in the market and prevent practices that have an adverse impact on competition.
Test: Industries Policy (Pre & Post 1991) - Question 8
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Which sector of Indian industries saw a significant increase in growth post the 1991 reforms?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 8
The services sector witnessed significant growth post the 1991 reforms, contributing to India's economic expansion and diversification.
Test: Industries Policy (Pre & Post 1991) - Question 9
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How did the New Industrial Policy (NIP) of 1991 impact foreign investment in India?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 9
The New Industrial Policy of 1991 encouraged foreign investment by relaxing restrictions and creating a more favorable environment for foreign investors to participate in India's economy.
Test: Industries Policy (Pre & Post 1991) - Question 10
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What was the purpose of the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969?
Detailed Solution for Test: Industries Policy (Pre & Post 1991) - Question 10
The MRTP Act, 1969, was enacted to prevent the concentration of economic power and discourage the emergence of private monopolies in the Indian industrial sector.
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