What were the key challenges faced by the Indian economy at the time of independence?

Balanced trade with other countries

Why did the Indian government opt for a mixed economy after independence?

Capitalism was more profit-centered.

Socialism advocated for equality.

India wanted to emulate the U.S. economic model.

India wanted to adopt a purely communist system.

Which industry category in the Industrial Policy of 1956 was designated as 'Key Industries' or 'Basic Industries'?

Strategic Industries (Public Sector)

Important Industries (Controlled Private Sector)

Other Industries (Private and Cooperative Sector)

Basic/Key Industries (Public-cum-Private Sector)

What was the main objective of the Indian Parliament when it accepted 'the socialist pattern of society' in December 1954?

To promote a purely capitalist economic system

To encourage foreign investment in India

To abolish private sector businesses

What was the main thrust of the Industrial Policy of 1977 in India?

Promoting large-scale industries

Encouraging foreign investments

Promoting cottage and small industries

What was the primary objective of the National Development Council in India?

To make decisions on foreign policy

To provide final approval to the 5-year plan

What is the significance of the Planning Commission in India's economic planning?

It prepares the annual budgets of India.

It formulates 5-year plans and sets development priorities.

What was the core idea of Sir M. Visvesvaraya's ten-year plan?

To achieve complete self-sufficiency

To double the per capita income in ten years

To establish a socialist economy

To promote large-scale industries

Economic Development - 1 Free MCQ Practice Test with Solutions

	Post Independence History for UPSC Mains 24 videos\|44 docs\|21 tests

	Post Independence History for UPSC Mains 24 videos\|44 docs\|21 tests

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