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In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.
1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced
2. Private sector was not allowed in many industries
3. Some goods could be produced only in small-scale industries
Which of the statements is/are correct?
- a)1 and 2 Only
- b)2 and 3 Only
- c)1 and 3 Only
- d)All of them
Correct answer is option 'D'. Can you explain this answer?
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In India, regulatory mechanisms were enforced in various ways. Consid...
Deregulation of Industrial Sector: In India, regulatory mechanisms were enforced in various ways
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(i) industrial licensing under which every entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced
(ii) private sector was not allowed in many industries
(iii) some goods could be produced only in small-scale industries, and
(iv) controls on price fixation and of selected industrial products.
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In India, regulatory mechanisms were enforced in various ways. Consid...
Regulatory mechanisms in India during a particular period enforced various rules and restrictions on entrepreneurs and industries. The correct statements regarding these mechanisms are as follows:
1. Entrepreneurs needing permission from government officials:
In India, entrepreneurs were required to obtain permission from government officials to start a firm, close a firm, or determine the quantity of goods that could be produced. This means that any individual or group wishing to establish a business needed to seek approval from the government before commencing operations or making any significant changes. This control allowed the government to regulate the growth and functioning of businesses in the country.
2. Prohibition of private sector in many industries:
During this period, the private sector was not permitted to operate in several industries. The government adopted a policy of public ownership and control in key sectors such as defense, railways, telecommunications, and banking. This decision aimed to ensure that these critical sectors remained under government control and influence, thereby safeguarding national interests and strategic objectives.
3. Production limited to small-scale industries:
Certain goods were restricted to production only in small-scale industries. This policy was implemented to promote decentralized industrial growth and prevent the concentration of economic power in the hands of a few large-scale industries. It aimed to encourage small-scale entrepreneurs and create employment opportunities at the local level. By restricting the production of specific goods to small-scale industries, the government sought to foster inclusive and equitable economic development.
These regulatory mechanisms were part of the broader economic policies adopted by the Indian government during a specific period. They aimed to balance the interests of the state, protect national security, promote equitable growth, and exercise control over the private sector. The enforcement of these mechanisms had both positive and negative effects on the Indian economy, and their impact continues to shape the country's economic landscape.
1. Entrepreneurs needing permission from government officials:
In India, entrepreneurs were required to obtain permission from government officials to start a firm, close a firm, or determine the quantity of goods that could be produced. This means that any individual or group wishing to establish a business needed to seek approval from the government before commencing operations or making any significant changes. This control allowed the government to regulate the growth and functioning of businesses in the country.
2. Prohibition of private sector in many industries:
During this period, the private sector was not permitted to operate in several industries. The government adopted a policy of public ownership and control in key sectors such as defense, railways, telecommunications, and banking. This decision aimed to ensure that these critical sectors remained under government control and influence, thereby safeguarding national interests and strategic objectives.
3. Production limited to small-scale industries:
Certain goods were restricted to production only in small-scale industries. This policy was implemented to promote decentralized industrial growth and prevent the concentration of economic power in the hands of a few large-scale industries. It aimed to encourage small-scale entrepreneurs and create employment opportunities at the local level. By restricting the production of specific goods to small-scale industries, the government sought to foster inclusive and equitable economic development.
These regulatory mechanisms were part of the broader economic policies adopted by the Indian government during a specific period. They aimed to balance the interests of the state, protect national security, promote equitable growth, and exercise control over the private sector. The enforcement of these mechanisms had both positive and negative effects on the Indian economy, and their impact continues to shape the country's economic landscape.
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In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?
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In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?.
In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In India, regulatory mechanisms were enforced in various ways. Consider the following statements regarding it.1. Entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced2. Private sector was not allowed in many industries3. Some goods could be produced only in small-scale industriesWhich of the statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?.
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