Indian Industries & Trades - Solved Questions (1995-2024) | UPSC Topic Wise Previous Year Questions PDF Download

Question 1: Which of the following benefits are likely to accrue to India from the World Trade Organisation?    [1995]
1. India’s share in the world trade is to go up from the present 600 million US dollars to 5 billion US dollars by 2000 AD.

2. It will help boost exports of agricultural commodities from India.

3. India’s share in the world trade is likely to triple by the year 2000 A.D.
(a) 1, 2 and 3
(b) 1 and 3
(c) 1 and 3
(d) 2 and 3

Correct Answer is Option (d)

World Trade Organization is attempting to lower trade barriers across nations. Hence export of all member nations will go up.

Question 2: Local supply of coal is not available to:    [1996]
(a) TISCO, Jamshedpur
(b) VSL, Bhadravati
(c) HSL, Durgapur
(d) HSL, Bhilai

Correct Answer is Option (b)

VSL Bhadravati located in Karnataka is the only iron and state plant which does not have capative coal mines and is situated outside the coal producing area. The plant switched over to electric furnaces after the completion of Mahatma Gandhi Hydel Power Station.

Question 3: The number of industries for which industrial licensing is required has now been reduced to:    [1997]
(a) 15
(b) 6
(c) 35
(d) 20

Correct Answer is Option (b)

Industrial Licensing was abolished for all except short list of 18 industries in New Industrial Policy 1991. Currently, as per 2015 data, only five industries are under compulsory licensing mainly on account of environmental, safety and strategic considerations. They are:

1. Distillation and brewing of alcoholic drinks
2. Cigars and Cigarettes of tobacco and manufactured tobacco substitutes.
3. Electronic Aerospace and defense equipment: all types
4. Industrial explosives including detonating fuses, safety fuses, gun powder, nitrocellulose and matches.
5. Specified Hazardous chemicals i.e. (i) Hydrocyanic acid and its derivatives (ii) Phosgene and its derivatives and (iii) Isocyanates & diisocyanates of hydrocarbon, not elsewhere specified (example Methyl isocyanate).

Question 4: Scheme of (i) Urban Micro-Enterprises, (ii) Urban Wage Employment and (iii) Housing and Shelter Upgradation are parts of:    [1997]
(a) Integrated Rural Development Programme
(b) Nehru Rojgar Yojana
(c) Jawahar Rojgar Yojana
(d) Prime Minister’s Rojgar Yojana

Correct Answer is Option (b)

The Nehru Rozgar Yojana (1989) has been designed to provide employment to the urban unemployed and underemployed poor.

Question 5: The contribution of India’s small scale sector to the gross turnover in the manufacturing sector since 1992 has been of the order of:    [1997]
(a) 40%
(b) 34%
(c) 30%
(d) 45%

Correct Answer is Option (a)

The contribution of small scale industries to employment and exports is substantial. The sector contributes over 40 per cent of the gross turnover in the manufacturing sector, 45 per cent of manufactured exports and 25 per cent of total exports. As in 2015.

Question 6: Which of the following places are known for paper manufacturing industry ? [1997]
1. Yamuna Nagar
2. Guwahati
3. Shahabad
4. Ballarpur
Choose the correct answer using the codes given below:
(a) 1, 2 and 3
(b) 1, 2 and 4
(c) I, 3 and 4
(d) 2, 3 and 4

Correct Answer is Option (b)

Yamuna Nagar, Guwahati and Ballarpur are famous for paper manufacturing industry. Yamuna Nagar is in Haryana, Guwahati is in Assam and Ballarpur is in Maharashtra.

Question 7: Match List-I with List-II and select the correct answer:   [1997]

(a) A-3; B-1; C-2; D-4
(b) A-1; B-3; C-4; D-2
(c) A-3; B-1; C-4; D-2
(d) A-1; B-3; C-2; D-4

Correct Answer is Option (a)

All these industries use child labour filling of a public interest petition in the Supreme Court is pending.

Question 8: Consider the following statements: [1998]
The price of any currency in international market is decided by the:
1. World Bank
2. Demand for goods/services provided by the country concerned
3. Stability of the government of the concerned country
4. Economic potential of the country in question of these statements:
(a) 1, 2, 3 and 4 are correct
(b) 2 and 3 are correct
(c) 3 and 4 are correct
(d) 1 and 4 are correct

Correct Answer is Option (b)

Export and import levels of a country and political stability are very crucial for the market price of the nations currency.

Question 9: Some time back, the Government of India, decided to de-license ‘white goods’ industry. ‘White goods’ include:    [1998]
(a) stainless steel and aluminium utensils
(b) milk and milk products
(c) items purchased for conspicuous consumption
(d) soaps, detergents and other mass consumption goods

Correct Answer is Option (c)

White goods are large electrical goods used domestically such as air conditioners, refrigerators, cooking range etc., which had a white enamel finish. Despite their availability in varied colours now, they are still called white goods. The term is used where British English is spoken. In the year 1993 the govt. of India had decided to de-licence these goods.

Question 10: The rough outline map given shows centres of cement industry labelled 1, 2, 3 and 4. Match these centres with the following sets of names:   [1998]

Names:

A. Katni
B. Tirunelveli
C. Sikka
D. Churk

Select the correct answer using the codes given below:
(a) A-3; B- 4; C- 2; D- 1
(b) A-2; B- 4; C- 1; D- 3
(c) A-1; B- 2; C- 4; D- 3
(d) A-2; B- 3; C- 1; D- 4

Correct Answer is Option (b)

In the rough outline map of India show centres of cement industry :

‘1’ Sikka in Gujarat.

‘2’ Katni in Madhya Pradesh

‘3’ Churk in Uttar Pradesh

‘4’ Tirunelveli in Tamil Nadu.

All the places have cement industries.

Question 11: Consider the following statements:    [1999]
Small-scale industries are, in most cases, not as efficient and competitive as the large-scale ones. Yet the Government provides preferential treatment and reservations in a range of products to the small firms because small-scale industries:
1. provide higher employment on a per unit capital deployment basis

2. promote a regional dispersion of industries and economical activities

3. have performed better in export of manufactured products than the large scale ones

4. provide jobs to low-skill workers, who otherwise may not find employment avenues elsewhere
Which of the above statements are correct?
(a) 1 and 4
(b) 1 and 2
(c) 2 and 3
(d) 3 and 4

Correct Answer is Option (b)

SSI contribution to Indian exports is 35% and in the total manufacturing turnover contribute approximately 40%. Small scale, industries have a low capital output ratio and give employment to larger number of workers. As they use raw material that can be dispersed over a wider area.

Question 12: From the balance sheet of a company, it is possible to:    [1999]
(a) judge the extent of profitability of this company
(b) assess the profitability and size of the company
(c) determine the size and composition of the assets and liabilities of the company
(d) determine the market share, debts and assets of the company

Correct Answer is Option (c)

In financial accounting, a balance sheet or statement of financial position is a summary of the financial status of an organisation which can be a sole proprietorship, a business partnership or a company. Assets, liabilities and ownership of equity are listed as on a specific date, which is normally the end of the financial year. A balance sheet is the “snapshot of a company’s financial condition”.

Question 13: Match List-I with List-II and select the correct answer using the codes given the lists:    [1999]

(a) A-2; B-1; C-4; D-3
(b) A-2; B-1; C-3; D-4
(c) A-1; B-2; C-4; D-3
(d) A-1; B-2; C-3; D-4

Correct Answer is Option (a)

Question 14: The product life cycle from inception to demise is shown in the graph. Match List I with List II and select the correct answer using the codes given below the lists:    [1999]

(a) A-1; B-4; C-2; D-1
(b) A-1; B-4; C-3; D-2
(c) A-4; B-1; C-2; D-3
(d) A-4; B-1; C-3; D-2

Correct Answer is Option (b)

The product life cycle theory was developed by Raymond Vernon to explain the observed pattern of international trade.

Question 15: Consider the following statements:    [1999]
Industrial development in India, to an extent, is constrained by:
1. lack of adequate entrepreneurship and leadership in business
2. lack of savings to invest
3. lack of technology, skills and infrastructure
4. limited purchasing power among the larger masses
Which of the above statements are correct?
(a) 1, 2 and 3
(b) 1, 3 and 4
(c) 2, 3 and 4
(d) 1, 2 and 4

Correct Answer is Option (c)

Industrial development in India is constrained by luck of savings to invest, lack of technology, skills and infrastructure and limited purchasing capacity among the larger masses.

Question 16: Tourism industry in India is quite small compared to many other countries in terms of India’s potential size. Which one of the following statements is correct in this regard?    [1999]
(a) Distances in India are too far apart and luxury hotels are too expensive for western tourists.
(b) For most of months India is too hot for western tourists to feel comfortable.

(c) Most of the picturesque resorts in India such as in the North East and Kashmir are, for all practical purposes, out of bounds.

(d) In India, the infrastructure required for attracting tourists is inadequate.

Correct Answer is Option (d)

India due to its handicrafts, culture and monuments is a preferred destination. However, there is a lack of tourist infrastructure.

Question 17: Match List-I with List-II and select the correct answer using the codes given below the lists:    [1999]

(a) A – 1; B – 4; C – 2; D – 3
(b) A – 1; B – 4; C – 3; D – 2
(c) A – 4; B – 1; C – 2; D – 3
(d) A – 4; B – 1; C – 3; D – 2

Correct Answer is Option (d)

Atlas cycle company is situated at Sonepat in Haryana. Bharat Earth Movers Limited is in Banglore, Karnataka. Indian Farmers Fertilizers Co-operative Ltd is present in Kalol in Gujarat and National Aluminium Company Limited is located at Bhubaneswar.

Question 18:  

Assertion (A): Information technology is fast becoming a very important field of activity in India.

Reason (R): Software is one of the major exports of the country and India has a very strong base in hardware.    [1999]
(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true but R is not a correct explanation of A
(c) A is true but R is false
(d) A is false but R is true

Correct Answer is Option (c)

In India information technology is fast becoming a very important sector of activity in India. Software is not one of the major exports of the country and India has a normal base in hardware.

Question 19: Consider the following factors regarding an industry    [2001]
1. Capital investment
2. Business turnover
3. Labour force
4. Power consumption
Which of these determine the nature and size of the industry?
(a) 1, 3 and 4
(b) 1, 2 and 4
(c) 2, 3 and 4
(d) 2 and 3

Correct Answer is Option (b)

Among various factors entrepreneurial skills, availability of finance turnover and power consumption etc. decides the nature and size of an industry

Question 20: 

Assertion (A): India’s software exports increased at an average growth rate of 50% since 1995-96.

Reason (R): Indian software companies were cost-effective and maintained international quality.    [2001]
(a) Both A and R are individually true and R is the correct explanation of A
(b) Both A and R are individually true but R is not the correct explanation of A
(c) A is true but R is false
(d) A is false but R is true

Correct Answer is Option (a)

The only negative factor is the time difference which causes large employee turnover as most IT work is conducted during night shift.

Question 21: Consider the following states:    [2001]
1. Gujarat
2. Karnataka
3. Maharashtra
4. Tamil Nadu
The descending order of these states with reference to their level of Per Capita Net State Domestic Product is:
(a) 1, 3, 4, 2
(b) 3, 1, 2, 4
(c) 1, 3, 2, 4
(d) 3, 1, 4, 2

Correct Answer is Option (b)

The descending order of the states with reference to their level of per capita Net State Domestic Product - Maharashtra → Gujarat → Karnataka → Tamil Nadu

Question 22: With reference to the Public Sector Undertakings in India, consider the following statements:    [2002]
1. Minerals and Metals Trading Corporation of India Limited is the largest non-oil importer of the country
2. Project and Equipment Corporation of India Limited is under the Ministry of Industry
3. One of the objectives of Export Credit Guarantee Corporation of India Limited is to enforce quality control and compulsory pre-shipment inspection of various exportable commodities
Which of these statements is/are correct?
(a) 1 only
(b) 1 and 2
(c) 2 and 3
(d) 3 only

Correct Answer is Option (a)

Minerals and Metals Trading Corporation Limited (MMTC) is one of the two biggest foreign exchange earner for India. It is the largest international trading company of India and the first Public Sector Enterprise to be accorded the status of FIVE STAR EXPORT HOUSE by Govt. of India for long standing contribution to exports. MMTC is the largest non-oil importer in India. Project and Equipment Corporation of India Limited is under the Ministry of Commerce & Industry.

Question 23: HINDALCO, an aluminium factory located at Renukut owes its site basically to:    [2002]
(a) proximity of raw materials
(b) abundant supply of power
(c) efficient transport network
(d) proximity to the market

Correct Answer is Option (b)

HINDALCO, an aluminium factory located at Renukut due to abundant supply of power from National Thermal Power Station, Rihand and a capative power plant at Renu Sagar. It has a cogeneration unit at the plant itself.

Question 24: Which one of the following committees recommended the abolition of reservation of items for the small scale sector in industry?    [2003]
(a) Abid Hussian Committee
(b) Narasimham Committee
(c) Nayak Committee
(d) Rakesh Mohan Committee

Correct Answer is Option (a)

Abid Hussain Committee (1997) recommended total dereservation and desired replacing policy of reservation with a policy of promotion and strengthening of small scale units.

Question 25: With reference to India, which one of the following statements is NOT correct?    [2003]
(a) IPCL is India's largest petrochemical company
(b) RIL is the largest private sector company in India
(c) MTNL is listed on NYSE
(d) BSNL is the first telecom service organization in India to launch a nationwide cellular service at one time

Correct Answer is Option (a)

ONGC is India’s largest petrochemical company. IPCL is the second largest petrochemical company. It produces around 69% of India's crude oil and around 62% of its natural gas.

Question 26: Which one of the following statements is NOT correct?   [2003]

(a) India is the second largest producer of nitrogenous fertilizers in the world.
(b) India is the ninth largest steel producing country in the world.
(c) India is the second largest producer of silk in the world.
(d) India ranks third in the world in coal production.

Correct Answer is Option (a)

India is the second largest producer of nitrogenous fertilizers in the world. India is the third largest steel producing country in the the world. India is the second largest producer of silk in the world after china. India is the second largest producer of coal in the world after china.

Question 27: During the year 2000-01 which one of the following Industries recorded the highest growth rate in India?    [2003]
(a) Cement
(b) Coal
(c) Electricity
(d) Steel

Correct Answer is Option (d)

The steel industry recorded highest growth rate of 7%, electricity, generation growth rate was 4%, coal industry growth was 3.3%.

Question 28: Which one of the following statements is correct?   [2003]
(a) Alliance Air is a wholly-owned subsidiary of Indian Airlines
(b) The Airports Authority of India manages seven of the country's international airports
(c) The Airports Authority of India is the regulatory organisation for enforcing civil air regulations in India
(d) It is the function of Directorate General of Civil Aviation to plan and construct runways and terminal buildings and to provide air safety services

Correct Answer is Option (a)

Alliance Air was formed in 1996 and was complelety owned by Indian Airline.

Question 29:
Assertion (A): India does not export natural rubber.

Reason (R): About 97% of India's demand for natural rubber is met from domestic production.   [2004]
(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true but R is NOT a correct explanation of A
(c) A is true but R is false
(d) A is false but R is true

Correct Answer is Option (b)

India is the fourth largest country, regarding consumption of rubber with total consumption 631000 tons in 2001, after USA and Japan. Due to high consumption in domestic market India does not export natural rubber. However small quantities of natural rubber is exported to get higher prices.

Question 30: 

Assertion (A): Balance of Payments represents a better Picture of a country economic transactions with the rest of  the world than the Balance of Trade
Reason (R): Balance of Payments takes into account the exchange of both visible and invisible items whereas balance of Trade does not.   [2006]
(a) Both ‘A’ and ‘R’, are individually true and ‘R’ is the correct explanation of ‘A’.
(b) Both ‘A’ and ‘R’ are individually true but ‘R’ is not the, correct explanation of ‘A’ .

(c) ‘A’ is true but ‘R’ is false.

(d) ‘A’ is false but ‘R’ is true.

Correct Answer is Option (a)

Balance of payments of a nation consists of visible account, invisible account and capital account. Whereas balance of trade = Export of goods – import of goods. If a country imports are more than exports the deficit can be made up by invisibles like remmitance by NRI and FDI investment.

Question 31: Which one of the following statements is not correct?    [2005]
(a) Rourkela Steel Plant, the first integrated steel plant in the Public Sector of India was set up with the Soviet Union collaboration.

(b) Salem Steel Plant is a premier producer of stainless steel in India.

(c) Maharashtra Elektrosmelt Ltd. is a subsidiary of the Steel Authority of India Ltd.

(d) Visakhapatnam Steel Plant is a unit of the Rashtriya Ispat Nigam Ltd.

Correct Answer is Option (a)

Rourkela Steel Plant (RSP) is the first intergrated steel plant in the public sector in India. It was set up with German collaboration with an installed capacity of 1 million tonnes.

Question 32: Consider the following statements: [2009]
1. MMTC Limited is India’s largest international trading organization.

2. Neelachal Ispat Nigam Limited has been set up by MMTC jointly with the Government of Orissa.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Correct Answer is Option (c)

Neelachal Ispat Nigam Limited (NINL), a company promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Orissa Limited (IPICOL) and other government agencies has set up an 1.1 million ton Integrated Iron and steel plant at Kalinganagar, Duburi, Orissa.

Question 33: Which one of the following sets of commodities are exported to India by arid and semi-arid countries in the Middle East?   [2009]
(a) Raw wool and carpets
(b) Fruits and palm oil
(c) Precious stones and pearls
(d) Perfume and Coffee.

Correct Answer is Option (b)

Fruits and palm oil are exported to India by arid and semi arid countries of middle east.

Question 34: Which one of the following is not a feature of Limited Liability Partnership firm?    [2010]
(a) Partners should be less than 20
(b) Partnership and management need not be separate
(c) Internal governance may be decided by mutual agreement among partners
(d) It is corporate body with perpetual succession

Correct Answer is Option (a)

A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability.
LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession. Indian Partnership Act, 1932 shall not be applicable to LLPs and there shall not be any upper limit on number of partners in an LLP unlike an ordinary partnership firm where the maximum number of partners can not exceed 20, LLP Act makes a mandatory statement where one of the partner to the LLP should be an Indian.

Question 35: In India, which of the following, is regulated by the Forward Markets Commission?   [2010]
(a) Currency Futures Trading
(b) Commodities Futures Trading
(c) Equity Futures Trading
(d) Both Commodities Futures and Financial Futures Trading

Correct Answer is Option (b)

Forward Markets Commission (FMC) is the chief regulator of forwards and futures markets in India. As of March 2009, it regulates Rs 52 Trillion worth of commodity trade in India. It is headquartered in Mumbai and is overseen by the Ministry of Consumer Affairs, Government of India. The commission allows commodity trading in 22 exchanges India of which 6 are national. It was established in 1953.

Question 36: What is/are the recent policy initiative(s) of Government of India to promote the growth of manufacturing sector?    [2012 - I]
1. Setting up of National Investment and Manufacturing Zones
2. Providing the benefit of ‘single window clearance’
3. Establishing the Technology Acquisition and Development Fund
Select the correct answer using the codes given below:
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

Correct Answer is Option (c)

All the three initiative (s) mentioned in the question are the part of National Manufacturing Policy. The objective of the National Manufacturing policy is to boost the country’s share of industrial production, employment, development of world-class infrastructure and investments in India’s manufacturing space.

Question 37: In India, in the overall Index of Industrial Production, the Indices of Eight Core Industries have a combined weight of 37.90%. Which of the following are among those Eight Core Industries?   [2012 - I]
1. Cement
2. Fertilizers
3. Natural gas
4. Refinery products
5. Textiles
Select the correct answer using the codes given below:
(a) 1 and 5 only
(b) 2, 3 and 4 only
(c) 1, 2, 3 and 4 only
(d) 1, 2, 3, 4 and 5

Correct Answer is Option (c)

The Eight core industries have a combined weight of 37.90 per cent in the index of Industrial Production (IIP).
They are as follows: Coal, crude oil, Natural Gas, Petroleum Refinery Products, fertilizers, steel (Alloy + Non - Alloy), Cement and Electricity.

Question 38: 

Despite having large reserves of coal, why does India import millions of tonnes of coal?     [2012 - I]
1. It is the policy of India to save its own coal reserves for future, and import it from other countries for the present use.
2. Most of the power plants in India are coal-based and they are not able to get sufficient supplies of coal from within the country.
3. Steel companies need large quantity of coking coal which has to be imported.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

Correct Answer is Option (b)
2nd and 3rd are correct statements.

Question 39: The balance of payments of a country is a systematic record of   [2013 - I]
(a) all import and export transactions of a country during a given period of time, normally a year
(b) good exported from a country during a year
(c) economic transaction between the government of one country to another
(d) capital movements from one country to another.

Correct Answer is Option (c)

The Balance of Payments(BoPs) accounts are an accounting record of all monetary transactions between country and the rest of the world. These transactions include payment for the country’s exports and imports of goods, services, financial capitals and financial transfers. The balance of payments can show if a country has a deficit or surplus.

Question 40: Which one among the following industries is the maximum consumer of water in India?    [2013 - I]

(a) Engineering
(b) Paper and pulp

(c) Textiles
(d) Thermal power

Correct Answer is Option (d)

Thermal power plants use water to turn into steam (heat energy) to generate electricity (electrical energy).

Question 41: Disguised unemployment generally means    [2013 - I]
(a) large number of people remain unemployed
(b) alternative employment is not available
(c) marginal productivity of labour is zero
(d) productivity of workers is low

Correct Answer is Option (c)

Disguised unemployment is a situation when people do not have productive full-time employment, but are not counted in the official unemployment statistics.

Question 42: With reference to Balance of Payments, which of the following constitutes/constitute the Current Account? [2014 - I]
1. Balance of trade
2. Foreign assets
3. Balance of invisibles
4. Special Drawing Rights
Select the correct answer using the code given below.
(a) 1 only
(b) 2 and 3
(c) 1 and 3
(d) 1, 2 and 4

Correct Answer is Option (c)

The current account consists of the balance of trade and balance of invisibles.

Question 43: In India, the steel production industry requires the import of    [2015-I]
(a) saltpetre
(b) rock phosphate
(c) coking coal
(d) All of the above

Correct Answer is Option (c)

The coal found in India is mainly of non-coking quality and hence coking coal has to be imported. 70% of the steel produced today uses coal. Coking coal is a vital ingredient in the steel making process.

Question 44: In the 'Index of Eight Core Industries', which one of the following is given the highest weight?   [2015-I]
(a) Coal production
(b) Electricity generation
(c) Fertilizer production
(d) Steel production

Correct Answer is Option (b)

Electricity generation (weight: 10.32%) increased by 3.5% in July, 2015. Its cumulative index during April to July, 2015-16 increased by 2.0 % over the corresponding period of previous year.

Question 45: Which of the following brings out the 'Consumer Price Index Number for Industrial Workers'?    [2015-I]
(a) The Reserve Bank of India
(b) The Department of Economic Affairs
(c) The Labour Bureau
(d) The Department of Personnel and Training

Correct Answer is Option (c)

The labour Bureau brings out "consumer price index numbers" for industrial workers.

Question 46: Recently, India’s first ‘National Investment and Manufacturing Zone’ was proposed to be set up in    [2016-I]

(a) Andhra Pradesh
(b) Gujarat 

(c) Maharashtra
(d) Uttar Pradesh

Correct Answer is Option (a)

In order to boost ‘Make in India’ campaign, first national investment and manufacturing zone to come up in Andhra Pradesh. The state assured the Centre of availability of 10 sq km of land in one place in Prakasham district.

Question 47: With reference to pre-packaged items in India, it is mandatory to the manufacturer to put which of the following information on the main label, as per the Food Safety and Standards (Packaging and Labelling) Regulations, 2011?    [2016-I]
1. List of ingredients including additives
2. Nutrition information
3. Recommendations, if any, made by the medical profession about the possibility of any allergic reactions
4. Vegetarian/non-vegetarian
Select the correct answer using the code given below.

(a) 1, 2 and 3
(b) 2, 3 and 4
(c) 1, 2 and 4
(d) 1 and 4 only

Correct Answer is Option (c)

(i) Items 1, 2 and 4 are the mandatory information to the manufacturer to put these on the main label as per FSS(packaging & labeling) regulations 2011.
Ref:http://www.fssai.gov.in/Portals/0/Pdf/Food Safety and standards (Packaging and Labelling) regulation, 2011. pdf.

(ii) According to official notification

Labels have to contains 1, 2 and 4 that much is confirmed. And since UPSC has not given any option on “All correct”. Hence answer (c).

Question 48: With reference to 'Quality Council of India (QCI)', consider the following statements:   [2017-I]
1. QCI was set up jointly by the Government of India and the Indian Industry.
2. Chairman of QCI is appointed by the Prime Minister on the recommendations of the industry to the Government.
Which of the above statements is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Correct Answer is Option (c)

Both statements are correct, as per their organization's about us page.

Question 49: India enacted The Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to    [2018-I]

(a) ILO
(b) IMF
(c) UNCTAD
(d) WTO

Correct Answer is Option (d)

GI indicators fall under WTO domain so D is the answer.

Question 50: Consider the following countries: [2018-I]
1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA
Which of the above are among the 'free-trade partners' of ASEAN ?
(a) 1, 2, 4 and 5
(b) 3, 4, 5 and 6
(c) 1, 3, 4 and 5
(d) 2, 3, 4 and 6

Correct Answer is Option (c)

Mrunal's Lecture BoP#3: at 24th minute

1. RCEP about ASEAN plus its free trade partners which includes: China, India, Japan, Korea, Australia and NewZealan(d)
2. Canada (#2) and USA (#6) is definitely not there, so A, B and D are remove(d) Thus by elimination, we are left with answer (C)

Question 51: Consider the following statements    [2018-I]
1. The quantity of imported edible oils is more than the domestic production of edible oils in the last five years.
2. The Government does not impose any customs duty on all the imported edible oils a special case.
Which of the statements given above is/are correct
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Correct Answer is Option (a)

First statement is right as per ICAR report. If we look at the budget documents of last three year, Government does impose custom duty on imported edible oils, so, #2 is a hyperbole wrong statement.

Question 52: Consider the following statements: [2019-I]
1. Coal sector was nationalized by the Government of India under Indira Gandhi.
2. Now, coal blocks are allocated on lottery basis.
3. Till recently, India imported coal to meet the shortages of domestic supply, but now india is self-sufficient in coal production.
Which one of the following statements given above is/ are correct?
(a) 1 only
(b) 2 and 3 only
(c) 3 only
(d) 1,2 and 3

Correct Answer is Option (a)

• 1973: Coal Mines Nationalization Act- Coal India and other CPSEs took over private coal mining companies. They will dig coal, sell it to thermal power plants & other industries. (Indira Gandhi was PM at that time.) So, #1 is right. Answer could be A or D. 
• 2015: Coal Mines Special Provision Act: It opens up commercial coal mining for both private and public entities, and thus ends the monopoly of Coal India. Presently, coal blocks are allotted on the basis of auction. #2 is wrong. Thus Answer A: 1 only.

Question 53: With reference to Foreign Direct Investment in India, which one of the following is considered its major characteristics ?    [2020-I]
(a) It is the investment through capital instruments essentially in a listed company.
(b) It is largely non-debt creating capital flow.
(c) It is the investment which involves debt-servicing.
(d) It is the investment made by foreign institutional investors in the Government securities.

Correct Answer is Option (b)

• FDI is more than 10% equity investment by a foreign entity into an Indian company. 
• That means debt / borrowing / loans are not the words we associate with FDI and therefore option c and d are wrong.
• Walmart has invested billions of dollars worth FDI into Flipkart which is still an unlisted company (Unlisted company means its shares are not listed in stock exchange such as BSE NSE.)Therefore, A, is also wrong. So, Answer should be b.

Question 54: With reference to the international trade of India at present, which of the following statements is/are correct?   [2020-I]
1. India’s merchandise exports are less than its merchandise imports.
2. India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
3. India’s exports of services are more than its imports of services.
4. India suffers from an overall trade/current account deficit.

Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 2 and 4 only
(c) 3 only
(d) 1, 3 and 4 only

Correct Answer is Option (d)

• Continuously, we are suffering from current account deficits so for statement#4 is correct. Option a and c are eliminated since they don’t contain #4. 
• Further India’s Merchandise/ goods export is less than its goods imports. So, #1 is correct. Hence the answer should be d. 
• For further datasets, you may refer to Economic Survey 2019-20 Volume 2: page 104.

Question 55: With reference to Trade-Related Investment Measures (TRIMS), which of the following statements is/are correct?    [2020-I]
1. Quantitative restrictions on imports by foreign investors are prohibited.
2. They apply to investment measures related to trade in both goods and services.
3. They are not concerned with the regulation of foreign investment.
Select the correct answer using the code given below :
(a) 1 and 2 only
(b) 2 only
(c) 1 and 3 only
(d) 1, 2 and 3

Correct Answer is Option (c)

As per the official page of WTO: The Agreement is not concerned with the regulation of foreign investment. So, #3 is right. The coverage of the Agreement is defined in Article 1, which states that the Agreement applies to investment measures related to trade in goods only. Meaning, the TRIMs Agreement does not apply to services. So, #2 is wrong. So, Answer should be c.

Question 56: Consider the following statements:(2022)

1. Tight monetary policy of US Federal Reserve could lead to capital flight.
2. Capital flight may increase the interest cost of firms with existing External Commercial Borrowings (ECBs).
3. Devaluation of domestic currency decreases the currency risk associated with ECBS. 

Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3 

Ans: (d)

• Tight Monetary Policy implies raising of short term interest rate by the Federal/Reserve Bank of a country. A tight monetary policy by the US Federal Reserve leads investors to pull money out of emerging markets, including India. Hence, statement 1 is correct.
• Depreciation of the domestic currency leads to an increase in the value of foreign currency debts in domestic currency terms. Thus, devaluation increases the currency risk associated with ECBs. Hence, statement 3 is not correct.

Question 57: Consider the following statements:(2022)

1. In India, credit rating agencies are regulated by Reserve Bank of India.
2. The rating agency popularly known as ICRA is a public limited company.
3. Brickwork Ratings is an Indian credit rating agency.

Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

Ans: (b)

• All the credit rating agencies in India are regulated by SEBI (Credit Rating Agencies) Regulations, 1999 of the Securities and Exchange Board of India Act, 1992. Hence, Statement (1) is not correct.
• ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
• Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. Hence, Statement (2) is correct Brickwork Ratings, a SEBI registered Credit Rating Agency, has also been accredited by RBI. Hence, Statement (3) correct.

Hence, Option (b) is correct.

Question 58: With reference to the 'Banks Board Bureau (BBB)', which of the following statements are correct? (2022)

1. The Governor of RBI is the Chairman of BBB.
2. BBB recommends for the selection of heads for Public Sector Banks.
3. BBB helps the Public Sector Banks in developing strategies and capital raising plans.

Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3 

Ans: (b)

• The Banks Board Bureau (BBB) has its genesis in the recommendations of ‘The Committee to Review Governance of Boards of Banks in India, May 2014 (Chairman - P. J. Nayak)’.
• Formation: The government, in 2016, approved the constitution of the BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of Public Sector Banks (PSBs) and state-owned financial institutions.
  • It is an autonomous recommendatory body.
  • Banks Board Bureau comprises the Chairman, three ex-officio members i.e Secretary, Department of Public Enterprises, Secretary of the Department of Financial Services and Deputy Governor of the Reserve Bank of India, and five expert members, two of which are from the private sector.
  • The chairman of Banks Board Bureau is appointed by The Appointments Committee of the Cabinet
• Banks Board Bureau helps the Public Sector Banks in developing strategies and Capital raising

Hence, Option (b) is correct.

Question 59: With reference to Convertible Bonds, consider the following statements: (2022)

1. As there is an option to exchange the bond for equity, Convertible Bonds pay a lower rate of interest.
2. The option to convert to equity affords the bondholder a degree of indexation to rising consumer prices.

Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2 

Ans: (c)

• A convertible bond is a fixed-income corporate debt security that yields interest payments, but can be converted into a predetermined number of common stock or equity shares.
• Companies issue convertible bonds to lower the coupon rate(lower interest rate) on debt and to delay dilution. Hence, statement 1 is correct
• They may be more attractive to investors since convertible bonds provide growth potential through future capital appreciation of the stock price. So investors will be benefited due to rising consumer prices. Hence, statement 2 is correct.
• Convertible bonds typically carry lower interest rates payments than straight corporate bonds—the savings in interest expense can be significant.
• Investors accept the lower interest payments because the conversion option offers the opportunity to benefit from increases in the stock price.

Question 60: Consider the following statements: (2023)
Statement-I: Interest income from the deposits in Infrastructure Investment Trusts (InvITs) distributed to their investors is exempted from tax, but the dividend is taxable.
Statement-II: InviTs are recognized as borrowers under the 'Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002'.
Which one of the following is correct in respect of the above statements?
(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-1
(b) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-1
(c) Statement-1 is correct but Statement-II is incorrect
(d) Statement-I is incorrect Statement-II is correct

Ans: (d)

• Interest income that InvIT gets from its underlying SPVs and passes on to unitholders is taxed. The dividends that InvIT pays also get taxed. Both interest and dividend are taxed per the income tax slab. This is applicable where the InvIT has opted for taxation under section 115BAA of the Act. Hence, statement 1 is not correct.
• InvITs are recognized as borrowers under the SARFAESI Act 2002. The SARFAESI Act and the Recovery of Debts Act have been amended. Now, a pooled investment vehicle can be considered a borrower under these laws. This means that a debenture trustee for listed secured debt securities issued by an InvIT or REIT can use the protections and enforcement mechanisms under the SARFAESI Act. Hence, statement 2 is correct.

Question 61: Which one of the following best describes the concept of 'Small Farmer Large Field'?(2023)
(a) Resettlement of a large number of people, uprooted from their countries due to war, by giving them a large cultivable land which they cultivate collectively and share the produce
(b) Many marginal farmers in an area organize themselves into groups and synchronize and harmonize selected agricultural operations
(c) Many marginal farmers in an area together make a contract with a corporate body and surrender their land to the corporate body for a fixed term for which the corporate body makes a payment of agreed amount to the farmers
(d) A company extends loans, technical knowledge and material inputs to several small farmers in an area so that they produce the agricultural commodity required by the company for its manufacturing process and commercial production

Ans: (b)
“Small Farmers Large Field (SFLF)” is an agri model to overcome the disadvantages faced by millions of small and marginal farmers due to diseconomies of scale and lack of bargaining power in the supply chain. This model is participatory and flexible and allows small farmers to benefit from achieving economies of scale by organising themselves into groups and synchronising and harmonising selected operations.

Question 62: Consider the following statements with reference to India :(2023)

1. According to the ‘Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, the ‘medium enterprises’ are those with investments in plant and machinery between ₹ 15 crore and ₹ 25 crore.
2. All bank loans to the Micro, Small and Medium Enterprises qualify under the priority sector.

Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Ans: (b)

• The new definition and criterion of MSMEs will come into effect from 1st July, 2020. The definition of Micro manufacturing and services units was increased to Rs. 1 Crore of investment and Rs. 5 Crore of turnover.
• The limit of small unit was increased to Rs. 10 Crore of investment and Rs 50 Crore of turnover.
• For medium Enterprises, now it will be Rs. 50 Crore of investment and Rs. 250 Crore of turnover. Hence, Statement 1 is not correct.
  
• Priority Sector Lending Guidelines: In terms of Master Direction on ‘Priority Sector Lending (PSL) – Targets and Classification’ dated September 4, 2020, all bank loans to MSMEs conforming to the conditions prescribed therein qualify for classification under priority sector lending.
• Bank loans to Micro, Small and Medium Enterprises (for both manufacturing and service sectors) engaged in providing or rendering of services and defined in terms of investment in equipment under MSMED Act, 2006, irrespective of loan limits, are eligible for classification under priority sector, w.e.f. March 1, 2018. Hence, Statement 2 is correct.