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B Com Exam  >  B Com Tests  >  "Test: Growth of Indian Economy & The Institutional Framework of India " - B Com MCQ

"Test: Growth of Indian Economy & The Institutional Framework of India " - B Com MCQ


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10 Questions MCQ Test - "Test: Growth of Indian Economy & The Institutional Framework of India "

"Test: Growth of Indian Economy & The Institutional Framework of India " for B Com 2024 is part of B Com preparation. The "Test: Growth of Indian Economy & The Institutional Framework of India " questions and answers have been prepared according to the B Com exam syllabus.The "Test: Growth of Indian Economy & The Institutional Framework of India " MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for "Test: Growth of Indian Economy & The Institutional Framework of India " below.
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"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 1
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What was the annual rate of economic growth in India from FY 1980 to FY 1989?

Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 1
During the period from FY 1980 to FY 1989, India's economy grew at an annual rate of 5.5 percent. This growth rate reflects the improvement in economic conditions during this decade.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 2
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What was the primary factor contributing to India's improved economic growth in the 1980s?

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The high rate of investment, which increased from about 19 percent of GDP in the early 1970s to nearly 25 percent in the early 1980s, was a major factor behind India's improved economic growth during the 1980s.
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"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 3
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What was the key reason behind India's balance of payments crisis in 1990?

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India's increased reliance on borrowing from foreign sources in the late 1980s led to a balance of payments crisis in 1990. The crisis resulted from external economic factors and necessitated further economic liberalization measures.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 4
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Which sector contributed the most to India's GDP in FY 1991?
Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 4
In FY 1991, the services sector contributed the most to India's GDP with a share of 39.8 percent. This reflects the increasing role of market-driven processes and government activities in the economy.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 5
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Which event in the early 1990s had a significant impact on India's ability to borrow internationally?
Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 5
The Gulf War and the subsequent rise in oil prices in the early 1990s had a significant impact on India's ability to borrow internationally. The conflict and its economic aftermath affected India's balance of payments and international borrowing capacity.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 6
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Which sector contributed more than 50 percent of India's GDP but employed a bulk of the population?
Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 6
The informal or unorganized economy, which includes agriculture, fishing, forestry, and cottage industries, contributed more than 50 percent of India's GDP. However, it also employed a significant portion of the population, highlighting the prevalence of this sector in terms of employment.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 7
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What strategy did India adopt to achieve self-reliance in food grain production?
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India adopted the strategy of the Green Revolution, which involved using advanced technology, high-yielding seeds, irrigation, and fertilizers to increase agrarian productivity and achieve self-reliance in food grain production.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 8
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Which government institution was responsible for regulating the flow of industrial investments in India?
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The Planning Commission was responsible for regulating the flow of industrial investments in India. It used the licensing system to direct investments to desired sectors and regions to achieve developmental goals.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 9
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What was the impact of the licensing system on India's regulatory state?
Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 9
The licensing system, although intended for rational regulation, became a source of policy patronage and privileged access for different groups. This system led to the establishment of distributive coalitions and favored groups receiving benefits and concessions in return for political support.
"Test: Growth of Indian Economy & The Institutional Framework of India " - Question 10
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What were the consequences of India's self-reliance in food grain production?
Detailed Solution for "Test: Growth of Indian Economy & The Institutional Framework of India " - Question 10
India's self-reliance in food grain production, achieved through the Green Revolution, led to regional disparities in agrarian patterns. While regions like Punjab and Haryana saw improvements, rice-growing regions continued to face challenges, and chronic malnutrition persisted among sections of the population.
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