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

Industries Policy (Pre & Post 1991) - Free MCQ Practice Test with solutions,


MCQ Practice Test & Solutions: Test: Industries Policy (Pre & Post 1991) (10 Questions)

You can prepare effectively for B Com Indian Economy with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: Industries Policy (Pre & Post 1991)". These 10 questions have been designed by the experts with the latest curriculum of B Com 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 10 minutes
  • - Number of Questions: 10

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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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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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About this B Com Practice Test

This test contains 10 MCQs on Industries Policy (Pre & Post 1991) with detailed solutions for each question. It is part of the Indian Economy course on EduRev, designed to align with the current B Com syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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