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B Com Exam  >  B Com Tests  >  Test: Industrial Policies - 1 - B Com MCQ

Test: Industrial Policies - 1 - B Com MCQ


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9 Questions MCQ Test - Test: Industrial Policies - 1

Test: Industrial Policies - 1 for B Com 2024 is part of B Com preparation. The Test: Industrial Policies - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Industrial Policies - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Industrial Policies - 1 below.
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Test: Industrial Policies - 1 - Question 1
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Which industries were exempted from obtaining an industrial license in India in 2015?

Detailed Solution for Test: Industrial Policies - 1 - Question 1
In 2015, large industries manufacturing items that were exclusively reserved for Micro, Small, and Medium Enterprises (MSMEs) were exempted from obtaining an industrial license in India, as mentioned in the text. This was done to encourage greater investment, incorporate better technologies, and enhance competition in the market.
Test: Industrial Policies - 1 - Question 2
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Which industries were classified under Schedule A in the Industrial Policy of 1956?

Detailed Solution for Test: Industrial Policies - 1 - Question 2
Industries classified under Schedule A in the Industrial Policy of 1956 were those that were exclusively the responsibility of the State, as mentioned in the text. These industries included arms and ammunition, atomic energy, railways, and air transport.
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Test: Industrial Policies - 1 - Question 3
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Which industries require compulsory licensing in India?

Detailed Solution for Test: Industrial Policies - 1 - Question 3
Industries involved in the distillation and brewing of alcoholic drinks, manufacturing electronics and aerospace equipment, and manufacturing hazardous chemicals all require compulsory licensing in India, as stated in the text. This is mainly due to environmental, safety, and strategic considerations.
Test: Industrial Policies - 1 - Question 4
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What is the role of the public sector in the industrial policy of 1991?
Detailed Solution for Test: Industrial Policies - 1 - Question 4
The role of the public sector in the industrial policy of 1991 is to invite private participation in public sector enterprises, as mentioned in the text. This can be done through measures such as disinvestment and strategic sale of minority shares to private partners.
Test: Industrial Policies - 1 - Question 5
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What is the purpose of privatization in India?
Detailed Solution for Test: Industrial Policies - 1 - Question 5
The purpose of privatization in India is to enhance the efficiency of public sector enterprises, as stated in the text. This is achieved by introducing private ownership and business practices, which are believed to prioritize profit maximization and improve overall performance.
Test: Industrial Policies - 1 - Question 6
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What is the main purpose of industrial licensing in India?
Detailed Solution for Test: Industrial Policies - 1 - Question 6
The main purpose of industrial licensing in India is to regulate industries that may impact public health, safety, and national security, as mentioned in the text. This ensures that certain industries meet necessary standards and do not pose a threat to the well-being of the public.
Test: Industrial Policies - 1 - Question 7
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What is the process of transferring ownership of a business, enterprise, or public property from the public sector to the private sector called?
Detailed Solution for Test: Industrial Policies - 1 - Question 7
The process of transferring ownership of a business, enterprise, or public property from the public sector to the private sector is called privatization, as mentioned in the text. This process is usually undertaken to improve efficiency and promote private sector participation.
Test: Industrial Policies - 1 - Question 8
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What is the main argument for the privatization of publicly owned operations?
Detailed Solution for Test: Industrial Policies - 1 - Question 8
The main argument for the privatization of publicly owned operations is to improve their efficiency through private ownership, as stated in the text. Private firms are believed to prioritize profit maximization and implement more efficient business practices.
Test: Industrial Policies - 1 - Question 9
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Which government agency is responsible for approving industrial licenses in India?
Detailed Solution for Test: Industrial Policies - 1 - Question 9
The Secretarial of Industrial Assistance (SIA) is responsible for approving industrial licenses in India, as stated in the text. The licenses are granted based on the recommendations of the licensing committee.
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