Challenge Prelims V1.0 – Day 57 – GS Paper (Indian Economy)

1. With reference to India’s first Five Year Plan (FYP), which of the following statements is not correct?

2. How many of the following reform policies was/were initiated by the Government under the New Economic Policy of 1991?

1. Abolition of Industrial licensing for all product categories.
2. Establishment of private sector banks.
3. Allowing Foreign Institutional Investors to invest in Indian financial markets.
4. Abolition of import quotas
5. Removal of export duties
6. Abolition of import licensing for all industries

Select the correct answer using the code given below.

3. Which of the following trends was/were seen in the Indian agriculture sector post-1991 economic reforms?

1. The share of the agriculture sector in the gross domestic product has declined.
2. Public investment in the agriculture sector has increased.

Select the correct answer using the code given below.

4. This plan was postponed by two years because of political uncertainty at the Centre. The plan undertook drastic policy measures to combat the bad economic situation and introduced fiscal & economic reforms.

Which of the following five-year plan is best described in the passage given above?

5. With reference to various Five Year Plans in India, consider the following pairs:

Plan: Objective

1. Third Plan: Progressive achievement of self-reliance
2. Fifth Plan: Removal of Poverty
3. Eighth Plan: Focus on Food, work and Productivity.

How many of the pairs given above is/are correct?

6. With reference to the term indicative planning, consider the following statements:

1. It is a type of planning in which the state assumes a dominant role in the economic development of the nation.
2. In such type of planning, the market is manipulated through incentives and inducements.

Which of the statements given above is/are correct?

7. Consider the following statements regarding Import Substitution Industrialization (ISI) strategy:

1. The concept of Import substitution was introduced during the First Five Year Plan.
2. Import Substitution seeks to eliminate the import of the commodity and allows for its production in the domestic market.

Which of the statements given above is/are not correct?

8. Consider the following statements with respect to the Five Year Planning (FYP) phase:

1. Implementation of Family Planning Programmes was amongst the major targets of the seventh FYP.
2. The ninth FYP for the first time had a separate plan document on states.
3. The concept of Inclusive growth was introduced for the first time in the eighth FYP.

How many of the statements given above is/are correct?

9. How many of the following statements is/are correct regarding the Green Revolution’?

1. It was introduced during the fifth fiveyear plan.
2. It has increased productivity of maize and bajra.
3. It has widened the variety of crops with unique genotypes.

Select the correct answer using the code below.

10. Many policy initiatives taken by the Government of India in the 1991 reforms were based on the recommendations of the Narasimham Committee-I report. In this context, how many of the following recommendations was/were suggested by the committee report?

1. Regulating price structures of commodities
2. De-regulation of interest rates.
3. Statutory recognition to Securities Exchange Board of India (SEBI)
4. Reduction in import duties

Select the correct answer using the code given below.

11. How many of the following is/are the characteristics of the trade policy adopted by India during its first seven Five Year Plans?

1. Imposition of tariffs and quotas on imported goods
2. Promotion of domestic production of goods
3. Active promotion of exports

Select the correct answer using the code given below.

12. With reference to the Second Five Year Plan, consider the following statements:

1. It is based on the Mahalanobis model of economic development.
2. Industry and mining sectors received the highest percentage of resource allocation during the plan period.

Which of the statements given above is/are correct?

13. With reference to Industrial Policy Resolution 1956, consider the following statements:

1. The resolution formed the basis of the Third Five Year Plan.
2. The policy completely rejected the private ownership of industries.
3. The policy was used for promoting industry in backward regions.

How many of the statements given above is/are correct?

14. The idea of Five Year Plans was taken from which of the following countries?

15. Consider the following statements:

1. The Prime Minister of India serves as the Chairman of NITI Aayog.
2. The Chief Executive Officer (CEO) of NITI Aayog is appointed by the Prime Minister for a fixed tenure in the rank of Secretary to the Government of India.
3. Sustainable Development Goals (SDG) India Index is released by NITI Aayog.

How many of the statements given above is/are correct?