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Home › Economy › Industry & Infrastructure

Industry & Infrastructure — Economy Questions & Practice

Practise 24 Industry & Infrastructure questions from Economy for competitive exams such as UPSC, Banking, SSC and Railway. Read the worked questions below, check every answer with an explanation, and track what you get wrong.

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Practice questions on Industry & Infrastructure — with answers

Try each question first, then open the answer. Explanations are included.

1. India's Industrial Policy Resolution of 1956, a key policy document shaping industrial development, notably classified industries into how many categories/schedules?

  1. ATwo
  2. BThree
  3. CFour
  4. DFive
Show answer

Answer: B

The Industrial Policy Resolution of 1956 classified industries into three categories (schedules), based on the respective roles envisioned for the public and private sectors.

2. India's New Industrial Policy of 1991, a landmark reform, primarily involved:

  1. AIncreasing industrial licensing requirements
  2. BSubstantially reducing industrial licensing and encouraging greater private and foreign investment
  3. CNationalizing all private industries
  4. DBanning all foreign investment
Show answer

Answer: B

The New Industrial Policy of 1991 substantially reduced industrial licensing requirements (delicensing) and actively encouraged greater private sector and foreign investment participation.

3. The acronym 'MSME', an important classification for smaller businesses in India, stands for:

  1. AMedium, Small and Micro Enterprises
  2. BMicro, Small and Medium Enterprises
  3. CManufacturing, Services and Marketing Enterprises
  4. DModern, Sustainable and Managed Enterprises
Show answer

Answer: B

MSME stands for Micro, Small and Medium Enterprises, a classification based on criteria such as investment in plant/machinery and annual turnover.

4. The 'Make in India' initiative, aimed at boosting domestic manufacturing and attracting investment, was launched in which year?

  1. A2010
  2. B2014
  3. C2016
  4. D2019
Show answer

Answer: B

The 'Make in India' initiative was launched in September 2014, aiming to transform India into a global manufacturing hub.

5. The 'Production Linked Incentive (PLI)' scheme, offering financial incentives tied to incremental production, is primarily intended to:

  1. AReduce industrial output
  2. BBoost domestic manufacturing and attract investment in targeted sectors
  3. CIncrease import dependency
  4. DRegulate stock market operations
Show answer

Answer: B

The Production Linked Incentive (PLI) scheme offers financial incentives based on incremental production and sales, aiming to boost domestic manufacturing capacity in key sectors.

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