Indian Economy 1950-1990 Class 12 MCQ Quiz – Test Your Knowledge!

C. Rajagopalachari, a founder of the Swatantra Party, coined the term 'permit-license raj' to encapsulate the party's frustrations with Nehru's policies, writing in his magazine Swarajya: I want the corruptions of the Permit/Licence Raj to go... I want real, equal opportunities for all and no private monopolies created by the Permit/Licence Raj.

How were these private monopolies indulging in the corruption that C. Rajagopalachari talks about?

Which economic system is characterized by the provision of goods and services based on the needs of society?

The shackles of agriculture during the colonial rule were permanently broken by the Green Revolution that resulted from the application of ___

1. High Yielding Varieties (HYV)
2. Mechanization of Agriculture
3. Chemical Fertilizers and Pesticides
4. Organic Fertilizers and Pesticides

__________committee was set up for the development and promotion of small-scale industries in India.

Match the following:

What was the purpose of the import substitution policy in India?

Identify the classification that falls outside the purview of the Industrial Policy Resolution, of 1956. (Choose the correct alternative)

State whether the given statement is true or false:

The mechanization of Indian agriculture was one of the causes of the Green Revolution in India.

What kind of tariff policy was needed to protect domestic producers from foreign competition, after independence?

What was the primary goal of the Karve committee constituted in 1955?

Read the following statements - Assertion (A) and Reason ( R)

• Assertion (A): Many public sector undertakings incurred huge losses due to operational inefficiencies.
• Reason (R): Red-tapism was one of the reasons for the continuation of such enterprises.

Select the correct alternative from the following:

There are two statements given below marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.

• Assertion (A): In a capitalist economy, private entities own resources, whereas, in a socialist economy, resources are owned by the state.
• Reason (R): In a socialist economy, it is assumed that the government knows the exact needs of the people.

Identify an argument that supports the agricultural subsidies in India.

There are two statements given below, marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.

• Assertion (A): India’s Green Revolution is an example of how the productivity of scarce land resources can be increased with improved production technology.
• Reason (R): Because of the Green Revolution, farmers produced far larger quantities of foodgrains than was possible earlier, on the same piece of land.

First Industrial Policy Resolution of Independent India was announced in the year______ (Fill in the blank with the correct alternative)