Industrial Policy refers to the strategies and measures adopted by the Government of India to promote industrial growth, improve productivity and generate employment. It covers the Industrial Policy Resolutions, New Industrial Policy of 1991, liberalization, privatization and globalization. This topic is important for UPSC, SSC, Banking, Railway and other competitive examinations. Practice these MCQs with detailed explanations to strengthen your understanding.
Which one of the following is NOT an initiative for industrial development?
Correct Answer:
(D)
Digital India
Make in India, Ease of Doing Business and Start-up India are initiatives to facilitate investment and development of manufacturing and industrial sector in India. While Digital India is not an initiative for industrial development. It is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. Digital India consists of three core components: the development of secure and stable digital infrastructure, delivering government services digitally, and universal digital literacy.
Ques: 2
Which act was enacted in India to regulate the licensing of Industrial activities?
Correct Answer:
(B) Industrial Development Regulation Act
The Industries Development and Regulation Act was enacted on 31st October 1951 for the development and regulation of industries. The Act contains 31 sections and 3 schedules.
Ques: 3
Under the IRDA, what was the criterion for obtaining an industrial license for setting up a manufacturing unit?
Correct Answer:
(D)
Approval from the Central Government
Ques: 4
Which initiative replaced the concept of industrial licensing with a system of liberalization and deregulation in India?
Correct Answer:
(C) New Economic Policy
New Economic Policy 1991 liberalised trade and investment policies that focused on exports, industrial deregulation, disinvestment, public sector changes, and capital and financial sector reforms.
Ques: 5
Which committee recommended the abolition of industrial licensing in India?
Correct Answer:
(B) Subimal Dutt committee
The Dutt Committee was associated with the Industrial Licensing Policy Inquiry. This committee was set up to examine the existing industrial licensing policy and suggest reforms to improve industrial growth and efficiency.