Question : Which among the following banks launched the "Gram Seva Program" across six states in India in October 2022?
Option 1: Industrial Credit and Investment Corporation of India
Option 2: Reserve Bank of India
Option 3: State Bank of India
Option 4: Housing Development Finance Corporation
Correct Answer: State Bank of India
Solution : The correct option is the State Bank of India.
The State Bank of India (SBI) launched the "Gram Seva Program" on Gandhi Jayanti 2022, targeting comprehensive village development in education, healthcare, livelihoods, and infrastructure.
Answer laterQuestion : What was the main aim of the First Five Year Plan?
Option 1: Self-dependent
Option 2: Industrial growth
Option 3: Economic growth
Option 4: Agricultural growth
Correct Answer: Agricultural growth
Solution : The correct answer is Agricultural growth.
An advanced and strategic first five-year plan was formulated to improve India’s economy after its independence in 1951. The plan aimed to bring changes, and make India self-sufficient, and economically powerful. The major focus behind the first Five-year plan was to handle agriculture development.
Question : Statement 1: The Industrial Policy Resolution of 1956 aimed to promote the development of small-scale industries in India.
Statement 2: The resolution emphasized the role of large-scale industries in industrial growth.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true. The Industrial Policy Resolution of 1956 in India did aim to promote the development of small-scale industries. The policy recognized the importance of small-scale industries for employment generation, promoting entrepreneurship, and regional development. It provided support and incentives for the growth of small-scale industries.
Statement 2 is false. The resolution did not primarily emphasize the role of large-scale industries in industrial growth. While large-scale industries were not disregarded or neglected, the primary focus of the policy was on promoting small-scale industries. The government recognized the potential of small-scale industries in driving industrial growth, especially in sectors such as cottage and village industries.
Therefore, the correct answer is that statement 1 is true, and statement 2 is false.
Question : The Foreign Exchange Management Act (FEMA) replaced which earlier act?
Option 1: Foreign Exchange Regulation Act (FERA)
Option 2: Foreign Investment Promotion Board (FIPB)
Option 3: Industrial Development and Regulation Act (IDRA)
Option 4: Companies Act
Correct Answer: Foreign Exchange Regulation Act (FERA)
Solution : The correct answer is (a) Foreign Exchange Regulation Act (FERA).
The Foreign Exchange Regulation Act (FERA) was enacted in 1973 in India to regulate foreign exchange transactions, currency dealings, and related matters. FERA imposed strict controls on foreign exchange transactions, including restrictions on the possession, holding, and transfer of foreign currency. It aimed to conserve and manage India's foreign exchange reserves and prevent illegal activities such as money laundering and unauthorized foreign exchange dealings.
FEMA replaced FERA and brought significant changes to the regulatory framework for foreign exchange transactions in India. It aimed to promote external trade and payments, facilitate foreign investments, and simplify the procedures for foreign exchange transactions. FEMA introduced a more liberal and transparent regime, allowing greater flexibility in foreign exchange transactions and reducing bureaucratic controls.
Question : The shift in class structure post-independence in India was influenced by:
Option 1: The abolition of the caste system
Option 2: The growth of the industrial and service sectors
Option 3: Decreased urbanization
Option 4: Reduction in income inequalities
Correct Answer: The growth of the industrial and service sectors
Solution : The shift in class structure post-independence in India was influenced by the growth of the industrial and service sectors, which led to the emergence of new classes and a change in the socioeconomic landscape.
Question : The success of workers' movements in India can be measured by:
Option 1: The number of strikes organized
Option 2: The improvement in workers' rights and conditions
Option 3: The increase in industrial output
Option 4: The expansion of export markets
Correct Answer: The improvement in workers' rights and conditions
Solution : The success of workers' movements in India is primarily measured by the improvement in workers' rights and conditions, such as better wages, safer working environments, and the recognition of labor unions.
Question : Which among the following corridors was inaugurated by Prime Minister Narendra Modi in October 2022?
Option 1: Mahakal Lok Corridor
Option 2: Chennai Bengaluru Industrial Corridor
Option 3: Kashi Corridor
Option 4: North East Economic Corridor
Correct Answer: Mahakal Lok Corridor
Solution : The correct option is Mahakal Lok Corridor.
The Mahakal Lok Corridor was inaugurated by PM N. Modi at Mahakaleshwar Temple in Ujjain. This corridor is 900 metres in length. The total cost estimated for this project is Rs. 856 crores. This is the first phase of the project, estimated at Rs. 351 crores.
Question : Land reforms in India were aimed at addressing which of the following issues?
Option 1: Urban unemployment
Option 2: Industrial monopolies
Option 3: Agricultural inefficiency and social inequality
Option 4: Foreign trade imbalances
Correct Answer: Agricultural inefficiency and social inequality
Solution : Land reforms in India were aimed at addressing agricultural inefficiency and social inequality by redistributing land, ensuring fair tenancy terms, and improving agricultural productivity.
Question : Which of the following was a major challenge faced during the implementation of land reforms in India?
Option 1: Lack of political will
Option 2: High agricultural productivity
Option 3: Urbanization
Option 4: Industrial growth
Correct Answer: Lack of political will
Solution : Lack of political will was a major challenge faced during the implementation of land reforms in India, as there was resistance from various groups with vested interests in maintaining the status quo.
Question : Statement 1: The Industrial Policy Resolution of 1956 aimed to promote the development of the public sector in India.
Statement 2: The resolution emphasized the role of private enterprises in industrial growth.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true. The Industrial Policy Resolution of 1956 in India did aim to promote the development of the public sector. It emphasized the importance of public ownership and control over key industries to achieve socialistic goals, including reducing economic disparities and ensuring equitable distribution of resources.
Statement 2 is false. The resolution did not emphasize the role of private enterprises in industrial growth. Instead, it placed greater emphasis on the public sector and advocated for a commanding role for the state in guiding and directing industrial development. Private enterprises were not given a prominent role in this policy and were subject to regulations and restrictions.
