The 'License Raj' in India, prevalent before the 1991 reforms, referred to:?

The 'License Raj' in India, prevalent before the 1991 reforms, referred to:

A. A system of easy licensing for all businesses

B. A complex and restrictive system of government licenses and permits required to start and operate businesses

C. A policy of promoting exports through liberal licensing

D. A system where only large industrial houses were granted licenses

Answer: Option B

The 'License Raj' was characterized by extensive bureaucratic controls and the need for numerous government licenses and permits for various economic activities, often leading to inefficiencies and rent-seeking.

1

Which of the following best describes the primary objective of India's economic planning since independence?

A. Maximizing GDP growth at all costs

B. Achieving self-reliance and social justice

C. Becoming a global superpower in manufacturing

D. Maintaining a balanced trade surplus

2

The concept of 'Hindu rate of growth' is often used to refer to:

A. The rapid economic expansion witnessed in the early 2000s

B. The relatively slow growth rate of the Indian economy in the decades following independence

C. The growth rate primarily driven by religious tourism and activities

D. The fluctuating nature of agricultural output due to monsoon dependence

3

Which of the following was a key recommendation of the Narasimham Committee I (1991)?

A. Strengthening the role of development financial institutions

B. Liberalizing the banking sector and reducing statutory reserve requirements

C. Promoting small-scale industries through reservations

D. Nationalizing all private sector banks

4

The 'Washington Consensus' generally advocates for which set of economic policies?

A. Increased state intervention and protectionism

B. Fiscal austerity, privatization, and trade liberalization

C. Emphasis on income redistribution and social welfare programs

D. Prioritizing agricultural development over industrialization

5

What is the primary function of the Goods and Services Tax (GST) Council in India?

A. To implement and administer the GST across the country

B. To adjudicate disputes between taxpayers and the government

C. To recommend rates of tax, exemptions, and thresholds under GST

D. To collect GST revenues on behalf of the states and the Union

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The 'License Raj' in India, prevalent before the 1991 reforms, referred to:

1

Which of the following best describes the primary objective of India's economic planning since independence?

2

The concept of 'Hindu rate of growth' is often used to refer to:

3

Which of the following was a key recommendation of the Narasimham Committee I (1991)?

4

The 'Washington Consensus' generally advocates for which set of economic policies?

5

What is the primary function of the Goods and Services Tax (GST) Council in India?

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The 'License Raj' in India, prevalent before the 1991 reforms, referred to:

1 Which of the following best describes the primary objective of India's economic planning since independence?

2 The concept of 'Hindu rate of growth' is often used to refer to:

3 Which of the following was a key recommendation of the Narasimham Committee I (1991)?

4 The 'Washington Consensus' generally advocates for which set of economic policies?

5 What is the primary function of the Goods and Services Tax (GST) Council in India?

Categories

Random Posts

Social Media

1

Which of the following best describes the primary objective of India's economic planning since independence?

2

The concept of 'Hindu rate of growth' is often used to refer to:

3

Which of the following was a key recommendation of the Narasimham Committee I (1991)?

4

The 'Washington Consensus' generally advocates for which set of economic policies?

5

What is the primary function of the Goods and Services Tax (GST) Council in India?