Economic Policies and Reforms

Description: This quiz is designed to test your knowledge on Economic Policies and Reforms implemented in India after Independence.
Number of Questions: 15
Created by:
Tags: indian economy economic policies reforms
Attempted 0/15 Correct 0 Score 0

Which Prime Minister of India introduced the Green Revolution in the country?

  1. Jawaharlal Nehru

  2. Lal Bahadur Shastri

  3. Indira Gandhi

  4. Rajiv Gandhi


Correct Option: B
Explanation:

Lal Bahadur Shastri introduced the Green Revolution in India in the mid-1960s, which aimed to increase agricultural production and achieve self-sufficiency in food grains.

The term 'License Raj' refers to the:

  1. Extensive government control over industries and businesses

  2. Free market economy with minimal government intervention

  3. Socialist economic policies emphasizing public ownership

  4. Privatization of state-owned enterprises


Correct Option: A
Explanation:

License Raj was a system of extensive government control and regulation over industries and businesses in India, which was prevalent from the 1950s to the 1990s.

Which economic policy emphasized self-reliance and import substitution?

  1. Liberalization

  2. Globalization

  3. Privatization

  4. Swadeshi


Correct Option: D
Explanation:

Swadeshi, meaning 'of one's own country', was an economic policy that promoted self-reliance and import substitution, encouraging the use of domestic goods and industries.

The term 'LPG Reforms' stands for:

  1. Liberalization, Privatization, and Globalization

  2. Land, Property, and Gold Reforms

  3. Labor, Production, and Growth Policies

  4. Loans, Privatization, and Government Control


Correct Option: A
Explanation:

LPG Reforms refer to the economic reforms introduced in India in the early 1990s, which focused on liberalization of the economy, privatization of state-owned enterprises, and globalization.

Which Prime Minister of India initiated the process of economic liberalization in the country?

  1. Jawaharlal Nehru

  2. Indira Gandhi

  3. Rajiv Gandhi

  4. P. V. Narasimha Rao


Correct Option: D
Explanation:

P. V. Narasimha Rao, as the Prime Minister of India from 1991 to 1996, initiated the process of economic liberalization, which marked a significant shift in the country's economic policies.

The term 'Make in India' refers to:

  1. Promoting domestic manufacturing and reducing imports

  2. Encouraging foreign investment in India

  3. Developing infrastructure and improving ease of doing business

  4. Creating special economic zones for export-oriented industries


Correct Option: A
Explanation:

Make in India is a government initiative launched in 2014 to promote domestic manufacturing and reduce India's reliance on imports.

Which of the following is not a major public sector bank in India?

  1. State Bank of India

  2. Punjab National Bank

  3. Axis Bank

  4. Bank of Baroda


Correct Option: C
Explanation:

Axis Bank is a private sector bank in India, while State Bank of India, Punjab National Bank, and Bank of Baroda are major public sector banks.

The term 'Demonetization' refers to:

  1. Withdrawal of high-value currency notes from circulation

  2. Introduction of new currency notes with enhanced security features

  3. Devaluation of the currency to make it less valuable

  4. Revaluation of the currency to make it more valuable


Correct Option: A
Explanation:

Demonetization refers to the withdrawal of high-value currency notes from circulation, typically as a measure to combat corruption, black money, and counterfeit currency.

Which economic policy aimed to provide employment guarantee to rural households in India?

  1. National Rural Employment Guarantee Act (NREGA)

  2. Pradhan Mantri Jan Dhan Yojana

  3. Atal Pension Yojana

  4. Pradhan Mantri Ujjwala Yojana


Correct Option: A
Explanation:

The National Rural Employment Guarantee Act (NREGA) was introduced in 2005 to provide employment guarantee to rural households in India, ensuring at least 100 days of wage employment in a financial year.

The term 'Fiscal Deficit' refers to:

  1. Difference between government revenue and expenditure

  2. Difference between government expenditure and revenue

  3. Total amount of government debt

  4. Difference between exports and imports


Correct Option: B
Explanation:

Fiscal Deficit is the difference between government expenditure and revenue, indicating the amount of money the government borrows to meet its expenses.

Which economic policy aimed to provide financial inclusion and access to banking services to the unbanked population in India?

  1. Pradhan Mantri Jan Dhan Yojana

  2. Atal Pension Yojana

  3. Pradhan Mantri Ujjwala Yojana

  4. National Rural Employment Guarantee Act (NREGA)


Correct Option: A
Explanation:

Pradhan Mantri Jan Dhan Yojana was launched in 2014 to provide financial inclusion and access to banking services to the unbanked population in India.

The term 'Inflation' refers to:

  1. General increase in prices and fall in the purchasing value of money

  2. General decrease in prices and rise in the purchasing value of money

  3. Stable prices and constant purchasing value of money

  4. Fluctuations in prices due to market forces


Correct Option: A
Explanation:

Inflation refers to a general increase in prices and a fall in the purchasing value of money, leading to a decrease in the real value of goods and services.

Which economic policy aimed to provide affordable housing to the urban poor in India?

  1. Pradhan Mantri Awas Yojana (PMAY)

  2. Atal Pension Yojana

  3. Pradhan Mantri Ujjwala Yojana

  4. National Rural Employment Guarantee Act (NREGA)


Correct Option: A
Explanation:

Pradhan Mantri Awas Yojana (PMAY) was launched in 2015 to provide affordable housing to the urban poor in India.

The term 'Gross Domestic Product (GDP)' refers to:

  1. Total value of goods and services produced in a country in a given period

  2. Total value of goods and services consumed in a country in a given period

  3. Total value of goods and services exported from a country in a given period

  4. Total value of goods and services imported into a country in a given period


Correct Option: A
Explanation:

Gross Domestic Product (GDP) is the total value of goods and services produced in a country in a given period, typically a year.

Which economic policy aimed to provide subsidized cooking gas connections to poor households in India?

  1. Pradhan Mantri Ujjwala Yojana

  2. Atal Pension Yojana

  3. Pradhan Mantri Awas Yojana (PMAY)

  4. National Rural Employment Guarantee Act (NREGA)


Correct Option: A
Explanation:

Pradhan Mantri Ujjwala Yojana was launched in 2016 to provide subsidized cooking gas connections to poor households in India.

- Hide questions