Understanding the diverse types of industries, their policies, and industrial production data is crucial for grasping the dynamics of an economy. This article, titled Industries Types, Policies and Industrial Production Data GK MCQs With Answer & Explanation in English, presents a comprehensive set of multiple-choice questions designed to test your knowledge and enhance your understanding of these key concepts.
Each question comes with detailed answers and explanations, making this resource valuable for students, exam candidates, and anyone interested in industrial economics. Dive into this article to explore the intricate landscape of industries and their impact on economic growth and development.
1. What is the base year for the calculation of all-India Index of Industrial Production (IIP) as of October 2022?
- 2004-05
- 2005-06
- 2010-11
- 2011-12
Show Answer
Answer: 2011-12
In May 2017, the base year for calculating the all-India Index of Industrial Production (IIP) underwent a revision from 2004-05 to 2011-12. This adjustment was made to better capture structural changes in the economy, leading to enhanced quality and representativeness of the indices, ensuring a more accurate reflection of India’s industrial dynamics.
2. Which of the following industries is not covered in the Index of Eight Core Industries?
- Electricity
- Crude Oil
- Natural Gas
- Pharmaceuticals
Show Answer
Answer: Pharmaceuticals
The Index of Eight Core Industries comprises key sectors such as Coal, Crude Oil, Natural Gas, Refinery Products, Fertilisers, Steel, Cement, and Electricity. This compilation serves as a comprehensive metric, providing insights into the performance and contribution of these fundamental industries to India’s overall economic landscape.
3. Who among the following declared the First Industrial Policy in the Post Independence Period?
- Jawahar Lal Nehru
- Syama Prasad Mookerjee
- Bayya Suryanarayana Murthy
- Rafi Ahmed Kidwai
Show Answer
Answer: Jawahar Lal Nehru
India’s inaugural Industrial Policy Resolution, declared by Jawahar Lal Nehru in 1948, delineated the government’s roles in fostering industrial development. This historic policy proposed a mixed economy model, incorporating both public and private enterprises to drive industrial growth and economic progress in independent India.
4. The Sick Industrial Companies Act of 1985 was enacted following the recommendation of which of the following committees?
- Tiwari Committee
- Gadgil Committee
- Hazari Committee
- Marathe Committee
Show Answer
Answer: Tiwari Committee
Enacted in 1985 based on recommendations from the Tiwari Committee Report (1981), the Sick Industrial Companies (Special Provision) Act aimed to tackle the widespread issue of industrial sickness in India. The establishment of the Industrial Reconstruction Bank of India further facilitated the rehabilitation of ailing industrial units, contributing to the overall health of the industrial sector.
5. In which year was the Unorganized Workers Social Security Act passed?
- 2006
- 2008
- 2010
- 2012
Show Answer
Answer: 2008
The Unorganized Workers Social Security Act, passed in 2008, led to the formation of a National Social Security Board and State Social Security Boards. These entities play a crucial role in recommending social security schemes for unorganized workers, addressing a vital aspect of social welfare and worker protection in the country.
6. Which among the following finds the highest weightage in the Index of Industrial Production?
- Electricity
- Finished Steel
- Crude oil
- Coal
Show Answer
Answer: Electricity
In the Index of Industrial Production, electricity holds the highest weightage among the provided options, indicating its significant contribution to the overall industrial output and economic activity.
7. Which among the following was the first Government Company to be privatised in India?
- Hotel Corporation of India
- Rashtriya Chemicals & Fertilisers Ltd
- Maruti Udyog Limited
- Modern Foods Industries Limited
Show Answer
Answer: Maruti Udyog Limited
Maruti Udyog Limited holds the distinction of being the first Government Company to undergo privatization in India, with the government divesting its stake to the private sector, marking a pivotal moment in the country’s economic reforms.
8. With respect to the ‘Micro, Small and Medium Enterprises’, consider the following statements:
1. A manufacturing unit is considered a micro-enterprise if its investment in plant and machinery does not exceed Rs. 25 lakh.
2. Handicrafts and Handloom products are reserved in India for the MSME sector.
Choose the correct option from the codes given below:
- Only 1
- Only 2
- Both 1 & 2
- Neither 1 nor 2
Show Answer
Answer: Only 1
Regarding the criteria for categorizing a manufacturing unit as a micro-enterprise, the correct statement notes that the investment in plant and machinery should not exceed Rs. 25 lakh. However, the second statement is incorrect as, as of April 13, 2015, the NDA Government de-reserved all products, rendering the statement about reservation for small industries obsolete.
9. If a company is ‘unlimited’ in India, it implies that there is no limit on:
- Number of shares it can issue in the market
- Liability of its members
- Amount of investment by its promoters
- All of the above
Show Answer
Answer: Liability of its members
If a company is labeled as ‘unlimited’ in India, it implies that there is no limitation on the liability of its members, indicating that they can be held personally responsible for the company’s debts and obligations.
10. Consider the following companies:
1. Coal India Limited
2. Oil India Limited
3. GAIL (India) Limited
Which among the above is/are Maharatna companies?
- Only 1 & 2
- Only 2 & 3
- Only 1 & 3
- 1, 2 & 3
Show Answer
Answer: Only 1 & 2
The designation of Maharatna companies includes prominent entities such as Bharat Heavy Electricals Limited (BHEL), Coal India Limited, GAIL (India) Limited, Indian Oil Corporation Limited (IOCL), NTPC Limited, Oil & Natural Gas Corporation Limited (ONGC), and Steel Authority of India Limited (SAIL), highlighting their significant roles in the Indian economy.
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