History of Development & Planning - Indian Economy General Awareness MCQs | Page-4

Answer: Option [D]

‘Globalisation of Indian Economy’ means having minimum possible restrictions on economic relations with other countries. Globalisation means integrating the Indian economy with the world economy. It is the outcome of the policies of liberalisation and privatisation. It attempts to establish links in such a way that the events or happenings in India can be influenced by the events happening miles away.

Answer: Option [A]

National Development Council was set up on 6 August 1952 to strengthen and mobilize the effort and resources of the nation in support of the Five Year Plans made by Planning Commission, to promote common economic policies in all vital spheres, and to ensure the balanced and rapid development of all parts of the country.

Answer: Option [B]

‘Take off stage’ in an economy means Steady growth begins. Rostow's (1960) 'Stages of Economic Growth' has introduced five stages that all countries must go through in order to develop: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity, and 5. ) age of high mass consumption. Take-off is a short period of great growth when industrial development begins, and workers and institutions focus on the new industry.

Answer: Option [A]

The correct answer is Rise in national income and per capita income.

Answer: Option [D]

The correct answer is The Eighth Five-Year Plan. All efforts now have to be devoted to mobilizing resources to finance such Plan investments and expenditure within a framework of macroeconomic stability. The Eighth Five Year Plan was launched on 1st April, 1992. The Plan recognizes "human development" as the core of all developmental efforts.

Answer: Option [A]

The correct answer is In India, single biggest employment is agriculture and allied activities. Agriculture is the main source of employment generation in India. It still provides more than 50% employment. In absolute terms, the working population engaged in the agriculture sector increased from 97.2 million to 234.1 million during 1950-2011.

Answer: Option [C]

The correct answer is Sixth Plan. Sixth five year plan started in 1980-85 marked the beginning of economic liberalization in India. In Sixth Five year plan, a shift in pattern of Industrialization with lower emphasis on the heavy industry and move on infrastructure begins.

Answer: Option [D]

The correct answer is Neither exports nor imports take place. The closed economy is that economy in which neither imports nor exports take place in that particular country. As the name suggests the country provides the consumers with everything they need from within the country’s economy.

Answer: Option [D]

The correct answer is All of the these. The functions of Planning Commission includes formulation of five-year plans, finalisation of plan discussions of the Central Ministries and States/UTs annually and conveying the plan requirement to the Ministry of Finance, clearance/grant of In-Principle approval for starting Central Sector/Centrally Sponsored Schemes, hence above all statements are all correct regarding planning commission.

Answer: Option [B]

The author of the chapter on “Objectives of Planned Development” for the Third Five Year Plan was Morarji Desai. Third Plan (1961–1966) The Third Five-year Plan stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army. Morarji Desai wrote a book on ‘Objective of Planned Development’ for Third Five Year Plan.