GK Quiz on Economic Planning of India

GK Quiz on Economic Planning of India

GK Quiz on Economic Planning of India is one of the major topics in Economics. In all state level and central level exams, we can expect couple of questions from Economic Planning of India.

GK Quiz on Economic Planning of India

GK Quiz on Economic Planning of India


GK Quiz on Economic Planning of India

1. Which five-year plan target Rehabilitation of refugees, rapid agricultural development to achieve food self-sufficiency in the shortest possible time and control of inflation?
a) 5th
b) 1st
c) 2nd
d) 3rd

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Answer b) 1st. Rehabilitation of refugees, rapid agricultural development to achieve food self-sufficiency in the shortest possible time and control of inflation. Targets and objectives more or less achieved. With active role of state in all economic sectors. Five Indian Institutes of Technology (IITs) were started as major technical institutions.

2. Planning commission was replaced by?
a) NITI aayog
b) Economic planning
c) Plan india
d) Finance commission

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Answer a) NITI. From 1947 to 2017, the Indian economy was premised on the concept of planning. This was carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission (1951-2014) and the NITI Aayog (2015-2017). The new government led by Narendra Modi, elected in 2014, has announced the dissolution of the Planning Commission, and its replacement by a think tank called the NITI Aayog (an acronym for National Institution for Transforming India).

3. Who is the as the ex-officio chairman of NITI Aayog?
a) President
b) Prime Minister
c) Vice President
d) IAS Officer

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Answer b) Prime Minister. With the prime minister as the ex-officio chairman, the commission has a nominated deputy chairman, who holds the rank of a cabinet Minister.

4. In which year 1ST five-year plan presented?
a) 1950
b) 1951
c) 1952
d) 1953

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Answer b)1951. The first Indian Prime Minister, Jawaharlal Nehru presented the First Five-Year Plan to the Parliament of India and needed urgent attention. The First Five-year Plan was launched in 1951 which mainly focused in development of the primary sector.

5. 1st five-year plan is based on which model?
a) Harrod–Domar model
b) Cambridge model
c) Bentick model
d) None of these

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Answer a) Harrod–Domar model. The first Indian Prime Minister, Jawaharlal Nehru presented the First Five-Year Plan to the Parliament of India and needed urgent attention. The First Five-year Plan was launched in 1951 which mainly focused in development of the primary sector. The First Five-Year Plan was based on the Harrod–Domar model with few modifications.

6. Hydroelectric power projects and five steel plants were planned in which 5-year plan?
a) 5th
b) 1st
c) 2nd
d) 3rd

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Answer c) 2nd. Hydroelectric power projects and five steel plants at Bhilai, Durgapur, and Rourkela were established with the help of Russia, Britain (the U.K) and West Germany respectively. Coal production was increased. More railway lines were added in the north east.

7. In which 5 year plan the Tata Institute of Fundamental Research and Atomic Energy Commission of India was established as research institutes?
a) 5th
b) 1st
c) 2nd
d) 3rd

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Answer c) 2nd. The Tata Institute of Fundamental Research and Atomic Energy Commission of India was established as research institutes. In 1957 a talent search and scholarship program was begun to find talented young students to train for work in nuclear power.

8. 2nd five-year plan is based on which model?
a) Nehru-Mahalanobis
b) Harrod–Domar model
c) Cambridge model
d) Bentick model

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Answer a) The Second Plan was particularly in the development of the public sector and “rapid Industrialisation”. The plan followed the Mahalanobis model, an economic development model developed by the Indian statistician Prasanta Chandra Mahalanobis in 1953. The plan attempted to determine the optimal allocation of investment between productive sectors in order to maximise long-run economic growth. It used the prevalent state of art techniques of operations research and optimization as well as the novel applications of statistical models developed at the Indian Statistical Institute. The plan assumed a closed economy in which the main trading activity would be centred on importing capital goods.

9. Sino-Indian War started in which year?
a) 1960
b) 1961
c) 1962
d) 1963

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Answer c) 1962. Sino-Indian War of 1962 exposed weaknesses in the economy and shifted the focus towards the defence industry and the Indian Army

10. State electricity boards and state secondary education boards were formed is formed during which five-year plan?
a) 5th
b) 1st
c) 2nd
d) 3rd

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Answer d) 3rd. State electricity boards and state secondary education boards were formed. States were made responsible for secondary and higher education. State road transportation corporations were formed, and local road building became a state responsibility.

11. After which 5-year plan gov. declared plan holiday?
a) 5th
b) 1st
c) 2nd
d) 3rd

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Answer d) 3rd. Due to miserable failure of the Third Plan the government was forced to declare “plan holidays” (from 1966–67, 1967–68, and 1968–69). Three annual plans were drawn during this intervening period. During 1966–67 there was again the problem of drought. Equal priority was given to agriculture, its allied activities, and industrial sector. The government of India declared “Devaluation of Rupee” to increase the exports of the country. The main reasons for plan holidays were the war, lack of resources, and increase in inflation after that plan holiday was created.

12. After which 5-year plan government nationalized 14 major Indian banks?
a) 5th
b) 4th
c) 2nd
d) 3rd

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Answer b) 4th. At this time Indira Gandhi was the Prime Minister. The Indira Gandhi government nationalised 14 major Indian banks.

13. In which 5-year plan government launched green revolution?
a) 5th
b) 4th
c) 2nd
d) 3rd

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Answer b) 4th. At this time Indira Gandhi was the Prime Minister. The Indira Gandhi government nationalised 14 major Indian banks and the Green Revolution in India advanced agriculture.

14. In which year India performed the Smiling Buddha underground nuclear test?
a) 1975
b) 1972
c) 1974
d) 1973

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Answer c) 1974. India also performed the Smiling Buddha underground nuclear test (Pokhran-1) in Rajasthan on May 18, 1974, partially in response to the United States deployment of the Seventh Fleet in the Bay of Bengal. The fleet had been deployed to warn India against attacking West Pakistan and extending the war.

15. “establishment of a self-reliant and self-generating economy’ was the target of which plan?
a) 5th
b) 4th
c) 2nd
d) 3rd

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Answer d) 3rd. establishment of a self-reliant and self-generating economy’ was target of 5th plan. Failure. Wars and droughts. Yet, Panchayat elections were started. State electricity boards and state secondary education boards were formed.

16. In which 5 year plan The Indian national highway system was introduced?
a) 5th
b) 4th
c) 2nd
d) 3rd

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Answer a) 5th. The Indian national highway system was introduced and many roads were widened to accommodate the increasing traffic. Tourism also expanded. The twenty-point programme was launched in 1975. It was followed from 1974 to 1979.

17. Which 5-year plan was introduced by The Janata Party government?
a) 5th
b) 4th
c) Rolling plan
d) 3rd

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Answer c) Rolling plan. The Janata Party government rejected the Fifth Five-Year Plan and introduced a new Sixth Five-Year Plan (1978–1980). This plan was again rejected by the Indian National Congress government in 1980 and a new Sixth Plan was made.The Rolling Plan consists of three kind of plans that were proposed. The First Plan is for the present year which comprises the annual budget and Second is a plan for a fixed number of years, which may be 3, 4 or 5 years.

18. Which plan marked the beginning of economic liberalisation?
a) 5th
b) 4th
c) 2nd
d) 6th

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Answer d) 6th. The Sixth Five-Year Plan marked the beginning of economic liberalisation. Price controls were eliminated and ration shops were closed. This led to an increase in food prices and an increase in the cost of living. This was the end of Nehruvian socialism. The National Bank for Agriculture and Rural Development was established for development of rural areas on 12 July 1982 by recommendation of the Shivaraman Committee. Family planning was also expanded in order to prevent overpopulation. In contrast to China’s strict and binding one-child policy, Indian policy did not rely on the threat of force.

19. Which plan had main objective were to establish growth in areas of increasing economic productivity, production of food grains, and generating employment through “Social Justice”?
a) 5th
b) 4th
c) 7th
d) 6th

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Answer c) 7th. The Seventh Five-Year Plan was led by the Congress Party with Rajiv Gandhi as the prime minister. The plan laid stress on improving the productivity level of industries by upgrading of technology. The main objectives of the Seventh Five-Year Plan were to establish growth in areas of increasing economic productivity, production of food grains, and generating employment through “Social Justice”.

20. Modernization of industries was a major highlight of which plan?
a) 5th
b) 8th
c) 7th
d) 6th

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Answer b) 8th . Modernization of industries was a major highlight of the Eighth Plan. Under this plan, the gradual opening of the Indian economy was undertaken to correct the burgeoning deficit and foreign debt. Meanwhile, India became a member of the World Trade Organization on 1 January 1995. The major objectives included, controlling population growth, poverty reduction, employment generation, strengthening the infrastructure, institutional building, tourism management, human resource development, involvement of Panchayati rajs, Nagar Palikas, NGOs, decentralisation and people’s participation.

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