MCQ
upsc-p1-economy-industry-msme MCQ - Practice Questions with Answers
Solve 8 upsc-p1-economy-industry-msme questions for RAS/RPSC preparation.
Practice questions
Q1With reference to industrial statistics in India, consider the following statements: 1. The Index of Industrial Production measures short-term changes in the volume of industrial output. 2. The Annual Survey of Industries reports annual data on the registered factory sector, including output, inputs, gross value added, capital and employment. 3. Manufacturing gross value added is identical to gross output because intermediate consumption is not deducted. Which of the statements given above are correct? Select the correct answer using the code below.
Statements 1 and 2 are correct. IIP is a short-term quantity index, while ASI is an annual survey of the registered factory sector with detailed production, input, capital and employment data. Gross value added differs from gross output because it is calculated after subtracting intermediate consumption.
Q2Consider the following statements regarding MSME formalisation in India: 1. Udyam registration automatically confers entitlement to every government scheme benefit available to MSMEs. 2. The Udyam Assist Platform was launched on 11.01.2023 to bring informal micro enterprises into the formal ambit and improve access to priority sector lending benefits. Which of the statements given above is/are correct? Select the correct answer using the code below.
Statement 2 alone is correct. Udyam registration is a free, paperless gateway that can improve eligibility and access, but each scheme retains its own conditions and documentation requirements. Udyam Assist specifically targets informal micro enterprises and their access to priority sector lending benefits.
Q3Consider the following statements about the legal framework governing industry in India: 1. Union List Entry 52 by itself makes every industry an exclusively Union subject without a parliamentary declaration. 2. The Competition Act, 2002 addresses anti-competitive agreements, abuse of dominant position and combinations. 3. The Insolvency and Bankruptcy Code, 2016 can aid industrial growth through time-bound resolution of stressed firms and better use of assets. Which of the statements given above are correct? Select the correct answer using the code below.
Statements 2 and 3 are correct. Entry 52 enables parliamentary control only over industries declared by law to be expedient in the public interest; it does not automatically convert every industry into an exclusively Union subject. Competition law and insolvency resolution form distinct layers of the wider industrial legal framework.
Q4Match List I with List II: List I (Committee) A. Karve Committee B. Abid Hussain Committee C. Nayak Committee D. U.K. Sinha Committee List II (Closest association) 1. Working-capital norms for small-scale industries 2. MSME finance, delayed payments and structural constraints 3. Village and small industries for rural employment 4. Small-enterprise competitiveness, technology, finance, marketing and quality Select the correct answer using the code below.
Karve is associated with village and small industries; Abid Hussain with the shift towards small-enterprise competitiveness; Nayak with working-capital norms for small-scale industries; and U.K. Sinha with MSME finance, delayed payments and structural constraints. Hence the matching is A-3, B-4, C-1, D-2.
Q5Arrange the following industrial-policy developments in chronological order, from the earliest to the latest: A. Industrial Policy Resolution aligning industry with the Second Five Year Plan B. New Industrial Policy that delicensed most industries C. Industrial Policy Resolution accepting mixed-economy principles D. National Manufacturing Policy targeting a 25% manufacturing share in GDP Select the correct answer using the code below.
The mixed-economy Industrial Policy Resolution came in 1948 (C), the Second-Plan-aligned resolution in 1956 (A), the delicensing New Industrial Policy in 1991 (B), and the National Manufacturing Policy in 2011 (D). The order is therefore C-A-B-D.
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6Consider the following statements about committees associated with small enterprises and MSMEs: 1. The Karve Committee, 1955 linked village and small industries with rural employment and decentralised industrialisation. 2. The Abid Hussain Committee, 1997 shifted the debate from protection towards competitiveness, technology, finance, marketing and quality. 3. The U.K. Sinha Committee, 2019 examined MSME finance, delayed payments, technology, formalisation and institutional support. Which of the statements given above are correct? Select the correct answer using the code below.
7With reference to the evolution of industrial policy in India, consider the following statements: 1. The Industrial Policy Resolution, 1948 accepted the principles of a mixed economy. 2. Under the Industrial Policy Resolution, 1956, Schedule B assigned exclusive responsibility for its industries to the State. 3. The New Industrial Policy, 1991 delicensed most industries and removed asset-limit-based MRTP pre-entry restrictions. Which of the statements given above are correct? Select the correct answer using the code below.
8Arrange the following developments in chronological order, from the earliest to the latest: A. Revised MSME investment and turnover thresholds came into effect B. Udyam Assist Platform was launched for informal micro enterprises C. Udyam Registration Portal was launched D. PM GatiShakti National Master Plan was launched Select the correct answer using the code below.