industries manufacturing & service sectors section 4 MCQ Questions & Answers Detailed Explanation

Answer: (a)

Oil sector majors, ONGC Videsh (OVL) and the Oil India-IndianOil (OIL-IOC) combine have bagged an oil block each in Libya.

This will enhance exploration possibilities for the Indian companies in northern Africa.

Answer: (b)

Drug Price Control Orders (DPCOs) are issued by the Government, in the exercise of the powers conferred under section 3 of the Essential Commodities Act 1955 to ensure that the medicines are listed under the National List of Essential Medicines (NELM) are available at a reasonable price to the general public.

The National List of Essential Medicines (NELM), prepared by the Ministry of Health and Family Welfare, is a list of medicines considered essential and high priority for India’s health needs. It is based on aspects like the prevalence of disease in the population, safety and efficacy of the medicine, and current affordability.

National Pharmaceuticals Pricing Authority (NPPA) is an independent body of experts constituted by the Government of India Resolution in 1997, is under the department of pharmaceuticals, ministry of chemicals and fertilizers. NPPA is responsible for fixing and revising the prices of pharmaceutical products and availability of the medicines in the country as well as the enforcement of DPCO.

The organization is also entrusted with the task of recovering amounts overcharged by manufacturers for the controlled drugs from the consumers. It also monitors the prices of decontrolled drugs in order to keep them at reasonable levels.

For regulating the prices, the ceiling prices are determined based on market-based pricing method, as the maximum mark-up that a retailer can charge over the reference price, which is the simple average of the prices of all the brands with a market share of greater than or equal to 1 per cent based on market data provided by IMS Health, a market research firm.

Answer: (c)

Rourkela Steel Plant (RSP) is the first intergrated steel plant in the public sector in India. It was set up with German collaboration with an installed capacity of 1 million tonnes.

Answer: (c)

An Airport Economic Regulatory Authority (AERA) is being set up to ensure healthy competition among operators and settlement of disputes among operators as well as between them and passengers.

Answer: (a)

This rise in wholesale food prices was not captured by WPI as the weightage for food articles is just 14.3% compared to 65% for manufactured products in this index.

On the other hand, the weightage for food is 57% in CPI items which captures the impact of food prices better. Further, wholesale prices do not take into account the substantial margins at the retail level, which tend to rise when there are shortages.

Answer: (d)

Competition Commission of India is a body of the government of India responsible for enforcing the Competition Act, 2002 throughout India and to prevent activities that have an adverse effect on competition in India. It was established on 14 October 2003.

The goal is to combat the monopoly tendencies and faster the competition among public sector enterprises. CCI (Competition Commission of India) consists of a chairperson and 6 members appointed by the central government.