planning economic development & five year plans section 2 MCQ Questions & Answers Detailed Explanation

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The following question based on Planning, Economic Development & Five year Plans topic of indian economy mcq

Questions : Which one of the following economists proposed the LPG model of economic development in India?

(a) Manmohan Singh

(b) K.V. Kamath

(c) Y.B. Reddy

(d) None of these

The correct answers to the above question in:

Answer: (a)

The economy of India had undergone significant policy shifts at the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model.

LPG model of economic development in India was proposed by Dr Manmohan Singh, economist and finance minister at that time.

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Read more planning economic development five year plans Based Indian Economy Questions and Answers

Question : 1

National Development Council is concerned with

a) approving and assessing major development projects in India

b) implementing state plans

c) implementing community development programmes

d) approval of five-year plans

Answer: (d)

Question : 2

Economic planning is in

a) Concurrent list

b) State list

c) Union list

d) Not any specified list

Answer: (a)

The Concurrent List or List-III is a list of 47 items given in Part XI of the Constitution of India, concerned with relations between the Union and States. Economic planning is specified in Concurrent list.

Question : 3

Which one of the following five year plans has the highest GDP growth rate in Agriculture sector in India?

a) Ninth Five Year Plan

b) Tenth Five Year Plan

c) Eighth Five Year Plan

d) Eleventh Five Year Plan

Answer: (c)

The growth performance of the agriculture sector has been fluctuating across the plan periods. It witnessed a growth rate of 4.8 per cent during the Eighth plan period (1992–97).

Question : 4

The growth rate of which one of the following sectors has very low employment elasticity?

a) construction

b) manufacturing

c) mixed farming

d) financial services

Answer: (d)

Question : 5

A Five Year Plan was severely affected by the immigration of huge number of people from Bangladesh was?

a) Third Five Year Plan

b) Fourth Five Year Plan

c) First Five Year Plan

d) Sixth Five Year Plan

Answer: (b)

The fourth five-year plan was affected by the immigration of a huge population from Bangladesh.

It was affected since the situation in East Pakistan was really tense and the funds actually allocated for the industrial development were taken up to wage the Indo-Pakistani war and the Bangladesh Liberation War.

Question : 6

Consider the following statements regarding Indian planning:

  1. The Jalan Panel was set up by the RBI to scrutinize application for new bank licences.
  2. The Committee was headed by former RBI governor Dr Rajendra Jalan.
Which of the statements given above is/are correct?

a) 2 only

b) 1 and 2

c) 1 only

d) None

Answer: (c)

The Bimal Jalan panel which was set up by the RBI to scrutinize application for new bank licences has submitted its report. The Committee was headed by former RBI governor Dr Jalan.

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