industries manufacturing & service sectors section 8 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (a)

Answer: (b)

A Miniratna company is one that has made profits continuously for the last three years or earned a net profit of Rs. 30 crores or more in one of the three years.

Miniratna company can invest up to Rs. 500 crores or equal to their net worth, whichever is lower without govt approval.

Answer: (d)

The licensing policy for the industries drew strength from the industrial Act, 1951.

Industries Development and Regulation Act (IDRA), 1951 was enacted in pursuance of the Industrial Policy Resolution, 1948.

The Act was formulated for the purpose of development and regulation of industries in India by the Central Government.

Answer: (c)

Force Majeure is a French phrase that means a ‘superior force’. It is an unforeseeable circumstance that prevents someone from fulfilling a contract. It is a contractual provision agreed upon between parties.

The occurrence of a force majeure event protects a party from liability for its failure to perform a contractual obligation. Typically, force majeure events include an Act of God or natural disasters, war or war-like situations, epidemics, pandemics, etc.

The intention of a force majeure clause is to save the performing party from the consequences of something over which it has no control.

Force Majeure is an exception to what would otherwise amount to a breach of contract. This term is generally used in commercial contracts.

Answer: (c)

It is a method of awarding projects by the government.

Under this method, various bidders submit their plan for the project and the company (the bidder) whose project plan is accepted by the govt. is given the opportunity to work on the project at the price quoted by the lowest bidder.

If it does not accept this, then the project is given to the lowest bidder.