introduction to indian economy section 12 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (b)

AGMARK is a certification mark employed on agricultural products in India, assuring that they conform to a set of standards approved by the Directorate of Marketing and Inspection, an agency of the Government of India.

The present AGMARK standards cover quality guidelines for 205 different commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semi-processed products.

Answer: (a)

India is a labour-surplus economy because in India there is disguised unemployment along with under-employment which means that qualified, skilled workforce willing to work is available but there are not enough employment opportunities.

Answer: (e)

On 29 January 2010, the Central Statistical Organisation (CSO) introduced the new series of national accounts statistics with the base year 2004-05, in place of the previous series with the base year 1999- 2000.

The new series on National Accounts Statistics has been introduced after a comprehensive review of both the database and the methodology employed in the estimation of various aggregates.

Answer: (d)

Economic liberalisation in India started with substantial changes in industrial licensing policy. The LPG Model (Liberalisation, Privatisation & Globalisation) was introduced by Dr Manmohan Singh in 1991 as India was facing problems of depleting reserves.

Under liberalization, the industrial licensing policy was changed and under the new licensing policy the private players can set up their industrial units without obtaining a license from the government and thus private investment in India increased drastically.

Answer: (d)