After 1991, industrial licensing in India was abolished for: MCQ with Answer and Explanation

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After 1991, industrial licensing in India was abolished for:

A. no industries

B. all industries including defence

C. most industries except a short list related to security and strategic concerns

D. only small scale industries

Answer: Option C

Solution (By JKSSB Mock Tests)

Industrial licensing was abolished for most industries, retaining a short list for strategic and security reasons.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the Indian tax system after the introduction of GST?

A. Persistence of multiple cascading taxes

B. Only origin-based taxation

C. A unified destination-based tax on goods and services with input tax credit mechanism

D. Complete elimination of all state-level taxes without dual structure

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Correct Answer: Option C

Explanation:
GST replaced a large number of cascading central and state taxes with a unified destination-based tax that permits seamless input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

The Self-Help Group Bank Linkage Programme in India is implemented mainly by:

A. EXIM Bank

B. IRDA

C. NABARD

D. SEBI

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Correct Answer: Option C

Explanation:
NABARD is the main implementing agency for the SHG-Bank Linkage Programme.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Most Favoured Nation' tariff treatment under WTO requires countries to:

A. ban imports

B. extend the same trade advantages to all WTO members

C. give special preferences to neighbours

D. impose zero tariffs on all goods

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Correct Answer: Option B

Explanation:
MFN requires non-discriminatory treatment among all WTO members.

This question belongs to: Economy GK Economy Set 1

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