The 'liberalization' in 1991 reduced the number of industries reserved for the public sector to how many initially? MCQ with Answer and Explanation

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The 'liberalization' in 1991 reduced the number of industries reserved for the public sector to how many initially?

A. 18

B. 6

C. 25

D. 8

Answer: Option D

Solution (By JKSSB Mock Tests)

The 1991 policy reduced the reserved industries for public sector to 8, later further reduced.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Budget Division' in India is a part of which ministry?

A. NITI Aayog

B. Ministry of Finance

C. Ministry of Statistics

D. Ministry of Commerce

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Correct Answer: Option B

Explanation:
Budget Division is part of the Department of Economic Affairs, Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'good and services tax' on petroleum crude, diesel, petrol, natural gas and aviation turbine fuel:

A. is presently outside GST

B. is exempt

C. has been fully included

D. is levied at zero rate

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Correct Answer: Option A

Explanation:
These petroleum products are currently outside the GST regime.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is an example of an automatic stabiliser in the economy?

A. Discretionary government spending

B. Progressive income tax

C. Change in repo rate

D. Open market operations

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Correct Answer: Option B

Explanation:
Automatic stabilisers are features of the fiscal system that automatically dampen economic fluctuations without new legislation. Progressive income tax reduces disposable income during booms and increases it during recessions.

This question belongs to: Economy GK Economy Set 1

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