Economic Independence and Emphasis on Heavy Industries Quiz
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Questions and Answers

What type of enterprises did IDRA encourage?

  • Multinational corporations
  • Medium-sized companies
  • Large corporations
  • Small businesses (correct)

    • How many workers were required for a premises to be considered a factory under IDRA?

  • 30 workers
  • 20 workers
  • 10 workers
  • 50 workers with power or 100 workers without power (correct)

    • Which type of industries were exempt from licensing under IDRA?

  • Scheduled industries
  • Industries not in Schedule I (correct)
  • Multinational corporations
  • Large corporations

    • What did IDRA have the power to regulate in private sector industry?

    <p>Distribution and prices of products</p> Signup and view all the answers

    Under what circumstances could the government take over private firms' management according to IDRA?

    <p>To achieve regional balance in industrial development</p> Signup and view all the answers

    What did the registration and licensing provisions of IDRA apply to?

    <p>'Industrial undertakings' in scheduled industries meeting factory criteria</p> Signup and view all the answers

    Why does the text emphasize the importance of heavy industries?

    <p>To boost economic independence</p> Signup and view all the answers

    According to Mahalanobis in 1955, what is a key aim related to heavy industries?

    <p>Achieving independence from foreign producer goods</p> Signup and view all the answers

    What was T.T.Krishnamachari's approach towards importing goods?

    <p>Import anything and everything produced in India</p> Signup and view all the answers

    What percentage of total imports were consumer goods during the I and II FYP?

    <p>32% and 23%</p> Signup and view all the answers

    Which minister, despite having no political clout, supported T.T.Krishnamachari's approach to importing goods?

    <p>C.D.Deshmukh</p> Signup and view all the answers

    How did M. Mahalanobis justify the need to develop heavy industries?

    <p>To support capital accumulation by reducing dependency on foreign producer goods</p> Signup and view all the answers

    What was required of all industrial undertakings in the scheduled industries?

    <p>To register with the central government</p> Signup and view all the answers

    What did a license issued by the central government specify?

    <p>The maximum quantity of the product and its location of production</p> Signup and view all the answers

    What could exempt certain industrial undertakings from some provisions of the act?

    <p>Size based on investment</p> Signup and view all the answers

    When did the small-scale industries (SSI) reservation appear?

    <p>In 1967</p> Signup and view all the answers

    Under what circumstances could the central government assume direct management or control of industrial undertakings?

    <p>Under certain circumstances</p> Signup and view all the answers

    What authority did the central government have over prices and distribution in specified industries?

    <p>Control over both prices and distribution</p> Signup and view all the answers

    What was the primary focus of the Indian government in terms of foreign capital investment?

    <p>Promoting mutually advantageous terms and conditions for foreign capital investment</p> Signup and view all the answers

    In what year was the Indian Investment Center established to provide information and advice to foreign investors?

    <p>1961</p> Signup and view all the answers

    Which industry was NOT among the profitable industries that welcomed foreign investment in India post-1961?

    <p>Pharmaceuticals</p> Signup and view all the answers

    What type of investment did Western multinationals show more interest in during the early 1950s in India?

    <p>Oil refineries</p> Signup and view all the answers

    What were the 3 key elements of the restrictive industrial policy regime implemented in India?

    <p>Public sector development, heavy regulation through licensing, and dominant private sector role</p> Signup and view all the answers

    Which statement best describes the Indian government's stance on local majority ownership in industries?

    <p>The government welcomed local majority ownership but did not require it.</p> Signup and view all the answers

    What was the primary purpose of issuing licenses liberally for the chemical and engineering industries during the 1950s?

    <p>To encourage diversification in these industries.</p> Signup and view all the answers

    Why was the cotton textiles industry subjected to stricter licensing policies compared to other industries?

    <p>Because it was a more developed industry at that time.</p> Signup and view all the answers

    Which entrepreneurial base did the government aim to broaden through the issuance of licenses?

    <p>Entrepreneurs in newly emerging industries.</p> Signup and view all the answers

    What was the significance of Kilachands and Nanu Bhai Jewelers in the context of setting up basic chemical capacity in nylon and synthetic rubber?

    <p>They were large established Indian business houses.</p> Signup and view all the answers

    How did the government encourage competition through the licensing process?

    <p>By allowing large business houses and foreign firms to compete for licenses.</p> Signup and view all the answers

    What were the three primary objectives of distribution and price controls mentioned in the text?

    <p>Ensuring fair allocation, encouraging equity, and stabilizing prices.</p> Signup and view all the answers

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