6N) Economic Institutions, Laws and Policies (Prelims PYQs)

2022 Prelims PYQs

1] With reference to foreign-owned e-commerce firms. operating in India, which of the following statements is/are correct? [2022]

1. They can sell their own goods in addition to offering their platforms as market-places.
2. The degree to which they can own big sellers on their platforms is limited.
Select the correct answer using the code given below:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

2019 Prelims PYQs

1] Which of the following statements is/are correct regarding the Maternity Benefit (Amendment) Act, 2017? [2019]

1. Pregnant women are entitled for three months pre-delivery and three months post-delivery paid leave.
2. Enterprises with creches must allow the mother minimum six creche visits daily.
3. Women with two children get reduced entitlements.
Select the correct answer using the code given below.

a) 1 and 2 only
b) 2 only
c) 3 only
d) 1, 2 and 3

2] Consider the following statements: [2019]

1. According to the Indian Patents Act, a biological process to create a seed can be patented in India.
2. In India, there is no Intellectual Property Appellate Board.
3. Plant varieties are not eligible to be patented in India.
Which of the statements given above is/are correct?

a) 1 and 3 only
b) 2 and 3 only
c) 3 only
d) 1, 2 and 3

2018 Prelims PYQs

1] Consider the following statements: [2018]

1. The Food Safety and Standards Act, 2006 replaced the Prevention of Food Adulteration Act, 1954.
2. The Food Safety and Standard Authority of India (FSSAI) is under the charge of Director General of Health Services in the Union Ministry of Health and Family Welfare.
Which of the following statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 and 2

2017 Prelims PYQs

1] Consider the following statements: [2017]

1. The Standard Mark of Bureau of Indian Standards (BIS) is mandatory for automotive tyres and tubes.
2. AGMARK is a quality Certification Mark issued by the Food and Agriculture Organisation (FAO).
Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

2] With reference to ‘Quality Council of India (QCI)’, consider the following statements: [2017]

1. QCI was set up jointly by the Government of India and the Indian Industry.
2. Chairman of QCI is appointed by the Prime Minister on the recommendations of the industry to the Government.
Which of the above statements is/are correct?

a) 1 only
b) 2 only
c)  Both 1 and 2
d) Neither 1 nor 2

3] With reference to the National Intellectual Property Rights Policy, consider the following statements: [2017]

1. It reiterates India’s commitment to the Doha Development Agenda and the TRIPS Agreement.
2. Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India.
Which of the above statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

4] With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct? [2017]

1. It is an organ of NITI Aayog.
2. It has a corpus of Rs. 4, 00,000 crore at present.
Select the correct answer using the code given below:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

5] With reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)’, consider the following statements: [2017]

1. A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction.
2. Properties held benami are liable for confiscation by the Government.
3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism.
Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) 1 and 3 only
d) 2 and 3 only

2016 Prelims PYQs

1] With reference to pre-packaged items in India, it is mandatory to the manufacturer to put which of the following information on the main label, as per the Food Safety and Standards (Packaging and Labelling) Regulations, 2011? [2016]

1. List of ingredients including additives
2. Nutrition information
3. Recommendations, if any, made by the medical profession about the possibility of any allergic reactions
4. Vegetarian/non-vegetarian
Select the correct answer using the code given below.

a) 1, 2 and 3
b) 2, 3 and 4
c) 1, 2 and 4
d) 1 and 4 only

2] What is/are the purpose/purposes of `District Mineral Foundations’ in India? [2016]

1. Promoting mineral exploration activities in mineral-rich districts
2. Protecting the interests of the persons affected by mining operations
3. Authorizing State Governments to issue licences for mineral exploration
Select the correct answer using the code given below.

a) 1 and 2 only
b) 2 only
c) 1 and 3 only
d) 1, 2 and 3

3] With reference to ‘Financial Stability and Development Council’, consider the following statements: [2016]

1. It is an organ of NITI Aayog.
2. It is headed by the Union Finance Minister.
3. It monitors macro-prudential supervision of the economy.
Which of the statements given above is/are correct?

a) 1 and 2 only
b) 3 only
c) 2 and 3 only
d) 1, 2 and 3

2014 Prelims PYQs

1] Which of the following are associated with ‘Planning’ in India? [2014]

1. The Finance Commission
2. The National Development Council
3. The Union Ministry of Rural Development
4. The Union Ministry of Urban Development
5. The Parliament
Select the correct answer using the code given below:

a) 1, 2 and 5 only
b) 1, 3 and 4 only
c) 2 and 5 only
d) 1, 2, 3, 4 and 5

2013 Prelims PYQs

1] Consider the following statements: [2013]

1. National Development Council is an organ of the Planning Commission.
2. The economic and social planning is kept in the concurrent list in the constitution of India.
3. The constitution of India prescribes that Panchayats should be assigned the task of preparation of plans for economic development and social justice.
Which of the statement given above is/are correct?

a) 1 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3

2] Who among the following constitute the National Development Council? [2013]

1. The prime minister
2. The chairman, finance commission
3. Ministers of the union cabinet
4. Chief ministers of the state
Select the correct answer using the codes given below.

a) 1, 2 and 3 only
b) 1, 3 and 4 only
c) 2 and 4 only
d) 1, 2, 3, and 4

2012 Prelims PYQs

1] Which of the following is / are among the noticeable features of the recommendations of the Thirteenth Finance Commission? [2012]

1. A design for the Goods and Services Tax, and a compensation package linked to adherence to the proposed design
2. A design for the creation of lakhs of jobs in the next ten years in consonance with India’s demographic dividend
3. Devolution of a specified share of central taxes to local bodies as grants

Select the correct answer using the codes given below:
a) 1 Only                             b) 2 & 3 Only
c) 1 & 3 Only                      d) 1, 2 & 3

2011 Prelims PYQs

1] With reference to the finance commission of India, which of the following statements is correct? [2011]

a) It encourages the inflow of foreign capital for infrastructure development.
b) It facilities the proper distributor  of finances among the public section undertakings.
c) It ensures transparency in financial administration.
d) None of the statements (a), (b) and (c) given above is correct in his context.

2010-1995 Prelims PYQs

1] In India, which of the following is regulated by the Forward Markets Commission? [2010]

a) Currency Futures Trading
b) Commodities Futures Trading.
c) Equity Futures Trading
d) Both Commodities Futures and Financial Futures Trading.

2] In India, who is the Chairman of the National Water Resources Council? [2009]

a) Prime Minister
b) Minister of Water Resources
c) Minister of Environment and Forests
d) Minister of Science and Technology

3] Which of the following are the public sector undertakings of the Government of India? [2008]

1. Balmer Lawrie and Company Ltd.
2. Dredging Corporation of India
3. Educational Consultants of India Ltd.

Select the correct answer using the code given below:
a) 1 and 2 Only                 b) 2 and 3 Only
c) 1 and 3 Only                  d) 1 , 2 and 3

4] Who among the following is the president of the FICCI? [2005]

a) Sunil Mittal
b) Brijmohan Lal Munal
c) Onkar S. Kunwar
d) Vivek Burman

5] Who among the following is not a member of the Investment Commission formed in December, 2004? [2005]

a) Ratan Tata
b) Deepak Parekh
c) Ashok Ganguly
d) Kumarmangalam Birla

6] Consider the following statements: [2004]

1. The highest deciding body for planning in India is the Planning Commission of India.
2. The Secretary of the Planning Commission of India is also the Secretary of National Development Council.
3. The Constitution includes economic and social planning in the Concurrent List in the Seventh Schedule of the
Constitution of India.

Which of the statements given above is/are correct?
a) 1 and 2            b) 2 and 3
c) 2 only              d) 3 only

7] The government holding in BPCL is: [2003]

a) More than 70%
b) Between 60% and 70%
c) Between 50% and 60%
d) Less than 50%

8] Consider the following statements: The function(s) of the Finance Commission is/are: [2003]

1. To allow the withdrawal of money out of the Consolidated Fund of India.
2. To allocate between the States the shares of proceeds of taxes.
3. To consider applications for grants-in-aid from States.
4. To supervise and report on whether the Union and State governments are levying taxes in accordance with the budgetary provisions.

Which of these statements is/are correct?
a) Only 1              b) 2 and 3
c) 3 and 4            d) 1, 2 and 4

9] Survey of India is under the Ministry of: [2003]

a) Defence
b) Environment and forests
c) Home Affairs
d) Science and Technology

10] Consider the following statements: The objectives of the National Renewal Funds set up in February 1992 were: [2002]

1. To give training and counselling for workers affected by retrenchment or VRS.
2. Redeployment of workers

Which of these statements is/are correct?
a) Neither 1 nor 2             b) Both 1 and 2
c) 1 only                              d) 2 only

11] Consider the following financial institutions of India: [2002]

1. Industrial Finance Corporation of India (IFCI)
2. Industrial Credit and Investment Corporation of India (ICICI)
3. Industrial Development Bank of India (IDBI)
4. National Bank for Agriculture and Rural Development (NABARD)

The correct chronological sequence of the establishment of these institutions is
a) 1, 2, 3, 4                          b) 2, 3, 4, 1
c) 3, 4, 1, 2                          d) 4, 1, 2, 3

12] ‘Eco mark’ is given to the Indian products that are: [1998]

a) Pure and unadulterated
b) Rich in proteins
c) Environment friendly
d) Economically viable

13] Match List I with List II and select the correct answer by using the codes given below the lists: [1997]

List I (Committees)    
I. Disinvestment of shares in Public Sector Enterprises                 
II. Industrial Sickness    
III. Tax Reforms                
IV. Reforms in Insurance Sector 
List II (Chaired by) 
A) Rajah Chelliah
B) Onkar Goswami
C) R.N. Malhotra
D) C. Rangarajan

Codes:
a) I-A, II-D. III-B, IV-C
b) I-D, II-B, III-A, IV-C
c) I-D, II-A, III-B, IV-C
d) I-A, II-C, III-D, IV-B

14] Consider the following: [1995]

I. Industrial Finance Corporation of India
II. Industrial Credit and Investment Corporation of India
III. Industrial Development Bank of India
IV. Unit Trust of India

The correct sequence in which the above were established is
a) I, II, IV, III                        b) I, III, II, IV
c) IV, III, II, I                        d) I, IV, III, II

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