Q1: 1. What was the primary objective of the First Five-Year Plan in India (1951-1956)?

• A) Industrial development
• B) Agricultural development
• C) Infrastructure development
• D) Educational development

Q2: 2. Which sector received the highest allocation of funds in the Second Five-Year Plan (1956-1961)?

• A) Agriculture
• B) Industry
• C) Services
• D) Infrastructure

Q3: 3. Who was the Prime Minister of India during the period of the Third Five-Year Plan (1961-1966)?

• A) Jawaharlal Nehru
• B) Lal Bahadur Shastri
• C) Indira Gandhi
• D) Morarji Desai

Q4: 4. Which year saw the introduction of the Green Revolution in India?

• A) 1950
• B) 1964
• C) 1967
• D) 1972

Q5: 5. What was the main objective of the Fourth Five-Year Plan (1969-1974)?

• A) Poverty eradication
• B) Industrial modernization
• C) Rural development
• D) Export promotion

Q6: 6. Which economic crisis significantly impacted India during the early 1990s?

• A) Stock market crash
• B) Oil crisis
• C) Balance of payments crisis
• D) Housing bubble burst

Q7: 7. Who initiated the process of economic liberalization in India in 1991?

• A) Rajiv Gandhi
• B) P. V. Narasimha Rao
• C) Atal Bihari Vajpayee
• D) Manmohan Singh

Q8: 8. Which sector witnessed significant growth following the economic reforms of 1991?

• A) Agriculture
• B) Manufacturing
• C) Services
• D) Mining

Q9: 9. What was the main objective of the Eighth Five-Year Plan (1992-1997)?

• A) Export-led growth
• B) Poverty alleviation
• C) Infrastructure development
• D) Industrial expansion

Q10: 10. Which international organization played a key role in supporting India's economic reforms in the 1990s?

• A) World Bank
• B) International Monetary Fund
• C) Asian Development Bank
• D) World Trade Organization

Q11: 11. In which year did India witness a significant increase in foreign direct investment inflows?

• A) 1980
• B) 1991
• C) 1995
• D) 2000

Q12: 12. Which economic concept was a key feature of India's economic policies post-1991?

• A) Import substitution
• B) Export promotion
• C) Planned economy
• D) Protectionism

Q13: 13. What was the impact of the devaluation of the Indian rupee in 1991?

• A) Inflation
• B) Trade deficit reduction
• C) Increased foreign reserves
• D) Exchange rate stability

Q14: 14. Which sector benefited the most from the industrial reforms of the 1990s?

• A) Public sector enterprises
• B) Small-scale industries
• C) Foreign multinational corporations
• D) Private sector enterprises

Q15: 15. Which policy led to the dismantling of the License Raj in India?

• A) Import substitution
• B) Export promotion
• C) LPG (Liberalization, Privatization, Globalization)
• D) Green Revolution

Q16: 16. Which economic indicator improved significantly due to the economic reforms of the 1990s?

• A) Inflation rate
• B) Unemployment rate
• C) GDP growth rate
• D) Poverty rate

Q17: 17. Which sector saw the emergence of new opportunities following the IT revolution in the 1990s?

• A) Agriculture
• B) Manufacturing
• C) Services
• D) Construction

Q18: 18. What was the main objective of the Special Economic Zones (SEZs) policy introduced in India in 2000?

• A) Export promotion
• B) Poverty alleviation
• C) Industrial modernization
• D) Rural development

Q19: 19. Which industry played a key role in driving economic growth during the 1990s and early 2000s?

• A) Textile
• B) Automobile
• C) Information Technology
• D) Steel

Q20: 20. How did the reduction of import tariffs impact India's economy in the 1990s?

• A) Increased revenue
• B) Trade deficit reduction
• C) Export growth
• D) Inflation

Q21: 21. Which policy encouraged private investment in infrastructure projects in India post-1991?

• A) Public-Private Partnership (PPP)
• B) Nationalization
• C) Import substitution
• D) Subsidies

Q22: 22. What was the significance of the New Economic Policy announced in 1991?

• A) Emphasis on self-reliance
• B) Promotion of public sector dominance
• C) Acceleration of economic liberalization
• D) Expansion of import substitution

Q23: 23. How did the abolition of the Monopolies and Restrictive Trade Practices Act (MRTP) benefit the Indian economy?

• A) Increased competition
• B) Higher consumer prices
• C) Monopolistic control
• D) Export restrictions

Q24: 24. Which economic reform measure aimed to streamline and simplify the tax system in India post-1991?

• A) Goods and Services Tax (GST)
• B) Value Added Tax (VAT)
• C) Income Tax Act
• D) Corporate Tax Act

Q25: 25. How did the liberalization of capital markets impact India's economy in the 1990s?

• A) Reduced foreign investment
• B) Stock market crash
• C) Increased capital inflows
• D) Exchange rate depreciation