Read the following statements carefully and choose the correct option regarding Assertion (A) and Reason (R). Assertion (A): The New Economic Policy of 1991 resulted in the abolition of industrial licensing for most industries. Reason (R): Licensing was re-imposed to regulate growing private sector monopolies.
A is true but R is false.
Assertion (true): The New Industrial Policy of 24 July 1991 abolished compulsory industrial licensing for most industries, retaining it only for a small list (originally 18, since reduced to a handful) involving security, strategic concerns, environmental issues or hazardous chemicals.
Reason (false): Licensing was not later re-imposed to regulate private monopolies. On the contrary, the trend through the 1990s and 2000s was further deregulation. Concerns about monopolies were addressed through competition law — the MRTP Act gave way to the Competition Act of 2002 — not through restoring the licence raj.
Hence A is true but R is false — option (3).
Similar Questions
Which of the following comes under the Quarternary sector?
Private ownership of the means of production is a feature of a _______ economy.
In ________ economies, all productive resources are owned and controlled by the government.
A situation where the expenditure of the government exceeds its revenue is known as _____.
Which among the following is not a direct tax?
Which tax causes a burden on the poorer section of the society?
Short run marginal cost curve cuts the short run average cost curve from _______ at the minimum point of short run average cost.
Goods for which demand move in the opposite direction of the income of the consumer are called?
If the ___________ firm has zero costs or only has fixed cost, the quantity supplied in equilibrium is given by the point where the average revenue is zero.
SHG promotes thrift in small proportion by a minimum contribution from each member of the group. What does 'H' stand for in SHG?
Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
