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Q1Indian Economy·Economic Reforms since 1991PYQ 2024
Which of the following statements regarding CSR under the Companies Act is correct?
- ACSR includes expenditures made for the direct benefit of the company’s normal business
- BCSR rules specify no spending threshold at all
- CExpenditure benefiting the company directly in its normal course is not treated as CSRCorrect
- DCSR is mandatory for every micro-enterprise in India
Explanation
Correct. Activities that directly benefit the company in the normal course of business are not counted as CSR expenditure.
Why the other options are incorrect
- Option A
Such expenditure is excluded from CSR because CSR must go beyond ordinary business benefit.
- Option B
CSR rules do specify eligibility and spending requirements for certain companies.
- Option D
CSR applicability is based on net worth, turnover and profit thresholds, not all micro-enterprises.
Q2Indian Economy·Economic Reforms since 1991PYQ 2022
Which of the following statements about foreign e-commerce entities in India is correct?
- AThey may freely own inventory and sell it directly in marketplace model FDI
- BTheir ownership links with major sellers on their platforms are restrictedCorrect
- CThey are completely prohibited from participating in Indian e-commerce
- DThey are regulated by the RBI alone
Explanation
Correct. Marketplace model FDI allows platform operation, but ownership and control over sellers are regulated and limited.
Why the other options are incorrect
- Option A
Inventory-based ownership by foreign marketplace entities is restricted under India’s FDI policy.
- Option C
Foreign participation is allowed subject to policy conditions.
- Option D
FDI policy involves DPIIT and other regulatory frameworks, not RBI alone.
Q3Indian Economy·Economic Reforms since 1991PYQ 2020
Post-1991 liberalization in rural India was associated with:
1. Non-farm economy growth in rural areas
2. Decline in growth rate of rural employment
Which of the statements given above is/are correct?
- A1 only
- B2 only
- CBoth 1 and 2Correct
- DNeither 1 nor 2
Explanation
Correct. Post-1991, rural areas saw non-farm economic growth but also a deceleration in the growth rate of rural employment.
Why the other options are incorrect
- Option A
Statement 2 is also correct based on post-reform rural employment data.
- Option B
Statement 1 is also correct; non-farm activities expanded in rural India.
- Option D
Both statements are supported by employment data from the post-reform period.
Q4Indian Economy·Economic Reforms since 1991PYQ 2020
Which of the following is most closely related to ease of doing business reforms?
- ASimplifying approvals, registration, taxation compliance and contract enforcementCorrect
- BFixing MSP for foodgrains
- CIncreasing CRR to control inflation
- DImposing exchange controls on all trade invoices
Explanation
Correct. Ease of doing business reforms target procedural simplification, regulatory predictability and transaction-cost reduction.
Why the other options are incorrect
- Option B
MSP is an agricultural pricing issue.
- Option C
CRR is a monetary policy tool.
- Option D
Blanket exchange controls are not ease of doing business reforms.
Q5Indian Economy·Economic Reforms since 1991PYQ 2019
With reference to the Indian Patents Act, consider the following statements:
1. A plant variety is not patentable in India.
2. A mere biological process for the production of plants is not patentable.
3. Intellectual Property Appellate Board no longer exists.
Which of the statements given above are correct?
- A1 and 2 only
- B2 and 3 only
- C1 and 3 only
- D1, 2 and 3Correct
Explanation
Correct. Plant varieties and essentially biological processes are excluded from patentability, and the IPAB has since been abolished.
Why the other options are incorrect
- Option A
Statement 3 is also correct after tribunal reforms.
- Option B
Statement 1 is also correct, so this is incomplete.
- Option C
Statement 2 is also correct, so this is incomplete.
Q6Indian Economy·Economic Reforms since 1991PYQ 2018
The Food Safety and Standards Act, 2006 primarily did which of the following?
- AReplaced the Prevention of Food Adulteration framework with an integrated food safety regimeCorrect
- BAbolished all food labeling requirements
- CTransferred food regulation entirely to states
- DCreated the National Pharmaceutical Pricing Authority
Explanation
Correct. The 2006 Act consolidated food laws and established the Food Safety and Standards Authority of India.
Why the other options are incorrect
- Option B
The Act strengthened rather than abolished labeling and safety requirements.
- Option C
Food regulation involves shared responsibilities; it was not transferred entirely to states.
- Option D
NPPA is unrelated to this law.
Q7Indian Economy·Economic Reforms since 1991PYQ 2017
The National IPR Policy of India is best understood as a policy framework to:
- AAbolish all patent protection in agriculture
- BPromote innovation, awareness, commercialization and enforcement of intellectual property rightsCorrect
- CReplace the WTO Agreement on TRIPS
- DTransfer all IPR disputes to state governments
Explanation
Correct. The National IPR Policy seeks to foster creativity and innovation while strengthening IP administration, awareness and enforcement.
Why the other options are incorrect
- Option A
India did not abolish patent protection through the policy.
- Option C
Domestic policy cannot replace an international treaty obligation like TRIPS.
- Option D
IP administration is not transferred wholesale to state governments.
Q8Indian Economy·Economic Reforms since 1991PYQ 2017
The National Investment and Infrastructure Fund (NIIF) is:
- AA constitutional body that regulates all PPP contracts
- BA sovereign-linked investment platform created to catalyze infrastructure financingCorrect
- CA multilateral bank owned by BRICS only
- DA subsidy scheme for farm mechanization
Explanation
Correct. NIIF is an investment platform with government participation designed to attract long-term capital for infrastructure and related sectors.
Why the other options are incorrect
- Option A
NIIF is not a constitutional regulator.
- Option C
It is not a BRICS-owned multilateral bank.
- Option D
It is unrelated to farm mechanization subsidy.
Q9Indian Economy·Economic Reforms since 1991PYQ 2017
Post-1991 reforms in India were associated with which of the following?
1. Rise in foreign exchange reserves
2. Greater openness to foreign investment
3. Expansion of exports as a share of GDP
Select the correct answer using the code given below:
- A1 and 2 only
- B2 and 3 only
- C1 and 3 only
- D1, 2 and 3Correct
Explanation
Correct. Liberalization increased openness, boosted foreign investment inflows and was associated with higher reserves and export integration over time.
Why the other options are incorrect
- Option A
Exports also expanded in importance, so this is incomplete.
- Option B
Foreign reserves also rose strongly over time, so this is incomplete.
- Option C
Foreign investment openness was also a major reform feature, so this is incomplete.
Q10Indian Economy·Economic Reforms since 1991PYQ 2017
Which of the following statements about the Benami Transactions (Prohibition) Amendment framework is correct?
- ABenami property cannot be attached by authorities under any circumstances
- BBenami property can be liable to confiscation under lawCorrect
- CBenami law deals only with cash transactions, not property
- DThere is no appellate mechanism under the law
Explanation
Correct. The amended framework provides for attachment and eventual confiscation of benami properties subject to due process.
Why the other options are incorrect
- Option A
Attachment and confiscation are central enforcement tools under the benami law.
- Option C
The law is aimed at property held benami, not only cash transactions.
- Option D
An adjudicatory and appellate process exists under the legal framework.
Q11Indian Economy·Economic Reforms since 1991PYQ 2016
The Financial Stability and Development Council (FSDC) in India is associated with:
- AOverall macro-prudential financial sector coordinationCorrect
- BSetting minimum support prices for crops
- CManaging the Public Distribution System
- DApproving Five Year Plans
Explanation
Correct. The FSDC is a high-level coordination body for financial stability, inter-regulatory coordination and development of the financial sector.
Why the other options are incorrect
- Option B
Agricultural pricing is not its role.
- Option C
Food distribution is outside its mandate.
- Option D
Planning functions are unrelated to the FSDC.
Q12Indian Economy·Economic Reforms since 1991PYQ 2016
District Mineral Foundations were created primarily to:
- AFinance monetary policy operations
- BBenefit persons and areas affected by mining-related operationsCorrect
- CSubsidize foreign direct investment in mining
- DRegulate stock exchange listings of mining firms
Explanation
Correct. District Mineral Foundations are meant to work for the interest and benefit of people and areas affected by mining.
Why the other options are incorrect
- Option A
DMFs have nothing to do with monetary operations.
- Option C
They are welfare-development institutions, not FDI subsidies.
- Option D
Capital market regulation is outside their mandate.