1. The banking sector was opened for the private sector.
2. Both Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR) were doubled.

Which of the above statements is/are correct?

1.               The reforms in the taxation sector of 1991 included increase of Tax rates to increase government’s revenues.

   1. In 1991, the rupee was devalued to get cheaper imports.

   Which of the above statements is/are incorrect?

India adopted the policy of full convertibility of rupee in 1991.

1. Consumer’s sovereignty is one of the outcomes of these reforms.

Which of the above statements is/are correct?

Major Agriculture reforms were also introduced along with Industrial reforms in 1991.

1991. India became a member of the general agreement on Trade and Tariff (GATT) in 1992 as a part of the Economic Reforms of 1991.

Which of the above statements is/are correct?

During the reform period, growth in all the three sectors of Indian Economy has gone up.

1. India is seen as a successful importer of auto parts, engineering goods and exporter of IT software and textiles in the reform period.

Which of the above statements is/are incorrect?

Short term borrowings generally stretches over a period of 12 months to 5 years.

1. National Bank for Agriculture and Rural Development (NABARD) is the only institutional source of rural credit.

Which of the above statements is/are correct?

The rapid growth in the production of oil seeds is known as Golden Revolution.

1. After the initiation of reforms in 1991, during the 1990s, the average agriculture sector growth was doubled when compared with the previous decade.

Which of the above statements is/are correct?

It is costlier than Conventional Agriculture as organic input costs are much higher.

1. It requires more labour than the Conventional Agriculture.

Which of the above statements is/are correct?

1. Human capital formation leads to a higher unemployment rate.
2. India recognised the importance of human capital in economic growth in its 7th five year plan itself.

Which of the above statements is/are incorrect?

1. During 1952-2010, education expenditure as percentage of total government expenditure increased constantly.
2. The Education Commission (1964-66) had recommended that at least 6% of GDP to be spent on education so as to make a noticeable rate of growth in education.

Which of the above statements is/are correct?

1. Rising levels of population of a country automatically leads to Human Capital Formation in the long run.
2. In 1867, Dadabhai Naoroji put forward the ‘brain drain' theory.

Which of the above statements is/are correct?

1. In India, nearly 70% workforce is found in urban areas.
2. Percentage of female workforce as a total workforce is higher in rural areas than urban areas.

Which of the above statements is/are correct?

1. Workforce Participation Rate is measured as the ratio between workforce and total population of a country.
2. Rate of Unemployment is measured as the ratio between number of persons unemployed and total population of a country.

Which of the above statements is/are incorrect?

1. ‘Electricity’ is included in the Tertiary Sector of Indian Economy.
2. ‘Gas and Water Supply’ is included in the Secondary Sector of Indian Economy.

Which of the above statements is/are correct?

1. It exists when marginal physical productivity of labour is zero or positive.
2. It is invisible.

Which of the above statements is/are correct?

1. The Five Year Plans in India have not been designed for employment generation.
2. The number of unemployed has actually increased instead of decreasing during the plan period.

Which of the above statements is/are incorrect?

1. Geo thermal energy is a Conventional Source of Energy.
2. Improvements in water supply and sanitation have a large impact on human health by increasing morbidity.

Which of the above statements is/are correct?

1. At present, India’s nuclear energy share out of total energy is much higher than the global average.
2. Maternal and child health care is one of the components of Tertiary Healthcare.

Which of the above statements is/are correct?

1. Shifting cultivation helps in soil conservation.
2. ‘Sustained rise in real per capital income and economic welfare’ is one of the features of Sustainable Development.

Which of the above statements is/are incorrect?

1. In India, SEZs(Special Economic Zones) are offering robust infrastructural facilities to Foreign portfolio investors (FPIs).
2. India announced its first Five Year Plan earlier than both China and Pakistan.

Which of the above statements is/are correct?