Indian Economy·Prelims Questions

License Raj System — Prelims Questions

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Version 1Updated 7 Mar 2026

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Q1medium

Which of the following statements correctly describes the primary objective of the Industries (Development and Regulation) Act, 1951 (IDRA) during the License Raj era?

Q2easy

Consider the following statements regarding the Industrial Policy Resolution (IPR) of 1956: 1. It classified industries into three schedules: A, B, and C. 2. Schedule A industries were exclusively reserved for the private sector. 3. It aimed to establish a 'socialist pattern of society'. Which of the statements given above is/are correct?

Q3medium

Which of the following was NOT a direct consequence of the License Raj system in India?

Q4easy

The term 'Hindu Rate of Growth' is associated with which of the following periods in Indian economic history?

Q5hard

Which of the following acts was eventually replaced by the Competition Act, 2002, marking a significant departure from the License Raj philosophy?