What measures do experts suggest to be taken to ensure targeted economic growth?

Lowering of interest rates to help industries hit by recession.

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Prolonged financial support for basic input industries.

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Incentives to Indian companies to invest in infrastucture.

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Formulation of policies and their implementation in factor markets.

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Stringent implementation of licensing system.

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Solution

The correct option is D
Formulation of policies and their implementation in factor markets.

Formulation of policies and their implementation in factor markets can ensure targeted economic growth, which can be concluded from the last paragraph of the passage.

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Q. 77. The Planning Commission was established in 1950 through a Government resolution to formulate long-term development Plans and to recommend them to the Union Cabinet. In framing its recommendations, the Commission has to act in close understanding and consultation with the ministries of the Central government and the governments of the States. The responsibility for policy decisions and implementation rests with the Central and State governments. Many have regarded and some still regard, that the Indian Plans are modelled on Soviet-type "command" planning. This is true only to the extent that there was considerable emphasis, particularly in the Second and Third Plans, on creation of a heavy industrial base under the auspices of the State. Under the aggressive intellectual leadership of Prof. P.C. Mahalanobis and a few other technical experts of the Commission, this objective was given a pride of place in development planning. Subsequently, as a result of severe difficulties, higher priority was accorded to agriculture. The Industrial policy resolutions of 1948 and 1956 provided the basic framework of industrial development and regulation. The Industrial policy Resolution of 1948 envisaged careful planning and integrated effort and that a progressively increased role will be assumed by the Central and State governments in the process of economic growth and in industrial development in particular, by the public sector within a mixed economy. It demarcated industries between the public and private sectors, providing for exclusive monopoly of the basic and infrastructural industries to the former. The Industrial policy Resolution of 1956 gave priority to development of heavy industries and machine-making industries, expansion of public sector, besides promoting the co-operative sector.
According to the passage what were the characteristics of 'command' planning?
1. Union and state governments were expected to take initiatives for creation of industrial infrastructure.
2. Planning for development became the important agenda.

Q. 76. The Planning Commission was established in 1950 through a Government resolution to formulate long-term development Plans and to recommend them to the Union Cabinet. In framing its recommendations, the Commission has to act in close understanding and consultation with the ministries of the Central government and the governments of the States. The responsibility for policy decisions and implementation rests with the Central and State governments. Many have regarded and some still regard, that the Indian Plans are modelled on Soviet-type "command" planning. This is true only to the extent that there was considerable emphasis, particularly in the Second and Third Plans, on creation of a heavy industrial base under the auspices of the State. Under the aggressive intellectual leadership of Prof. P.C. Mahalanobis and a few other technical experts of the Commission, this objective was given a pride of place in development planning. Subsequently, as a result of severe difficulties, higher priority was accorded to agriculture. The Industrial policy resolutions of 1948 and 1956 provided the basic framework of industrial development and regulation. The Industrial policy Resolution of 1948 envisaged careful planning and integrated effort and that a progressively increased role will be assumed by the Central and State governments in the process of economic growth and in industrial development in particular, by the public sector within a mixed economy. It demarcated industries between the public and private sectors, providing for exclusive monopoly of the basic and infrastructural industries to the former. The Industrial policy Resolution of 1956 gave priority to development of heavy industries and machine-making industries, expansion of public sector, besides promoting the co-operative sector.
Consider the following assumptions regarding the above passage.
1. The recommendations of Planning Commission is mandatory for Union and State governments.
2. Under industrial policy resolution 1948 both union government and state governments have to take some initiatives for economic growth through public sector undertakings.
3. The industrial policy resolution 1956 has prioritized heavy industries, machine making industries and cooperative sector through public sector undertakings.

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What measures do experts suggest to be taken to ensure targeted economic growth?

The correct option is D Formulation of policies and their implementation in factor markets. Formulation of policies and their implementation in factor markets can ensure targeted economic growth, which can be concluded from the last paragraph of the passage.

The correct option is D
Formulation of policies and their implementation in factor markets.

Formulation of policies and their implementation in factor markets can ensure targeted economic growth, which can be concluded from the last paragraph of the passage.