QUIZ – 2020: INSIGHTS STATIC , 30 March 2021 – Economy

Solution: b)

Directorate General of Foreign Trade (DGFT) organisation is an attached office of the Ministry of Commerce and Industry and is headed by Director General of Foreign Trade. DGFT is responsible for implementing the Foreign Trade Policy with the main objective of promoting India’s exports. Keeping in line with liberalization and globalization and the overall objective of increasing of exports, DGFT has since been assigned the role of “facilitator”. The shift was from prohibition and control of imports/exports to promotion and facilitation of exports/imports, keeping in view the interests of the country.

At least 80 years after it was established, the Labour Bureau, the data and survey wing of the union labour ministry, has got a logo that encapsulates the essence of three core areas – rural, agriculture and industrial workers.

The logo represents three goals that Labour Bureau aims to achieve in producing quality data — accuracy, validity and reliability.

The foundations of Labour Bureau can be traced to the Royal Commission on Labour in 1931, which underlined the need for systematic collection of labour statistics relating to living, working and socio-economic conditions of industrial labour.

Solution: a)

The government has removed all the items from the original list of over 800 items reserved for exclusive production by the MSME sector, thus bringing to an end a policy regime being followed since the 1960s to promote and facilitate the small sector, considered a big employment generator.

Arms and ammunition and allied items of defence equipment

Defence aircraft and warships.

Atomic Energy.

Coal and lignite

Mineral oils.

Mining of iron ore, manganese ore, chrome ore, gypsum, sulphur, gold and diamond.

Mining of copper, lead, zinc, tin, molybdenum and wolfram.

Minerals specified in the Schedule to the Atomic Energy (Control of production and use) Order, 1953.

Railway transport.

Solution: a)

Capital Goods refer to products that are used in the production of other products but are not incorporated into the new product. These include machine tools, industrial machinery, process plant equipment, construction & mining equipment, electrical equipment, textile machinery, printing & packaging machinery etc.

They are deployed to help increase future production. Consumer goods are any goods that are not capital goods; they are goods used by consumers and have no future productive use.

Textiles makeup consumer goods.

Financial Services Industry produce services, which are essentially consumed, or may be used further in the economic process, but they are not classified as capital goods industries as such.

Solution: a)

On the basis of employment conditions, activities in the economy are classified as organised and unorganised. The sector, which is registered with the government is called an organised sector. The sector which is not registered with the government and whose terms of employment are not fixed and regular is considered as unorganised sector.

The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and services (tertiary).