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Economics · 2023 · 4 marks
CBSE 2023 · Region 1 · Set 1 · Q31
(a) Explain briefly the rationale behind the ‘License Raj’ under the Industrial Policy Resolution, 1956. (b) Define Multilateral trade.
(a)
Explain briefly the rationale behind the ‘License Raj’ under the Industrial Policy Resolution, 1956.
(b)
Define Multilateral trade.
Marking-scheme solution
(a)
The aim of License Raj under the Industrial Policy Resolution $\displaystyle 1956$, was to keep the private sector under control. No new industry was allowed unless a license was obtained from the Government. This policy was used for ensuring regional equality.
(b)
Multilateral trade refers to exchange of goods and services between more than two nations.
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CBSE Class 12 Economics past-paper question from the 2023 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.