2009 General Studies, all questions
UPSC Prelims 2009 · General Studies
Question 119: Economy and Social Development
In the context of independent India's economy, which one of the following was the earliest event to take place ?
aNationalisation of Insurance companies
bNationalisation of State Bank of India
cEnactment of Banking Regulation Act
dIntroduction of First Five-Year Plan
AnswerThe answer is (c).
Put the events in order. The Banking Regulation Act was enacted in 1949 (originally as the Banking Companies Act). The First Five-Year Plan began in 1951. The State Bank of India was formed by taking over the Imperial Bank in 1955. Life insurance was nationalised in 1956 with the creation of LIC. The earliest was the Banking Regulation Act.
Why each option is right or wrong
- (a) Life insurance nationalisation came in 1956.
- (b) SBI was nationalised in 1955.
- (c) Right: the Banking Regulation Act came first, in 1949.
- (d) The First Five-Year Plan began in 1951.
Explanation: written by UPSC Grade, not by UPSC.
Source: UPSC, Civil Services (Preliminary) Examination 2009, General Studies. UPSC's own paper isn't online; the words are from a published compilation. The paper on upsc.gov.in.