Directions (1-15): Fill the gaps in the passage below with most appropriate word from the options given for each gap. The right words are the ones used by the author. Be guided by the author’s overall style and meaning when you choose the answer.
During the last thirty years we had (1) economic strategy of planned growth. This policy continued up to 1991 in which the State had to play a major role. (2) a period of time, the whole entrepreneurial abilities of a people were tied down to the (3) of all controls with a set of regulations and licenses – (4) that the Indian economy was called a “License Raj”. When you want to produce something, you need a license, to increase production you need a license, to re-allocate your resources, you needed a license - every decision was taken by the Babus (Bureaucrats)) rather than the entrepreneurs (5) And to these myriads of controls and regulations, the entire productive potential was tied (6) Liberalization basically meant unleashing the productive potential of people in terms of reducing the kind of (7) imposed over a period of time (8) the entrepreneurs. This is the true (9) of liberalization. Over a period of time in the 1950-60s when the private sector was not developed enough, it was only to be expected that the Government would need to come in a big way and take a lead in the industry as a producer. But in (10) of enthusiasm, I think, we overdid it so much so that by 1991 we were boasting of PSUs commanding heights in the Indian economy (11) the private sector. It turned out that, if you looked at the total investment made. It is above Rs.4,00,000 crore in the Public Sector Undertakings, Rs.2,50,000 crores for the State level Public Sector Undertakings and what is the rate of return that the country has given on this, it is really 2.5%. So we had to face a very (12) situation in 1991 where the Government was borrowing from the market at the rate of 14 % and was investing where the rate of return was (13) at 2.5 %. But this just could not go on. This was a sure recipe for disaster and indeed it did strike us. No matter you think how special you are, you are not immune from the basic laws of economics and we were made to realize that in terms of a (14) which started in 1991. And it was from then onwards that we started (15) our policies and have now come a long way.
During the last thirty years we had (1) economic strategy of planned growth. This policy continued up to 1991 in which the State had to play a major role. (2) a period of time, the whole entrepreneurial abilities of a people were tied down to the (3) of all controls with a set of regulations and licenses – (4) that the Indian economy was called a “License Raj”. When you want to produce something, you need a license, to increase production you need a license, to re-allocate your resources, you needed a license - every decision was taken by the Babus (Bureaucrats)) rather than the entrepreneurs (5) And to these myriads of controls and regulations, the entire productive potential was tied (6) Liberalization basically meant unleashing the productive potential of people in terms of reducing the kind of (7) imposed over a period of time (8) the entrepreneurs. This is the true (9) of liberalization. Over a period of time in the 1950-60s when the private sector was not developed enough, it was only to be expected that the Government would need to come in a big way and take a lead in the industry as a producer. But in (10) of enthusiasm, I think, we overdid it so much so that by 1991 we were boasting of PSUs commanding heights in the Indian economy (11) the private sector. It turned out that, if you looked at the total investment made. It is above Rs.4,00,000 crore in the Public Sector Undertakings, Rs.2,50,000 crores for the State level Public Sector Undertakings and what is the rate of return that the country has given on this, it is really 2.5%. So we had to face a very (12) situation in 1991 where the Government was borrowing from the market at the rate of 14 % and was investing where the rate of return was (13) at 2.5 %. But this just could not go on. This was a sure recipe for disaster and indeed it did strike us. No matter you think how special you are, you are not immune from the basic laws of economics and we were made to realize that in terms of a (14) which started in 1991. And it was from then onwards that we started (15) our policies and have now come a long way.
1. (1) Transformed (2) Followed
(3) Adopted (4) Derived
(5) Based
2. (1) In (2) For
(3) Over (4) Within
(5) Since
3. (1) Limited (2) Myriads
(3) Constraints (4) Fillips
(5) Stimulants
4. (1) So much so (2) So that so
(3) So well so (4) So that
(5) So for since
5. (1) Their self (2) Themselves
(3) Himself (4) There self
(5) Them
6. (1) Up (2) At par
(3) Well (4) Down
(5) With
7. (1) Constraints (2) Rules
(3) Injunctions (4) Notices
(5) Regulations
8. (1) Upon (2) On
(3) Over (4) With
(5) In
9. (1) Worth (2) Direction
(3) Lead (4) Meaning
(5) Intent
10. (1) Spite of (2) Flow of
(3) Spate of (4) Role of
(5) Temptation of
11. (1) Over (2) Upon
(3) On (4) Above
(5) At
12. (1) Disappointing (2) Strange
(3) Misleading (4) Unprecedented
(5) Mysterious
13. (1) Lowest (2) High
(3) Low (4) Only
(5) Alone
14. (1) Improvement (2) Growth
(3) Disaster (4) Crisis
(5) Cycle
15. (1) Improving (2) Reinventing
(3) Changing (4) Turning
(5) Observing
Answer
QUE | ANS | QUE | ANS | QUE | ANS |
1 | 3 | 6 | 4 | 11 | 1 |
2 | 3 | 7 | 1 | 12 | 2 |
3 | 2 | 8 | 2 | 13 | 3 |
4 | 1 | 9 | 4 | 14 | 4 |
5 | 2 | 10 | 3 | 15 | 3 |
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