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(Bank P.O. 1994)
A leading Indian industrialist in a recent article on ways to strengthen India’s economy has drawn attention to the problems of inflation and industrial sickness among other things. One of the main reasons for industrial sickness in our country has been the fact that business and industrial managers have not been able to look beyond the immediate future. They have been too preoccupied with their attempts to report favourable results for the current year- higher profits and larger dividends to the shareholders. The planning horizon has hardly ever exceeded five years. Investees have been
Inadequate for new plants and towards diversification and expansions. Modernization and asset creation has seriously lagged behind. In business, growth is needed for survival; one has to grow if one does not want to be wiped out. This is particularly true today with the liberalization of imports and increasing competition. Moreover, growth and higher productivity create employment and higher employment creates larger markets both for industrial and consumer products. It was Henry Ford who brought home the need for the creation of a larger and a more stable middle class, that is, a larger number of people who can afford more and more of goods and services. Even after forty years of independence, our industrialists have not been able to shed the petty shopkeeper’s mentality and our highly educated management has tagged along merrily and without concern. (Bank P.O. 1994)
1. Which of the following shortcomings of Indian industrialists has been highlighted by the author?
(a) They invest an unreasonable high amount on diversification and expansion.
(b) They are more concerned about immediate net gains than for developmental activities.
(c) They are reluctant to maintain the shopkeeper mentality.
(d) They are less concerned about the payment of dividends to shareholders.
(e) None of the above
2. The leading industrialist attributes industrial sickness mainly to
(a) lacunae in five-year plans
(b) preoccupations of managers with matters unrelated to business
(c) higher profits and larger dividends to shareholders
(d) lack of foresight among managers
(e) inflation and other economic problems
3. According to the passage, growth and increasing productivity lead to
(a) the imposition of restrictions on imports
(b) employment and thus provide an outlet to industrial and consumer products
(c) encouragement to the export of excess consumer goods
(d) disproportionate surplus of commodities
(e) None of the above
4. Why did Henry Ford stress the need for a more stable middle class?
(a) They are mostly service oriented.
(b) They do not have a shopkeeper mentality.
(c) They can afford to buy more and more expensive goods.
(d) They are the most unstable.
(e) None of these
5. ‘The planning horizon has hardly ever exceeded five years’ implies
(a) Planning should not be for a period of fewer than five years.
(b) The planning process is very time-consuming.
(c) The planners are not inclined to think of the future.
(d) Planning should take care of all probable ups and downs in the next five-year period.
(e) The five-year period is too short for successful implementation of plans.
6. According to the passage, the net gains pursued by managers are at the cost of
(a) Diversification, modernization and asset creation
(b) Availability of markets for industrial and consumer products
(c) Inflation and industrial sickness
(d) Liberalization of imports and increasing competition
(e) Higher profits and larger dividends to shareholders