Industry: UPSC Previous Year Questions (Indian Economy)
2 previous year UPSC Prelims questions on Industry (Indian Economy). Choose an option to see the answer and explanation.
Explanations state facts as of the year each question was asked; words like “recently” refer to that year.
Showing 1–2 of 2 questions
UPSC 2020Indian Economy · Industry
Q1. The term ‘West Texas Intermediate’, sometimes found in news, refers to a grade of
Explanation
West Texas Intermediate (WTI) is a grade of crude oil that serves as a major benchmark for oil prices globally. WTI is a high-quality, light, and sweet crude oil. It is called "light" because it has a low density, and "sweet" because it contains low sulfur content. These characteristics make it ideal for refining into gasoline and other high-demand petroleum products. It is one of the three major benchmarks for crude oil prices, alongside Brent Crude (from the North Sea) and Dubai Crude. It is widely used as a reference price for oil in the Americas. WTI prices often make headlines because they reflect global oil market trends and have significant implications for energy costs, economic stability, and geopolitical dynamics.
UPSC 2020Indian Economy · Industry
Q2. With reference to Trade-Related Investment Measures (TRIMS), which of the following statements is/are correct? 1. Quantitative restrictions on imports by foreign investors are prohibited. 2. They apply to investment measures related to trade in both goods and services. 3. They are not concerned with the regulation of foreign investment. Select the correct answer using the code given below:
Explanation
TRIMs (Trade-Related Investment Measures) are WTO rules governing investment measures that impact trade in goods. They aim to eliminate trade distortions by prohibiting practices like local content requirements, trade balancing, and quantitative restrictions. TRIMs promote free and non-discriminatory trade, ensuring compliance with GATT principles. Its focus on trade-related regulations rather than directly regulating foreign investments, fostering a fair and open international trading environment.
Statement 1 is correct: The Trade-Related Investment Measures (TRIMS) Agreement of the World Trade Organization (WTO) explicitly prohibits measures that require foreign investors to meet certain performance requirements, such as quantitative restrictions on imports. These restrictions are considered trade-distorting and are not allowed under the TRIMS Agreement.
Statement 2 is incorrect: The TRIMS Agreement only applies to investment measures related to trade in goods, not services. It focuses on ensuring that investment measures do not distort or restrict trade in goods. Trade in services is covered under the General Agreement on Trade in Services (GATS), which is separate from TRIMS.
Statement 3 is correct: The TRIMS Agreement is not concerned with the regulation of foreign investment itself. It focuses on ensuring that investment measures do not create trade distortions or restrictions. It does not regulate how countries manage foreign investment in terms of entry, ownership, or operational conditions.
Answer key for these questions
Q
UPSC year
Correct answer
1
2020
(a) Crude oil
2
2020
(c) 1 and 3 only
Frequently asked questions
How many previous year UPSC questions are there on Industry?
This page covers 2 previous year UPSC Prelims GS Paper-I questions on Industry (Indian Economy), asked from 1996 to 2025. Each has the correct answer and an explanation.
How should I use previous year UPSC questions for Prelims?
Attempt each question first, then open the answer and read the explanation for every option. Repeat by chapter, and track which statements UPSC reuses across years. Previous year questions show the exam pattern and difficulty level.
Which years are covered for Industry?
Questions on Industry (Indian Economy) are available for 19 years, from 1996 to 2025. Use the Year filter to practise a single paper.
