Directions (1Q - 3Q): Read the following passage carefully and answer the questions given below it. Certain parts are given in bold to answer some of the questions based on the passage.
Business law skill sets can greatly complement the network built and sectoral expertise acquired over years of working with the government. Due to the vast exposure and domain expertise gathered over years of working with the government, several unique career opportunities emerge for civil servants, ranging from being an in-house consultant, an advisor or entrepreneur (as explained below), which they can capitalize on within a few years of starting work itself or after retirement (whether it is after VRS or post superannuation). For example, engineers who have worked for the government or who have worked as officers of PSUs can become extremely sought-after business consultants if they
possess an understanding of business laws, commercial agreements and regulations, apart from technical knowledge.
Another
feasible option is to work as a business consultant who understands his or her own field and on-ground aspects of how the law applies to it. The market has a huge demand for such engineers. For these purposes, having practical legal skills is an added advantage. These skills can be acquired through prior experience, which has its own monetary and time costs or by pursuing a systematic course such as this: Diploma in Entrepreneurship Administration and Business Law. Government officers are known to wear different kinds of hats for private businesses – whether it is lobbying with the government for a beneficial policy for organizations operating in a particular sector (e.g. the hotels and hospitality industry or the IT sector), operating as financial or tax consultants or working as advisors on regulatory issues (such as competition, securities or tax issues), or working at the country’s best management consultancies (such as BCG or McKinsey), law firms, accountancy firms or as in-house advisors for companies. Some government officers even become independent consultants to private businesses and start a service business of their own based on such experience. These positions are very
lucrative, but require a sound understanding of how commercial arrangements and regulatory laws work.
I know of civil servants who started law firms which are top-rated in their area of practice. For example, one of India’s most famous boutique competition law firms, K.K. Sharma Law Offices, was set up by an Indian Revenue Service officer who served the government for two decades. Similarly, many government officers have started their own businesses – recall that Air Deccan, the famous airline which first started price-wars in the airline industry, was founded by Captain Gopinath, who served the Indian Army. Similarly
Ascent Capital, an extremely
renowned private equity fund with investments in technology, power, finance, and infrastructure space, was founded by a government official who worked with the revenue department and then with SEBI. Similarly, I know of several army officers who have started their own private security agencies.
Q1. Which of the following is the central theme of the passage?
A. Entrepreneurship, an opportunity for government officers.
B. What is the demand of Governments PSUs.
C. Business consultancy, entrepreneurship and new career opportunities
D. What is the difference between Government sector and private sector.
E. None of these
Answer - Option C
Explanation - Business consultancy, entrepreneurship and new career opportunities
Q2. Choose the word which is MOST SIMILAR in meaning to the word 'Renowned' as used in the passage?
A. Outsider
B. Finished
C. Interloper
D. Known
E. Concluded
Answer - Option D
Explanation - known
Q3. According to the passage, what is the huge demand of Market ?
A. Private business consultants.
B. Highly experienced Engineers.
C. Highly qualified government officials.
D. Market has huge demand for such engineers who are proficient in their field.
E. None of these
Answer - Option D
Explanation - Market has huge demand for such engineers who are proficient in their field.
Directions (4Q - 5Q): Read the following questions which are SENTENCE FILLERS and answer them below.
Q4. Contrary to popular belief, Prime Minister Indira Gandhi had ___________ to the July 1969 nationalisation not as an instrument necessary to achieve social goals but as a weapon to sack her political ___________, then finance minister Morarji Desai.
A. grubby, perceptible
B. littered, madden
C. ending, frenzy
D. resorted, rival
E. dried, disarrange
Answer - Option D
Explanation - resorted – turn to and adopt (a course of action, especially an extreme or undesirable one) so as to resolve a difficult situation.
rival – a person or thing competing with another for the same objective or for superiority in the same field of activity.
Q5. Armed with the Banking Regulation (Amendment) Act, 2017 and ___________ authorisation by the government, RBI has issued definitive directions to banks for time-bound resolution of stressed assets including through the ___________ and Bankruptcy Code (IBC), 2016.
A. disordered , monstrousness
B. disorganized, offensiveness
C. merciless, disturb
D. intense, discommode
E. subsequent, Insolvency
Answer - Option E
Explanation - subsequent – coming after something in time; following.
Insolvency – the state of being insolvent.