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Read the following text carefully and answer the given questions on the basis of the same and common understanding. The stabilisation and structural adjustment measures, initiated under the 1991 “Economic Reforms” mark a watershed moment in India’s economic policies. For almost three decades since independence, India’s development strategy and economic policies were guided by the objectives of accelerating the growth of output and employment with social justice and equity. Ever since the 1970’s, it was realised that many of the regulations on economic activities have outlived their usefulness and were in fact hampering economic growth and development. In response to this, the government initiated some milder liberalisation reforms for almost a decade since the early 1980’s. However, the Indian economy soon had to face the Gulf crisis and consequently : (i) The uncertainties about the oil prices; (ii) The external payment problems; (iii) The serious inflationary pressures; (iv) The scarcities of essential commodities; (v) The deterioration of fiscal discipline, etc. These led to the Indian economy on the verge of Economic crisis. In response to this emerging crisis, the Government initiated a set of stabilisation and structural reforms like : (i) Reduction in fiscal deficit; (ii) Containment of growth in money supply; (iii) An exchange rate adjustment system etc. The key objective of stabilisation policy was to bring the growth of aggregate demand in line with long term growth path of the economy. In conjunction, the structural adjustment measures like; (i) industrial delicensing (ii) liberalisation of policy regime governing international trade (iii) deregulation of financial sector Were taken to improve the supply side of the economy This shifted the long-term growth path of the economy itself completely. (Adapted and modified) Source : https://niti.gov.in/planningcommission.gov.in/docs/reports/genrep/arep9099/at94-95.htm (a) Briefly outline any two reasons for the initiation of Economic Reforms in 1991. [2] (b) Government introduced a set of stablisation and structural reforms to solve the economic crisis. State the key initiatives and objectives of these policies adopted by the Government of India. [4]
Read the following text carefully and answer the given questions on the basis of the same and common understanding. The stabilisation and structural adjustment measures, initiated under the 1991 "Economic Reforms" mark a watershed moment in India's economic policies. For almost three decades since independence, India's development strategy and economic policies were guided by the objectives of accelerating the growth of output and employment with social justice and equity. Ever since the 1970's, it was realised that many of the regulations on economic activities have outlived their usefulness and were in fact hampering economic growth and development. In response to this, the government initiated some milder liberalisation reforms for almost a decade since the early 1980's. However, the Indian economy soon had to face the Gulf crisis and consequently : (i) The uncertainties about the oil prices; (ii) The external payment problems; (iii) The serious inflationary pressures; (iv) The scarcities of essential commodities; (v) The deterioration of fiscal discipline, etc. These led to the Indian economy on the verge of Economic crisis. In response to this emerging crisis, the Government initiated a set of stabilisation and structural reforms like : (i) Reduction in fiscal deficit; (ii) Containment of growth in money supply; (iii) An exchange rate adjustment system etc. The key objective of stabilisation policy was to bring the growth of aggregate demand in line with long term growth path of the economy. In conjunction, the structural adjustment measures like; (i) industrial delicensing (ii) liberalisation of policy regime governing international trade (iii) deregulation of financial sector Were taken to improve the supply side of the economy. This shifted the long-term growth path of the economy itself completely. (Adapted and modified) Source : https://niti.gov.in/planningcommission.gov.in/docs/reports/genrep/arep9099/at94-95.htm (a) Discuss any two reasons behind the introduction of Economic Reforms in 1991. (b) "In response to the emerging crisis in 1991, the Government initiated a set of stabilisation and structural reforms". Briefly discuss any three of such measures.
"Many economists believe that the economic reforms process of 1991 had adversely affected the agricultural sector." Do you agree with the given statement ? Quote valid arguments in favour of your answer. (i) Explain any two shortfalls of the industrial policy under the British rule. (ii) Quote the four goals of the five year plans process of India.
Discuss any two liberalisation measures pertaining to the financial sector, introduced by the Government of India during the economic reform process of 1991.
(i) State the meaning of 'Privatisation'. (ii) 'Agriculture sector has been adversely affected by the Economic reform process.' Comment. State and explain any two main causes behind infrastructural development by British rule.
Read the following text carefully and answer the given questions on the basis of the same and common understanding : India urged the World Trade Organisation (WTO) to relax rules to allow the country to export food grains from its public stocks to the nations facing food crises. India can help, reduce food insecurity but there is hesitation on the part of the WTO, in relaxing its rules. India's Finance Minister said food, fuel and fertilizers are global public goods and ensuring access of these for developing and emerging economies is critical. She also shared India's experiences, including robust gains in agriculture production, citizen centric food security programmes and innovative delivery mechanisms such as the 'One Nation one Ration Card' Scheme. (Source : The Economic Times; July 16, 2022) (a) State and discuss any two objectives of World Trade Organisation. (b) Name any two steps taken by India to strengthen the food security.
Read the following statements – Assertion (A) and Reason (R). Choose the correct alternative given below : Assertion (A) : The excessive regulation of permit license raj prevented certain private firms from becoming fairly competitive. Reason (R) : Private sector wasted huge amounts in obtaining licenses rather than on improving the product quality and international competitiveness. Alternatives :
Read the following statements – Assertion (A) and Reason (R). Choose the correct alternative given below : Assertion (A) : World Trade Organization (WTO) is expected to establish the rule-based trading regime, to avoid unilaterally placed arbitrary restrictions by member nations. Reason (R) : It is imperative to enlarge world production and ensure optimum utilization of world resources along with environmental protection. Alternatives :
Identify which of the following is not a member nation of G20 :
(i) “Under the liberalisation measures taken by the Government of India, regulation of industrial sector was extremely crucial.” Reject or support the given statement with valid arguments. (ii) “Despite the implementation of Green Revolution, 65 per cent of India’s population continued to be engaged in the agriculture sector till the 1990s.” Justify the given statement with valid explanation. (i) “Every coin has two sides — debate over farm subsidies is one such classic example of the same.” Justify the given statement with two arguments each in favour of and against the continuation of the farm subsidies. (ii) State the importance of “Growth with equity” as the objective of Indian economic planning.
(i) "Under the liberalisation measures taken by the Government of India, financial sector reforms were extremely crucial." Reject or support the given statement with valid arguments. (ii) Clarify, how the Green Revolution enabled the government to procure sufficient food grains to build stocks to be used during the times of food shortages. (i) "Every coin has two sides - debate over farm subsidies is one such classic example of the same." Justify the given statement with two arguments each in favour of and against the continuation of the farm subsidies. (ii) State the importance of "Growth with equity" as the objective of Indian economic planning.
(i) "Under the liberalisation measures taken by the Government of India, Trade and Investment Policy reforms were extremely crucial." Reject or support the given statement with valid arguments. (ii) "Despite the implementation of Green Revolution, 65 per cent of India's population continued to be engaged in the agriculture sector till the 1990s." Justify the given statement with valid explanation. (i) "Every coin has two sides - debate over farm subsidies is one such classic example of the same." Justify the given statement with two arguments each in favour of and against the continuation of the farm subsidies. (ii) State the importance of "Growth with equity" as the objective of Indian economic planning.
Read the following statements : Assertion (A) and Reason (R). Choose the correct alternative given below : Assertion (A) : Goods and Services Tax (GST) was implemented by the Government of India on 8th November, 2016. Reason (R) : GST was introduced to implement a unified indirect tax system in India. Alternatives :
Identify which of the following is not a member nation of G20.
"Trade and Investment Policy of India had undergone comprehensive changes in the post reforms period of 1991." Do you agree with the given statement ? Justify your answer with any two valid arguments. Discuss any two salient features of Indian industrial sector during the period of 1950 - 1990.
Read the following statements : Assertion (A) and Reason (R). Choose the correct alternative given below : Assertion (A) : Goods and Services Tax (GST) was implemented by the Government of India on 8th November, 2016. Reason (R) : GST was introduced to implement a unified indirect tax system in India.
Read the following statements – Assertion (A) and Reason (R). Choose one of the correct alternatives given below : Assertion (A) : License Permit Raj was a major obstacle for growth of private sector. Reason (R) : Private sector wasted huge amount in obtaining licences, rather than on improving the product, quality and international competitiveness. Alternatives :
Elaborate how the economic reforms process of India impacted the following : (a) Agriculture sector (b) Industrial sector
Read the following statements – Assertion (A) and Reason (R). Choose one of the correct alternatives given below : Assertion (A) : License Permit Raj was a major obstacle for growth of private sector. Reason (R) : Private sector wasted huge amount in obtaining licences, rather than on improving the product, quality and international competitiveness.
Read the following statements carefully : Statement 1 : Outsourcing is one of the important outcome of globalization process. Statement 2 : Owing to globalization, many Indian companies have expanded their operation abroad. In the light of the given statements, choose the correct alternative from the following :
(i) "Indian economy has certain advantages, which have made it a favourite outsourcing destination." Do you agree with the given statement ? Give valid reasons in support of your answer. (ii) "In the post-reform period the government of India decided to privatise profit making Public Sector Undertakings (PSUs). Do you agree with the given statement ? Give valid arguments in support of your answer. (i) Explain the need and type of land reforms implemented in the agriculture sector. (ii) "Industrial sector performed poorly in the economic reform period." Elucidate the given statement.
Defend or refute the following statements with valid arguments : (i) "The policy of protectionism encouraged the growth of domestic industries, but at the same time proved to be an impediment." (ii) "New Economic Policy 1991 altered the role of Reserve Bank of India (RBI) in the economy." (i) Explain the changes that were observed in India's occupational structure during the British rule. (ii) "Navratan Policy of the government has helped in improving the performance of Public Sector Undertakings in India." Do you agree with the given statement ? Justify your answer with valid arguments.
India is NOT a member of which of the following regional/global economic grouping ?
Read the following statements - Assertion (A) and Reason (R). Choose the correct alternative from the options given below : Assertion (A) : Excessive regulation of permit license raj prevented certain private firms from becoming more efficient. Reason (R) : Private sector wasted a significant time in obtaining licenses rather than enhancing product quality and international competitiveness.
(i) Discuss briefly, causes and consequences of tax reforms taken by the Indian Government during economic reforms. (ii) Distinguish between Multilateral Trade and Bilateral Trade. (i) "Import substitution policy, if not applied carefully, can prove to be a double-edged sword for any economy." Do you agree with the given statement ? Justify your answer with valid arguments. (ii) Distinguish between stabilising measures and structural measures, as taken up by the Government of India in 1991.
(i) "Indian economy has greatly benefitted by the process of globalisation." Justify the given statement with valid arguments. (ii) Distinguish between Multilateral Trade and Bilateral Trade. (i) Discuss briefly the foreign exchange reforms undertaken by the Government of India in the post 1991 period. (ii) Distinguish between Tariffs and Quotas.
(i) “Indian economy has hugely benefitted by the disinvestment policy adopted by the Government of India in the post 1991 period.” Defend or refute the given statement with valid arguments. (ii) Distinguish between Tariffs and Quotas. (i) Discuss briefly the financial sector reforms undertaken by the Government of India in the post 1991 period. (ii) Distinguish between Multilateral Trade and Bilateral Trade.
Read the following statements - Assertion (A) and Reason (R). Choose the correct alternative from the options given below : Assertion (A) : Under the financial sector reforms introduced in 1991, foreign investment limit in banks was raised up to around 74%. Reason (R) : Foreign Institutional Investors (FIIs) were allowed to invest in Indian financial markets, post-1991.
"The trade and investment policy initiated by the Indian Government during 1991 economic reforms involved some major decision-making with respect to local industries." Elaborate any two major decisions and their respective impacts on the Indian economy. "British colonial rule in India resulted into systematic deindustrialisation of Indian indigenous industries." Explain the two-fold motive of the British with valid arguments.
Identify, which of the following correctly defines liberalization. (Choose the correct option)
(i) "Globalisation has been a process for India with only positive results." Defend or refute the given statement with valid explanation. (ii) "The goal of equity was served by 'Abolition of Intermediaries' in agriculture in the post independence period." Do you agree with the given statement ? Support your answer with valid explanation. (i) "Farm subsidies put a huge burden on the government finances, but are necessary for poor and marginal farmers." Justify the given statement with valid explanation. (ii) Discuss briefly the role of small scale industries in generating of employment and equity in India under the planning period.
Recently, India hosted and chaired the summit of __________ one of the regional and economic groupings. (Choose the correct option to fill in the blank)
Outsourcing from India has become more intensified in recent times due to the expansion of the __________ sector. (Choose the correct option to fill in the blank)
Some economists argue that : "Post-1991 economic reforms, globalisation played a major role in poor performance of the industrial sector." Present your arguments to justify the given statement.
"India has become a favourable destination of outsourcing for most of the Multinational Companies (MNCs)." Justify the given statement with valid arguments.
___________ implies shedding of the ownership or management of a government owned enterprise. (Choose the correct alternative to fill in the blank)
The geographical areas in which specific laws are applied to encourage foreign investments are known as __________ . (Choose the correct alternative to fill in the blank)
Read the following statements carefully : Statement 1 : India has been the front runner of advocating the interests of the developing world. Statement 2 : Keeping its commitment, India has not removed the quantitative restrictions. In the light of the given statements, choose the correct alternative from the following :
Read the following text carefully : "In the recent times, the Government of India, has introduced several measures to encourage greater public participation in the capital market, including both primary and secondary stock markets." Under which sector have the above mentioned reforms been introduced ? (Choose the correct option)
(i) Mr. Ravi, an IT entrepreneur from Bengaluru, observed that several MNC's prefer India as their outsourcing Hub for services like software development, customer support, data management etc. His friend Priya believes this is due to certain inherent advantages of the Indian economy. In your opinion, state and explain any two factors that make India a preferred outsourcing destination. 3 (ii) "In the post-independence era, India adopted a protective tariff policy." Do you agree with the given statement ? Justify your answer with any two valid arguments. 3 (i) 'Strategic sale of a public sector undertaking and minority sale of their shares are methods of disinvestment.' Defend or refute the given statement with valid argument. 3 (ii) Discuss briefly, how bilateral trade agreements are different from multilateral trade agreements ? 3
(i) Discuss any two objectives which were aimed at, by the introduction of Financial sector reforms by the Government of India during economic reforms of 1991. (ii) Mr. Ravi, an IT entrepreneur from Bengaluru, observed that several MNC's prefer India as their outsourcing Hub for services like software development, customer support, data management etc. His friend Priya believes this is due to certain inherent advantages of the Indian economy. In your opinion, state and explain any two factors that make India a preferred outsourcing destination. (i) "Although the subsidies play a crucial role in giving incentive to farmers to adopt modern agricultural technologies, they simultaneously impose a significant fiscal strain on the resources of the Government." Justify the given statement with valid argument. (ii) "The strategic sale of a public sector undertaking and the minority sale of its equity are both established instruments of disinvestment." Defend or refute, the given statement with valid arguments.
(i) "Although the subsidies play a crucial role in giving incentive to farmers to adopt modern agricultural technologies, they simultaneously impose a significant fiscal strain on the resources of the Government." Justify the given statement with valid argument. (ii) "The strategic sale of a public sector undertaking and the minority sale of its equity are both established instruments of disinvestment." Defend or refute, the given statement with valid arguments. (i) "The Industrial Sector has performed poorly in the reform period (1991)." Justify the given statement with valid argument. (ii) Mr. Ravi, an IT entrepreneur from Bengaluru, observed that several MNC's prefer India as their outsourcing Hub for services like software development, customer support, data management etc. His friend Priya believes this is due to certain inherent advantages of the Indian economy. In your opinion, state and explain any two factors that make India a preferred outsourcing destination.
"In the formative stages of reforms development of credit markets, administrative intervention in interest rates is both necessary and desirable." Identify the sector under which the aforesaid reform was introduced. (Choose the correct option)
Read the following text carefully and answer the questions given below : "This organisation replaced General Agreement on Trade and Tariff (GATT) as global trade organisation." (i) Identify the organisation which is known as the successor of GATT. (ii) In which year was this new organisation established ? (iii) Explain any two objective of the new organisation. Read the following text carefully and answer the questions given below : "It is an arrangement in which a firm hires some specialized firm(s) to carry out some of its activities (which were earlier being performed by itself). These service hirings could be from local / international markets." (i) Identify the indicated outcome of the globalisation process. (ii) State any two factors responsible for making India as an important source of these activities. (iii) Explain examples of services that have expanded due to advancements in information technology.
The primary outcome of the efforts initiated by the Indian Government (Liberalisation and Privatisation) under the New Economic Policy of 1991 was __________. (Choose the correct option to fill in the blank)
Nations worldwide typically establish Regional and Global economic groups in order to _____________. (Choose the correct option to fill in the blank)
Describe the role which India has played as an important member of World Trade Organisation (WTO). Critically appraise the Industrial Licensing policy initiated by the government during the planning period of India.
(a) Explain how Goods and Services Tax (GST) has simplified the multiplicity of taxes imposed on goods and services. (b) State the meaning of Commercialisation of Agriculture.
__________ was the successor organisation to General Agreement on Trade and Tariff (GATT). (Choose the correct option to fill in the blank)
(i) "As per a few scholars, fertilizer subsidies should now be phased out, as they have served their purpose." Do you agree with the given statement ? Justify your answer with valid arguments. (ii) State any two ways by which the government can execute the step of disinvestment. (i) "During the 1991 economic reforms, the Government undertook a range of financial sector reforms which made a significant impact in the years to follow." Justify the given statement with valid arguments. (ii) State the name of any one Maharatna and any one Navratna company.
___________ was the successor organisation to General Agreement on Trade and Tariff (GATT). (Choose the correct option to fill in the blank)
(i) The uncertainties about the oil prices; (ii) The external payment problems; (iii) The serious inflationary pressures; (iv) The scarcities of essential commodities; (v) The deterioration of fiscal discipline, etc. These led to the Indian economy on the verge of Economic crisis. In response to this emerging crisis, the Government initiated a set of stabilisation and structural reforms like : (i) Reduction in fiscal deficit; (ii) Containment of growth in money supply; (iii) An exchange rate adjustment system etc. The key objective of stabilisation policy was to bring the growth of aggregate demand in line with long term growth path of the economy. In conjunction, the structural adjustment measures like; (i) industrial delicensing (ii) liberalisation of policy regime governing international trade (iii) deregulation of financial sector Were taken to improve the supply side of the economy This shifted the long-term growth path of the economy itself completely. (Adapted and modified) Source : https://niti.gov.in/planningcommission.gov.in/docs/reports/genrep/arep9099/at94-95.htm (a) Briefly outline any two reasons for the initiation of Economic Reforms in 1991. [2] (b) Government introduced a set of stablisation and structural reforms to solve the economic crisis. State the key initiatives and objectives of these policies adopted by the Government of India. [4]
(i) The uncertainties about the oil prices; (ii) The external payment problems; (iii) The serious inflationary pressures; (iv) The scarcities of essential commodities; (v) The deterioration of fiscal discipline, etc. These led to the Indian economy on the verge of Economic crisis. In response to this emerging crisis, the Government initiated a set of stabilisation and structural reforms like : (i) Reduction in fiscal deficit; (ii) Containment of growth in money supply; (iii) An exchange rate adjustment system etc. The key objective of stabilisation policy was to bring the growth of aggregate demand in line with long term growth path of the economy. In conjunction, the structural adjustment measures like; (i) industrial delicensing (ii) liberalisation of policy regime governing international trade (iii) deregulation of financial sector Were taken to improve the supply side of the economy. This shifted the long-term growth path of the economy itself completely. (Adapted and modified) Source : https://niti.gov.in/planningcommission.gov.in/docs/reports/genrep/arep9099/at94-95.htm (a) Discuss any two reasons behind the introduction of Economic Reforms in 1991. (b) "In response to the emerging crisis in 1991, the Government initiated a set of stabilisation and structural reforms". Briefly discuss any three of such measures.
(a) State and discuss any two objectives of World Trade Organisation. (b) Name any two steps taken by India to strengthen the food security.
(i) Identify the organisation which is known as the successor of GATT. (ii) In which year was this new organisation established ? (iii) Explain any two objective of the new organisation. Read the following text carefully and answer the questions given below : "It is an arrangement in which a firm hires some specialized firm(s) to carry out some of its activities (which were earlier being performed by itself). These service hirings could be from local / international markets." (i) Identify the indicated outcome of the globalisation process. (ii) State any two factors responsible for making India as an important source of these activities. (iii) Explain examples of services that have expanded due to advancements in information technology.