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CBSE Class 12 Economics Solved Question Paper 2020 – Set 5 (58/5/1)

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 Economics (Code No. 58/5/1) 

Time allowed : 3 hours
Maximum Marks: 80

General Instructions: 

Read nan pursuing instructions very cautiously and strictly travel them : 

(i) This mobility insubstantial comprises 2 sections – A and B. All questions are compulsory. 

(ii) Question numbers 1 – 10 and 18 – 27 are very short-answer questions carrying 1 people each. They are required to beryllium answered successful 1 connection aliases 1 condemnation each.  

(iii) Question numbers 11 – 12 and 28 – 29 are short-answer questions carrying 3 marks each. Answers to them should not usually transcend  60 – 80 words each. 

(iv) Question numbers 13 – 15 and 30 – 32 are besides short-answer questions carrying 4 marks each. Answers to them should not usually transcend  80 – 100 words each.  

(v) Question numbers 16 – 17 and 33 – 34 are agelong reply questions carrying 6 marks each. Answers to them should not usually transcend  100 – 150 words each.  

(vi) Answers should beryllium little and to nan point. Also, nan supra connection limit is adhered to arsenic acold arsenic possible.  

(vii) There is nary wide choice. However, an soul prime has been provided successful 2 questions of 1 mark, 2 questions of 3 marks, 2 questions of 4 marks, and 2 questions of six marks. Only 1 of nan choices successful specified questions has to beryllium attempted.  

(viii) In summation to this, abstracted instructions are fixed pinch each conception and question, wherever necessary.

Section – A
(Macroeconomics)

1. In bid to power nan money proviso successful nan economy, nan Central Bank whitethorn ________. (Choose nan correct alternative)  

(A) bargain securities successful nan unfastened market 

(B) waste securities successful nan unfastened market 

(C) trim rate reserve ratio

(D) trim repo rate 

Answer: (C) trim rate reserve ratio

2. _______ shortage includes liking costs by nan Government connected past loans. (Fill up nan blanks pinch correct answer)

Answer:  Primary

3. State, whether nan pursuing connection is existent aliases false: 

‘Inventory is simply a banal variable.’ 

Answer: True

Inventory is simply a banal adaptable since it is calculated astatine a definite infinitesimal successful clip alternatively than crossed a play of time.

4. Which of nan pursuing is NOT a ‘factor payment’? (Choose nan correct alternative) 

(A) Free azygous to defense personnel.

(B) Salaries to nan Members of Parliament.

(C) Rent paid to nan proprietor of a building.

(D) Scholarship fixed to nan students. 

Answer: (d) Scholarship fixed to nan students. 

5. In lawsuit of an underemployment equilibrium, which of nan pursuing replacement is NOT true? (Choose nan correct alternative)

(A) Aggregate request is adjacent to Aggregate supply.

(B) There exists excess accumulation capacity successful nan economy.

(C) Resources are not afloat and efficiently utilised.

(D) Resources are afloat and efficiently utilised.

Answer: (d) Resources are afloat and efficiently utilised

6. State, whether nan pursuing connection is existent aliases false: 

‘All financial Institutions are banking institutions.’ 

Answer: False. 

Financial Institutions besides see a wide scope of business operations wrong nan financial services assemblage specified arsenic spot companies, banks, finance dealers, brokerage firms, and security companies.

7. Combined facet income, which can’t beryllium separated into various facet income components is known arsenic ________. (Fill up nan blanks pinch nan correct answer)

Answer: mixed income of aforesaid employed

8. If nan Marginal Propensity to Save (MPS) is 0.25 and nan first alteration successful finance is 250 crores, past nan last alteration successful income would beryllium ______. (Choose nan correct alternative)

(A) 1,000 crores 

(B) 1,200 crores

(C) 500 crores 

(D) 3,500 crores 

Answer: (a) ₹1,000 Crores 

MPS=\frac{\Delta{S}}{\Delta{Y}}

0.25=\frac{250}{\Delta{Y}}

\Delta{Y}=\frac{250}{0.25}

Change successful Income = ₹1,000 Crores

9. Define nan word ‘Public Goods’. 

Answer: The equipment aliases services which are consumed collectively are known arsenic nationalist goods. Excluding anyone from nan enjoyment of nationalist goods’ aliases services’ benefits is not possible. Also, if an individual consumes nationalist goods, it does not trim nan readiness of equipment aliases services to others.

10. Net Domestic Fixed Capital Formation + Change successful Stock = _________. (Fill up nan blank pinch nan correct answer)

Answer: Net Domestic Capital Formation

OR

When nan Nominal Gross Domestic Product (GDP) is ₹840 crores and nan value Index is 120, past nan Real Gross Domestic Product (GDP) will beryllium ________. 

(a) 700 crores 

(b) 900 crores

(c) 800 crores 

(d) 500 crores

Answer: (a) ₹700 Crores

Real~GDP=\frac{Nominal~GDP}{Price~Index}\times{100}

=\frac{840}{120}\times{100}

Real GDP = ₹700 Crores

11. ‘Subsidies to nan producers, should beryllium treated arsenic transportation payments.’ 

Defend aliases refute nan fixed connection pinch a valid reason. 

Answer:A transportation costs is simply a one-way costs made to an individual aliases group without immoderate speech of equipment aliases services. Contrast this pinch a straightforward “payment,” which successful economics is simply a money transportation successful return for a bully aliases service. In general, payments made by nan authorities to group done societal programs for illustration welfare, student loans, and moreover Social Security are referred to arsenic “transfer payments.”

The connection ‘Subsidies to nan producers, should beryllium treated arsenic transportation payments’ is supported by nan truth that subsidies are transportation payments. Governmental financial support fixed to producers to further their goals for societal use is known arsenic a subsidy. The authorities receives thing successful speech for nan same. It doesn’t lend to nan coming travel of equipment and services, and arsenic a result, it doesn’t supply immoderate value.

                                                                                                      OR 

Explain information travel of income successful a 2 assemblage economy. 

Answer: The information travel of income is an economical exemplary that reflects really money aliases income flows done nan different sectors of nan economy. A elemental system assumes that location beryllium only 2 sectors, i.e., Households and Firms. Households are consumers of equipment and services and nan owners of nan factors of accumulation (land labour, capital, and enterprise). However, nan patient assemblage produces equipment and services and sells them to households. 

Circular Flow successful a Two-sector Economy (with Financial Market)

In nan information travel of an system successful a two-sector exemplary without nan financial market, it is assumed that nary savings are made successful nan economy. It intends that nan households walk their full income connected nan acquisition of equipment and services and each patient spends each nan receipts from nan waste of equipment and services to make facet payments.

However, it does not hap successful nan existent world, i.e., households do not walk their full income connected nan depletion of equipment and services. Instead, they prevention a portion of their income for nan future. In nan aforesaid way, nan firms prevention immoderate portion of their receipts for nan description of business aliases various different reasons. Besides, nan firms besides get money from extracurricular to finance their description plans. All of these savings and borrowings happening successful nan system are channelised done nan financial market. Therefore, successful a two-sector economy, nan savings made by households accumulated successful nan financial marketplace are utilized by nan firms for finance purposes. 

Financial Market refers to those institutions for illustration security companies, banks, etc., which transacts loanable costs successful nan economy. 

This conception tin beryllium amended understood pinch nan thief of nan pursuing diagram:

12.  Calculate Gross Value Added astatine Market Price :

Answer: The worth added by each accumulation institution is besides called Gross Value Added astatine Market Price (GVAMP). 

Gross Value Added astatine Market Price (GVAMP) = Value of Output – Intermediate Consumption

or

= Sales + Change successful Stock – Intermediate Consumption

In nan fixed mobility home income and exports are fixed separately; therefore, we will adhd them to get Sales value.

Hence, Gross Value Added astatine Market Price will be,

Gross Value Added astatine Market Price (GVAMP) = (Domestic Sales + Exports + Change successful Stock) – Single Use Producer Goods

= [200 + 10 + (-10)] – 120

= 200 – 120

GVAMP = ₹80 Lakhs

13. ‘Taxation is an effective instrumentality to trim nan inequalities of income.’ 

Justify nan fixed connection pinch valid reasons. 

Answer: The word taxation refers to nan process done which a taxing body, often a government, charges aliases imposes a monetary responsibility connected its group aliases citizens. Since nan dawn of civilisation, paying taxes to governments aliases authorities has been a basal societal institution.
All involuntary taxes, including income, superior gains, and inheritance taxes, are referred to arsenic taxation successful this context. Even though it whitethorn beryllium a verb aliases a noun, taxation is astir often thought of arsenic an action, and nan resulting income is typically referred to arsenic taxes.

The remark that is made is suitable. Richer group whitethorn beryllium subjected to greater taxes from nan authorities (direct and indirect taxes), which would person a antagonistic effect connected their purchasing power. The authorities whitethorn usage nan aforesaid taxation money to thief nan little fortunate members of nine by giving them entree to products and services (for free aliases astatine a reduced cost).

14. In nan fixed figure, what does nan spread ‘KT’ represent? State and talk immoderate 2 fiscal measures to correct nan situation. 

Graph

Answer: In nan above-given Income and Aggregate Demand graph, KT represents nan inflationary gap. 

An inflationary Gap is simply a spread by which nan existent aggregate request exceeds nan aggregate request required for nan constitution of afloat employment equilibrium. This spread aliases excess request happens owed to nan emergence successful money proviso and readiness of in installments astatine easy terms. The inflationary spread tin hap because of various reasons specified arsenic a emergence successful nan propensity to consume, simplification successful taxes, summation successful investment, summation successful authorities expenditure, shortage financing, etc.; and tin person an effect connected nan output, employment, and wide value level.

The fiscal measures (fiscal measures aliases policies are nan measures of nan Central Government) to correct nan business of inflationary spread aliases excess request are arsenic follows:

  1. Decrease successful Government Spending: Government spends a immense magnitude of money connected infrastructural and administrative activities. To power nan business of inflationary gap, it should trim its expenditure to nan maximum imaginable limit. It should springiness much accent connected nan simplification of expenditure connected defense and unproductive works. It is because expenditure connected these activities seldom helps successful nan maturation of a country. Hence, a simplification successful authorities spending will trim nan level of aggregate request successful nan system and will yet thief successful correcting inflationary pressures successful nan economy.
  2. Increase successful Taxes: When location is an inflationary gap, nan Government increases nan taxation rates and moreover imposes immoderate caller taxes to trim nan level of aggregate expenditure successful nan economy. The emergence successful taxes yet helps successful controlling nan business of excess request aliases inflationary gap.

For Visually Impaired Candidates:

What is meant by deflationary gap? State and talk immoderate 2 fiscal measures to correct nan business of deflationary gap.

Answer: When nan planned aggregate expenditure of an system falls short of aggregate proviso astatine nan afloat employment level, nan business of deficient request rises, which arsenic a consequence gives emergence to a deflationary gap. Hence, nan deflationary spread is simply a spread by which nan existent aggregate request of an system falls short of nan aggregate request required for nan constitution of afloat employment equilibrium. The deflationary spread tin hap because of various reasons specified arsenic a alteration successful nan propensity to consume, an summation successful taxes, a emergence successful imports, a autumn successful finance expenditure, a alteration successful authorities expenditure, etc., and tin person an effect connected nan output, employment, and wide value level.

The business of deflationary spread happens because of a alteration successful nan money proviso and readiness of credit. The fiscal measures (fiscal measures aliases policies are nan measures of nan Central Government) to correct nan business of deflationary spread aliases deficient request are arsenic follows:

  1. Increase successful Government Spending: Government spends money connected infrastructural and administrative activities. To power nan business of deflationary gap, it should summation its expenditure connected different nationalist useful specified arsenic nan building of flyovers, buildings, roads, etc., truthful that it tin supply income to group hired for these nationalist works. Hence, an summation successful authorities spending will summation nan level of aggregate request and will yet thief successful correcting nan business of deflationary spread aliases deficient demand.
  2. Decrease successful Taxes: When location is simply a deflationary gap, nan Government decreases nan taxation rates and moreover abolishes immoderate of nan existing taxes. The alteration successful taxes raises nan purchasing powerfulness of group which arsenic a consequence increases their disposable income, expanding their expertise to walk much connected finance and consumption. Hence, a alteration successful taxes raises nan level of aggregate request and helps successful controlling nan business of deflationary spread aliases deficient demand.

OR 

Explain really nan ‘Reverse Repo Rate’ helps successful correcting excess request successful an economy. 

Answer: Reverse Repo Rate is nan nonstop other of repo rate. It intends that Reverse Repo Rate is nan complaint astatine which nan Reserve Bank of India borrows money from commercialized banks. RBI borrows money from commercialized banks erstwhile it feels that location is an excess money proviso successful nan banking strategy of nan country. Besides, banks besides happily lend money to nan cardinal slope arsenic their money is successful safe hands and they besides get a bully liking rate. 

To lick nan problem of excess demand, nan cardinal slope tin summation nan reverse repo rate. An summation successful nan reverse repo complaint induces commercialized banks to transportation much money to RBI because of nan charismatic liking rates. Because of this, location will beryllium a simplification successful nan credit-creating expertise of commercialized banks. Also, location will beryllium a simplification successful nan depletion expenditure and finance expenditure, resulting successful a simplification successful Aggregate Demand.

15. Discuss nan usability of nan Central Bank arsenic a ‘Banker, Agent, and Advisor’ to nan Government. 

Answer: A central bank is simply a financial institution that is responsible for managing a country’s monetary argumentation and overseeing nan banking system. It acts arsenic nan main regulator of nan money proviso and liking rates and plays a cardinal domiciled successful promoting economical stableness and growth. Central banks are typically independent of nan authorities and person circumstantial powers and responsibilities granted by law. One of nan awesome functions of nan Central Bank is that it acts arsenic a Banker, Agent, and Advisor to nan Government.

The Reserve Bank of India (Central Bank) acts arsenic an agent, banker, and financial advisor to nan Central Government and each nan State Governments. As a banker, nan Central slope carries retired each banking business of nan government, specified as:

  • To support nan rate balances of nan Central and State Governments, nan Central Bank maintains a existent account.
  • It accepts receipts and makes payments for nan authorities and besides carries retired exchange, remittance, and different banking operations of nan Central and State Governments.
  • Ultimately, it gives loans and advances to nan authorities for impermanent periods. The authorities sells its treasury bills to nan Central Bank successful bid to get money.

As an agent, nan Reserve Bank of India (Central Bank) is responsible for nan guidance of nationalist debt.

As a financial advisor, it gives proposal to nan authorities from clip to clip connected financial, monetary, and economical matters.

16. (a) Differentiate betwixt nan concepts of ‘demand for home equipment and services’ and ‘domestic request for equipment and services’. 

(b) Distinguish betwixt ‘Current Account Deficit’ and ‘Current Account Surplus’. 

Answer: 

(a) Demand for home products and home request for equipment person comparable meanings successful a closed economy. However, nan position demand for home products and services and domestic request for equipment and services person different meanings successful an unfastened economy. Demand for home products encompasses some soul and world demand. While home request for products refers to nan home marketplace request of a country, which whitethorn beryllium met by section aliases overseas accumulation (foreign countries).

The wide request for products produced successful some location and world nations is nan full request for equipment produced domestically. While home request is nan full home request for some home and imported products.

(b) Current Account Deficit (CAD): A business erstwhile nan existent account’s receipts are little than its payments is known arsenic Current Account Deficit. Simply put, this business arises erstwhile nan worth of exports of equipment and services is little than nan worth of imports of equipment and services. 

Current Account Surplus (CAS): A business erstwhile nan existent account’s receipts are much than its payments is known arsenic Current Account Surplus. Simply put, this business arises erstwhile nan worth of exports of equipment and services is much than nan worth of imports of equipment and services. (The equipment and services present dwell of visible items, invisible items, and unilateral transfers.)

Difference betwixt Current Account Deficit and Current Account Surplus:

Basis

Current Account Deficit

Current Account Surplus

MeaningA business erstwhile nan existent account’s receipts are little than its payments.A business erstwhile nan existent account’s receipts are much than its payments.
SignificanceCurrent Account Deficit signifies that nan federation is simply a borrower from nan remainder of nan world.Current Account Surplus signifies that nan federation is simply a lender to nan remainder of nan world.

17. Answer nan pursuing questions based connected nan information fixed below:

(i) Planned Investments = ₹100 crore. 

(ii) C = 50 + 0.50 Y 

(a) Determine nan equilibrium level of income.

(b) Calculate nan worth of Savings astatine equilibrium level of National Income. 

(c) Calculate nan worth of Investment Multiplier. 

Answer: a) Keynesian mentation says that successful an economy, nan equilibrium level of income is wished erstwhile nan aggregate request (represented by C + I curve) is adjacent to nan aggregate proviso (represented by C + S curve).

Aggregate Demand consists of 2 components; viz., Consumption Expenditure (C) and Investment Expenditure (I). The depletion expenditure varies straight pinch nan income level; however, nan finance expenditure is assumed to beryllium independent of nan income level.

Aggregate Supply refers to nan full output of nationalist income’s equipment and services and is depicted by a 45° line.

In nan fixed question, nan planned finance is ₹100 Crores, and C = 50 + 0.5Y. Therefore nan equilibrium level of income will be,

Y = C + I

Y = (50 + 0.5Y) + 100

Y = 150 + 0.5Y

Y – 0.5Y = 150

0.5Y= 150

At equilibrium, Y = ₹300 Crores

b) The redeeming and depletion expenditure astatine nan equilibrium level of National Income will be,

Saving Expenditure:

S=-\bar{C}+(1-b)Y

S = -50 + (1-0.5)300

S = -50 + (0.5 x 300)

S = -50 + 150

S = ₹100 Crores

Consumption Expenditure:

Y = C + S

300 = C + 100

C = ₹200 Crores

c) According to Keynes, an first increment successful nan finance increases nan last income by galore times, and nan narration betwixt an first increment successful finance and nan resulting summation successful nan aggregate request is expressed done a multiplier; i.e., Investment Multiplier. 

Multiplier (k) is nan ratio of an summation successful nan nationalist income because of an summation successful nan investment. It tin besides beryllium calculated pinch nan thief of MPC arsenic location is simply a nonstop narration betwixt MPC and nan worth of multiplier, which is ‘Higher nan MPC, much will beryllium nan worth of nan multiplier’. The look for calculating k pinch nan thief of MPC is:

k=\frac{1}{1-MPC}

=\frac{1}{1-0.50}

k = 2

OR

Discuss nan moving of nan accommodation system successful nan pursuing situations:  

(A) If Aggregate request is greater than Aggregate supply. 

(B) If Ex-Ante Investments are little than Ex-Ante Savings.

Answer: 

a)  Aggregate Demand refers to nan full request for vanished equipment and services successful nan system complete a circumstantial period. It besides refers to a country’s Gross Domestic Product (GDP) demand. Aggregate Supply is nan full proviso of vanished equipment and services successful nan system complete a circumstantial period. When nan planned spending of an economy; i.e., Aggregate Demand is much than nan planned output; i.e., Aggregate Supply, past nan AD (C + I) curve lies supra nan 45° line. It would mean that nan consumers and firms collectively would beryllium buying much equipment than nan willingness of nan firms to produce. Because of this, nan planned inventory of nan firms would autumn beneath nan desired inventory level. 

For bringing backmost nan inventory to nan desired level, nan firms would edifice to summation successful employment and output until nan system gets backmost astatine output level OY, wherever AD yet becomes adjacent to AS and location is nary much inclination to change.

b) When Ex-ante investments is little than ex-ante savings, it intends that nan buyers are readying to bargain little than nan output planned by producers for accumulation resulting successful unplanned inventories. In that situation, nan shaper reduces employment resulting successful reduced output and income until nan 2 forces; i.e., Ex-ante Savings and Ex-ante Investments go equal.

Section – B
(Indian Economic Development)

18. Policy of ‘Import Substitution’ was targeted to protect ______ industries. (Fill up nan blank pinch nan correct answer) 

Answer: domestic

19. Which of nan pursuing is not utilized arsenic a strategy for Sustainable Development? 

(a) Use of bio-gas 

(b) Use of star power 

(c) Use of thermal power 

(d) Use of hydel power 

Answer: (c) Use of thermal power

20. Maternal Mortality Rate is precocious successful ________ (China/Pakistan). (Fill up nan blank pinch nan correct alternative) 

Answer: Pakistan

21. State nan meaning of ‘Marketed Surplus’.

Answer: Marketed Surplus is that information of nan cultivation nutrient which is sold by nan farmers successful nan market. Simply put, it is nan quality betwixt nan full output produced by nan farmers and their self-consumption from that output. 

Marketed Surplus = Total workplace output produced by a husbandman – Own Consumption of workplace output

OR

State nan meaning of ‘Subsidy’. 

Answer: A subsidy is simply a use provided to a person, company, aliases institution, typically by nan government. Either nonstop (like monetary payments) aliases indirect (such arsenic taxation breaks). The subsidy is often provided to trim immoderate benignant of hardship and is often seen arsenic being successful nan champion interests of nan wide nationalist because it supports a societal bully aliases an economical policy.

22. State, whether nan pursuing connection is existent aliases false: 

“As per nan Human Development Report, 2018, India was classed astatine 180th position.”

Answer: False. 

As per nan Human Development Report, 2018, India was classed astatine 129th position.

23. If a building tract Manager hires 2 workers connected a regular costs basis, specified a business is covered nether ______ (formal/informal) sector. (Fill up nan blank pinch nan correct alternative) 

Answer: informal

24. Which of nan pursuing countries initiated its process of Economic Reforms successful nan twelvemonth 1991? (Choose nan correct alternative)

(a) Pakistan 

(b) India 

(c) Russia 

(d) China 

Answer: (b) India

25. Greater proportionality of women workers are recovered successful ______ (urban/rural) areas arsenic a constituent of nan Indian workforce. (Choose nan correct alternative)

Answer: Rural

26. State, whether nan pursuing connection is existent aliases false: 

“GATT was established successful 1923 pinch 48 personnel countries.” 

Answer: False. 

GATT (General Agreement connected Tariffs and Trade) was established connected 30 October 1947, signed by 23 nations.

27. ‘GLF’ pinch respect to nan People’s Republic of China is referred to arsenic ______. (Choose nan correct alternative)

(a) Giant Leap Forward

(b) Great Lead Forum 

(c) Great Leap Forward 

(d) Giant Lead Forum 

Answer: (c) Great Leap Forward

28. Discuss concisely nan conception of ‘Informalisation of workforce’ successful India. 

Answer: In caller years location has been unprecedented maturation successful nan informal and unorganised sectors of India. Here, almost nan full cultivation assemblage and a ample portion of business and work assemblage units autumn nether nan class of nan informal sector. People employed successful this assemblage are mostly not entitled to get regular net and different societal information benefits. Therefore, Informalisation of nan Workforce refers to a business wherever nan workforce successful nan informal assemblage increases to nan full workforce of nan country. According to nan creation of nan workforce successful India, it has been divided into 2 categories; Formal aliases Organised Sector and Informal aliases Unorganised Sector. The Formal Sector consists of jobs that person circumstantial moving hours and fixed wages; whereas, nan Informal assemblage is wherever nan workers aliases labor don’t person fixed moving hours and wages. 

Besides, aft keeping successful position nan maturation of nan informal assemblage and nan various disadvantages attached to it, successful caller times, nan Indian Government has initiated its modernisation and proviso of societal information measures to nan workers.

OR

State immoderate 3 challenges facing agrarian improvement successful India.

Answer: Rural Development is simply a continuous and broad socio-economic process that attempts to amended each aspects of agrarian life. The challenges facing agrarian improvement successful India are arsenic follows:

1. Development of Human Resources: It is basal to amended nan value of quality resource. It tin beryllium done by giving due attraction to amended wellness accommodation and literacy.

2. Development of Infrastructure: The infrastructure besides needs betterment successful electricity, credit, marketing, irrigation, and carrier facilities.

3. Land Reforms: Land reforms dwell of 4 things; viz., elimination of exploitation successful onshore relations, expanding cultivation productivity, actualisation of nan extremity of onshore to nan tiller, and betterment of socio-economic conditions of agrarian poor.

29. Compare and analyse nan fixed information of India and China pinch valid reasons :

Answer: The fixed array related to nan information of India and China shows nan pursuing aspects of its organization maturation and activity ratio:

  1. The yearly maturation complaint of nan organization successful China is little (0.5%) than nan maturation complaint successful India (1.2%) because of nan “One Child Policy” successful China. India excessively wanted to dispersed consciousness among group related to family readying measures, but nan decreasing complaint of organization is China is much than nan decreasing complaint successful India.
  2. The number of females per 1000 males successful India is little (929) than nan number of females per 1000 males successful China (941). It is because successful India group for illustration a boy (male) arsenic their kid alternatively of a girl (female). 

30. Discuss concisely immoderate 2 awesome steps taken by nan Government of India connected nan ‘Financial Sector’ beforehand nether nan Economic Reforms of 1991. 

Answer: Two awesome steps taken by nan Government of India connected nan ‘Financial Sector’ beforehand nether nan Economic Reforms of 1991 were:

1. Change successful nan domiciled of nan Reserve Bank of India (RBI): A alteration successful nan RBI’s usability transformed it from regulator to financial manufacture facilitator. This indicates that nan financial assemblage now has much state to determine connected a assortment of issues without interference from nan RBI. The Reserve Bank of India, nan nation’s premier bank, took connected nan domiciled of facilitator. 

2. Origin of Private Banks: As a consequence of nan betterment process, some Indian and overseas backstage assemblage banks were established. Many participants grabbed nan chance to compete pinch nationalist assemblage banks arsenic soon arsenic nan backstage sector’s banking manufacture arose. This resulted successful nan improvement of advantageous title and nan maturation of nan work manufacture for nan use of customers.

31. Discuss concisely immoderate 2 salient features of India’s pre-independence occupational structure. 

Answer: Distributing moving group crossed primary, secondary, and tertiary sectors of nan system is known arsenic Occupational Structure. The superior assemblage consists of accumulation units that utilization earthy resources for illustration water, land, etc. For example, mining, fishing, forestry, etc. The secondary assemblage consists of accumulation units that toggle shape 1 bully into different good. For example, building companies, powerfulness procreation companies, etc. The tertiary aliases work assemblage consists of accumulation units that are engaged successful producing services. For example, finance, education, transport, etc.

The salient features of nan occupational building of India connected nan eve of Independence are arsenic follows:

  1. Predominance of Primary Occupation: Largest stock of nan workforce; i.e., 70-75% were recovered successful nan cultivation sector. However, nan manufacturing and work assemblage accounted for 10% and 15-20% respectively.
  2. Regional Variation: On nan eve of independence, location variety was growing. There was a diminution successful nan dependence of nan workforce connected nan cultivation assemblage successful nan states of Andhra Pradesh, Tamil Nadu, Karnataka, Kerala, West Bengal, and Maharashtra. However, nan summation successful nan manufacturing and work sectors successful these states was good. Also, during nan aforesaid time, nan stock of nan workforce successful nan cultivation assemblage successful nan states of Orissa, Punjab, and Rajasthan increased.

OR

DDiscuss briefly, nan rationale down “equity pinch growth” arsenic readying objectives for Indian Economy.

Answer: Growth refers to an summation successful nan accumulation capacity of equipment & services of an economy. Simply put, nan maturation implies:

  • Either a ample size of supporting services for illustration banking and transport;
  • Or a larger banal of productive capital;
  • Or an summation successful nan ratio of productive superior & services.

Other goals focused connected nan improvement of nan system only. But only economical improvement is not sufficient. The five-year scheme must attraction connected nan improvement of nine also. Equity concentrates connected ensuring that each citizens of nan federation person their basal needs for clothing, food, and shelter decently met. It besides tries to trim nan inequality and wealthiness spread successful society. In short, equity intends astatine raising nan modular of surviving of group and promoting societal justice.

32. State and talk immoderate 2 problems faced by nan powerfulness assemblage successful India. 

Answer: Electricity aliases Power is simply a captious constituent of infrastructure and is often identified pinch nan advancement successful modern civilization. During nan past 4 decades of planning, Power improvement successful India has been significant; however, powerfulness procreation is still insufficient arsenic compared to nan required power. Because of this, successful caller years, India is facing a superior powerfulness crisis. Some of nan problems faced by nan powerfulness assemblage successful India are arsenic follows:

  1. Inadequate Electricity Generation: The installed capacity of India to make energy is not capable to provender an yearly economical maturation of 7-8%. It is only capable to adhd 20,000 MW per twelvemonth and to fulfil nan increasing requirements of power, nan commercialized power proviso needs to turn astatine astir 7%. 
  2. Shortage of Inputs: The instauration of India’s powerfulness sector; i.e., nan Thermal Power Plants is facing a shortage of earthy materials and ember supplies.
  3. Limited Role of Private and Foreign Entrepreneurs: The domiciled of backstage assemblage powerfulness generators and overseas investors is limited. They are yet to play a awesome domiciled successful Power Infrastructure. 

33.(a) Explain, really ‘Investment successful Human Capital’ contributes to nan maturation of an economy.

(b) State nan meaning of ‘Agricultural Marketing’. 

Answer:

(a) Economic maturation and quality superior finance are powerfully correlated. It is imaginable to picture really quality superior procreation contributes to economical maturation arsenic follows:

1. Rise successful Labor Productivity: Spending connected education, healthcare, and different aspects of quality superior increases nan productivity of labour arsenic workers turn much physically patient and proficient successful their occupations. It promotes nan effective usage of superior and worldly resources. Productivity gains origin output to grow much quickly, which speeds up economical description .

2. Innovations: In bid to nutrient knowledgeable scientists and researchers successful a assortment of fields who nutrient cutting-edge goods, technologies, and processes and truthful lend to economical progress.

(b) Agricultural trading is simply a decision-based process that includes pre- and post-harvest operations specified arsenic assembling, grading, storage, transportation, and distribution. It originates pinch nan determination to nutrient a marketable workplace merchandise and includes each organization and functional aspects of nan marketplace building aliases system. One of nan galore issues that straight impact a cultivator’s expertise to win is nan trading of cultivation products. Agricultural marketing, successful its broadest meaning, refers to each nan activities progressive successful getting products and earthy materials from nan workplace to nan customer.

34. Critically analyse nan results of Poverty Alleviation Programmes implemented successful India since independence.

Answer: Poverty is simply a peculiar rumor that affects galore countries astir nan world. There tin not beryllium a universally acknowledged meaning of poverty. Broadly it tin beryllium said that: Poverty refers to a authorities successful which an individual is incapable to fulfil moreover nan basal necessities of life. The minimum requirements see food, clothing, shelter, education, and wellness facilities. To region poverty, nan Government of India has taken various approaches specified arsenic Growth-orientation Approach, Minimum Needs Programme, and Poverty Alleviation Programmes. 

Poverty Alleviation Programmes is nan 2nd attack initiated by nan Government of India from nan Third Five Year Plan and has been progressively enlarged since then. As nan full number of mediocre group has remained nan aforesaid complete nan past 2 decades because of nan maturation of population, nan Government of India has specifically designed anti-poverty programmes nether this attack for nan procreation of some self-employment and costs employment. 

Because of nan poorness alleviation programmes, nan percent of absolute mediocre group successful immoderate of nan states of India has fallen beneath nan nationalist mean of poverty. In spite of nan fallen level of poverty, nan problems of hunger, illiteracy, and malnourishment continued to beryllium successful India, and nan logic down these problems are arsenic follows:

  • Lack of extremist alteration successful nan ownership of assets.
  • Inadequate assets allocation for nan programmes.
  • The Government officials who are responsible for nan implementation of these programmes were ill-motivated and are not decently trained.
  • Lastly, arsenic location is unequal distribution of onshore and different assets, various benefits from these programmes person been appropriated by nan non-poor.

Hence, it tin beryllium concluded that moreover though nan poorness alleviation programmes helped successful reducing poorness successful India, nan Government person not been capable to execute nan desired results because of nan improper implementation of these programmes.

OR

a) “Ujjawala Yojana has been a crippled changer for agrarian India.” State immoderate 3 accepted fuels being targeted nether nan Ujjawala Yojana. 

(b) “Economists judge that India should walk astatine slightest 6% of its GDP connected Education for achieving desired results.” Justify nan connection pinch valid reasons.

Answer: 

a) Pradhan Mantri Ujjawala Yojana (PMUY) is simply a strategy that intends astatine safeguarding nan wellness of women and children by providing them pinch cleanable cooking substance (LPG) truthful that their wellness doesn’t get compromised successful steaming kitchens aliases they don’t person to rotation successful unsafe areas for collecting firewood. As accepted sources of power origin contamination successful nan environment, by providing free LPG state cylinders to agrarian households, nan Ujjwala Yojana strategy has go a crippled changer for agrarian India. The 3 accepted fuels being targeted nether this strategy are Firewood, Coal, and Agricultural Waste and Dried Dung.

b) The fixed connection is correct, finance made successful nan acquisition strategy of India has been a complete failure, because of which nan economists judge that India should walk astatine slightest 6% of its GDP connected Education. 

In 1952, nan spending connected nan acquisition strategy was 0.6% of nan nation’s GDP which roseate to only 4% successful 2014. The spending is shorter than nan projected 6% target by nan Education Commission, 1964. Besides, nan summation successful acquisition expenditure passim this play has irregularly risen and fallen. If nan authorities has spent nan targeted percent of GDP connected nan acquisition strategy of India, nan coming acquisition strategy would person been a batch better. Therefore, it is basal for nan authorities to return nan basal steps successful this regard.


Editor: Naga



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