Economic development
Very short answer question:
1) Explain (in one sentence)
(a) Economic development
Answer:- Economic development is the increase in national income and per capita income of a country.
(b) Economic development
Answer:- Economic development is an economic development process that equally emphasizes income distribution along with increasing national income.
(c) Human development
Answer:- The concept of human development emphasizes the improvement of the quality of life of people through collective, economic, social, cultural and political development.
(d) Economic planning
Answer:- Economic planning is the control and direction of the economy of a country by the central authorities to achieve certain well-defined objectives within a specified period of time.
(e) Democratic planning
Answer:- Democratic planning is a plan that ensures the participation of the people at various stages of its preparation.
(f) Liberalization
Answer:- Liberalization is the relaxation of state control over the country's economy.
(g) Privatization
Answer:- Privatization is the policy that opens up institutions under government control and management to the private sector.
(h) Globalization
Answer:- Globalization is the process by which the economy of one country integrates with the economies of other countries in the world.
Short answer questions:
2. State the two major differences between economic growth and economic development.
Answer:- The two main differences between economic growth and economic development are as follows:
Economic development
(i) Economic development is the increase in the national and per capita income of a country.
(ii) Economic development has limited meaning.
Economic Development
(i) An economic development process in which equal emphasis is placed on increasing national income as well as on income distribution.
(ii) Economic development has a broad meaning.
3. What are the three indicators of human development?
Answer:- The three indicators of human development are 一 respectively
(i) expected life,
(ii) education or literacy,
(iii) Standard of living.
4. What do you mean by the expansion of collective choice?
Answer:- The collective choice of the constituency is determined based on the likes and dislikes or good and bad of different individuals. Aggregate choices also include economic, social, cultural and political choices. Collective choice involves the context of human development. In fact, the concept of human development emphasizes the improvement of the quality of life of people through collective, economic, social, cultural and political development. This human development implies the expansion of the collective choices of the people.
5. State the three main objectives of the Five Year Plan of India.
Answer:- The three main objectives of the Five Year Plan of India are 一
(i) Accelerating the rate of economic development.
(ii) Elimination of socio-economic inequalities.
(iii) Poverty eradication.
6. Who are the members of NITI Commission?
Answer:- The Prime Minister is the Chairman of the NITI Commission. Other members of the Commission are a Vice-Chairman, Chief Ministers of States and Deputy Governors of Union Territories, four Union Ministers, Chief Executive Officers and experts.
Long answer questions:
7. Explain one of the main differences between the first period (1951-1991) and the second period (1991 to present) of planned economic development in India.
Answer:- During the first period of planned economic development in India (1951-1991), the public sector dominated. The role of the private sector was secondary. Most of the industrial policies were based on socialist ideals. The role of the state in economic development gained prominence. The Green Revolution in the agricultural sector of the 1960s did not touch any state except a few in northern India. It turns out that the country's economy did not grow as expected over time.
From 1991-92 to the present, the economy of India has undergone radical changes. The importance of the public sector declined. Privatization, entrepreneurship, globalization or globalization increased in importance in the economy. Over time, these reform initiatives have paid off in the Indian economy. The country's economic growth rate has increased. Wholesale prices have declined compared to the previous year. The amount of foreign exchangeable currency in the central bank has increased.
8. Briefly explain the three main reasons for the introduction of economic reforms in India.
Answer:- The three main reasons for introducing economic reforms in India are 一
(i) During the early period of economic development (1951-1991), emphasis was placed on the public sector. However, although there was government investment in public sector enterprises, many enterprises suffered losses. In March 1990, 58 out of 244 public sector enterprises became sick.
(ii) Drought, frequent changes in political context resulted in limited production in various sectors of the economy during this period. Inflation caused by limited production plagued the economically weaker.
(iii) In 1990-91, India's foreign trade situation deteriorated. Capital inflows from abroad declined. There was an outflow of capital from the economy.
The World Bank also recommended structural changes in the Indian economy due to these problems.
9. List three benefits of economic reforms.
Answer:- The benefits of the steps taken by the government for economic reforms are 一
(i) The rate of economic development is gradually increasing.
(ii) Wholesale prices have decreased.
(iii) The amount of foreign exchange deposited with the Reserve Bank has increased.
10. Briefly explain two difficulties caused by the introduction of economic reforms.
Answer:- Two difficulties caused by the introduction of economic reforms are-
(i) The economy has expanded and intensified competition. There are many different types of new products coming to the market. Most profit-oriented market competitions do not have a healthy mindset.
(ii) Globalization has caused the country or people to struggle for their self-identity. Globalization has made it very difficult to maintain identity. Many small nations and ethnic groups have already lost their civilization and culture due to foreign invasion and are on the verge of extinction.
11. State the six main objectives of the current Five Year Plan of Assam.
Answer:- The six major objectives of the current Five Year Plan of Assam are
(i) To address the problem of climate change by conserving biodiversity.
(ii) Increase the annual growth rate of agriculture from 6 to 8 per cent.
(iii) Adoption of various schemes to reduce poverty and economic inequality.
(iv) Achieve self-reliance in energy generation and application of modern technologies in energy transmission and distribution.
(v) To address the problem of floods and erosion through latest technology and scientific management.
(vi) Increase the development rate of Assam to 10 per cent within the next two to three decades.
Additional And Questions bank Q. Answer
1. Write down two differences between economic development and economic growth.
Answer:- Some of the differences between economic development and economic growth are:
Economic Development: This is mainly related to strong growth in the country's economy, growth in development indicators and improvement in living standards. It aims to improve the quality of life of the people throughout the life cycle.
Economic Development: This is particularly focused on the growth of manufacturing workers and entrepreneurship. This includes the process of starting new industries, technological advances and ensuring proper use of state resources.
2. When was the NITI Aayog formed? Who is the Chairman of the NITI Aayog?
Answer:- The NITI Aayog was constituted on January 1, The Prime Minister is the Chairman of the NITI Aayog
3. State the three main objectives of the Assam Twelfth Five Year Plan.
Answer:-The three main objectives of the Twelfth Five Year Plan of Assam are:
Increase the development rate of Assam to 10 per cent.
To adopt various schemes to reduce poverty and economic inequality.
- Increase investment in health and education sectors with a view to improving the Human Development Index (HDI).
Answer: Liberalization, privatization and globalization have had several effects on economic reforms in India:
Liberalization: It has increased competition by reducing government regulation and developing the business sector.
Personalization: The opening up of public sector institutions has led to an increase in entrepreneurship and innovation along with the growth of the private sector.
Globalization: has increased the foreign connectivity of India’s economy, thereby reaping benefits for both consumers and producers.
5. What is economic planning? Mention the period of 'First Five Year Plan' of India.
Answer: Economic planning is the setting of goals and programs to be achieved within a specified period for the development of the country. The period of India's 'First Five Year Plan' was 1951-1
6. Who are the members of the NITI Commission?
Answer: The members of the NITI Commission include the Chief Minister of Assam, Chief Ministers of various States, Ministers of the Union Government, and other experts.
7. State the main differences between the first period (from the beginning to 1990-91) and the second period (1991-92 to the present) of the economic development of the Plan of India.
Answer: The main differences between the first and second phases of the economic development of India's plan include:
First period (from the beginning to 1990-91): During this period, the development of the Indian economy was controlled by centralized policies and policies. Nationalized and mediated extended planning was undertaken.
Second period (1991-92 to present): During this period, policies of liberalization, privatization and globalization have been introduced. More emphasis has been placed on economic reforms and sector-specific policies, which has led to an increase in foreign investment and trade.
8. Briefly discuss the three indicators of human development.
Answer:The three indicators of human development are:
Education Index: The Education Index is considered in the Human Development Index by ensuring quality of education and access to universal education. This includes access to primary education, secondary education and higher education.
Health Index: The health of the population is dependent on quantity and quality. This indicator ensures infant mortality, maternal mortality and access to health services.
Income Index: It is determined based on the economic status of the individual and family. This indicator evaluates the issues affecting towards average income and quality of life.
9. Write a note on human development.
Answer: Human development is a holistic process that focuses on improving the quality of life of people. Its purpose is to protect the fundamental rights and opportunities of all persons, so that all persons have the path to self-improvement and prosperity. Human development indicators—education, health and income—fluently represent the key aspects of this process, and these indicators measure the overall improvement of society. It is human development that gives prominence to the vision, opportunities and potential of an individual, thus ensuring the development and prosperity of society.
10. Which organization publishes the World Human Development Report? Which indicators are used in the calculation of the Human Development Index?
Answer: The World Human Development Report is published by the United Nations Development Program (UNDP). Three major indicators are used in the calculation of the Human Development Index (HDI): (1) income—the annual income of an individual, (2) education—the quality and diameter of education, and (3) health—the life expectancy indicator. These indicators are used to assess the human development of countries.
11. NITI Aayog The NITI Aayog is a policy-making body of the Government of India, which plans and advises on economic and social development. The organization was formed on 1st January It is chaired by the Prime Minister of India.
12. Economic Planning: Economic planning is an organizational process, in which various goals and initiatives are set for the purpose of economic development and prosperity. Its two main requirements are: (1) proper use of resources and (2) formulation of development strategies according to national needs.
13. Two major characteristics of democratic planning are: (1) public input and participation—where planning is based on public opinion, demands, and needs, and (2) an emphasis on justice—which emphasizes equal opportunities and resource distribution.
Editing By:- Lipi Medhi
