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⁞ Economics : Understanding Economic Development

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Class 10 Economics : Understanding Economic Development Chapter 4. Globalisation and the Indian Economy Summary, Explanation, Question Answers (NCERT Solutions)

Globalisation And The Indian Economy (4. Globalisation and the Indian Economy) CBSE class 10 Economics : Understanding Economic Development Chapter 4. Globalisation and the Indian Economy summary with detailed explanation of the lesson Globalisation And The Indian Economy along with meanings of difficult words. Given here is the complete explanation of the lesson, along with summary, explanation and questions and answers of each topic of lesson 4. Globalisation and the Indian Economy.

Economics : Understanding Economic Development (Chapter 4. Globalisation and the Indian Economy) Solution
 Exercises

2. What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

Answer :


The Indian government had put barriers to foreign trade and foreign investment to protect domestic producers from foreign competition, especially when industries had just begun to come up in the 1950s and 1960s. At this time, competition from imports would have been a death blow to growing industries. Hence, India allowed imports of only essential goods.

In New Economic Policy in 1991, the government wished to remove these barriers because it felt that domestic producers were ready to compete with foreign industries. It felt that foreign competition would in fact improve the quality of goods produced by Indian industries. This decision was also supported by powerful international organisations.


All Questions of Economics : Understanding Economic Development Chapter 4. Globalisation and the Indian Economy
Exercises
1. What do you understand by globalisation? Explain in your own words.
2. What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?
3. How would flexibility in labour laws help companies?
4. What are the various ways in which MNCs set up, or control, production in other countries?
5. Why do developed countries want developing countries to liberalise their trade and investment? What do you think should the developing countries demand in return?
6. "The impact of globalisation has not been uniform." Explain this statement.
7. How has liberalisation of trade and investment policies helped the globalisation process?
8. How does foreign trade lead to integration of markets across countries? Explain with an example.
9. Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.
10. Supposing you find two people arguing: One is saying globalisation has hurt our country's development. The other is telling, globalisation is helping India develop. How would you respond to these organisations?
11. Fill in the blanks.
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of ______________. Markets in India are selling goods produced in many other countries. This means there is increasing ______________ with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because _____________. While consumers have more choices in the market, the effect of rising _______________ and ______________ has meant greater ________________ among the producers.
12. Match the following.
(i) MNCs buy at cheap rates from small producers (a) Automobiles
(ii) Quotas and taxes on imports are used to regulate trade (b) Garments, footwear, sports items
(iii) Indian companies who have invested abroad (c) Call centres
(iv) IT has helped in spreading of production of services (d) Tata Motors, Infosys, Ranbaxy
(v) Several MNCs have invested in setting up factories in India for production (e) Trade barriers
13. Choose the most appropriate option.
(i) The past two decades of globalisation has seen rapid movements in

(a) goods, services and people between countries.
(b) goods, services and investments between countries.
(c) goods, investments and people between countries.


(ii) The most common route for investments by MNCs in countries around the world is to

(a) set up new factories.
(b) buy existing local companies.
(c) form partnerships with local companies.


(iii) Globalisation has led to improvement in living conditions

(a) of all the people
(b) of people in the developed countries
(c) of workers in the developing countries
(d) none of the above


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