Complete Economics Revision PDF

 Upcoming Live The Ultimate Guess Paper Morning session 4AM Class 10th - Economics Development  Development What development promises? Different people different development goals, even contr...

 Upcoming Live The Ultimate Guess Paper Morning session 4AM Class 10th - Economics Development  Development What development promises? Different people different development goals, even contradictory Example: Dam construction Income and other Goals We look at a mix of goals National Development Thinking about fair and just path for all because …. How to compare different countries or states? Total income Average income/Per-capita Income Limitation is that it hides disparity/Income Income of all the residents. Total income divide by its total population distribution World Development Report brought by World Bank uses per capita income to compare and classify countries. Countries with per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries and those with per capita income of US$ 2500 or less are called low-income countries.  Beside income, there are important attributes to compare nations. (infant Income and other criteria mortality rate, Literacy rate, Net attendance ratio) (Comparative data on Haryana, Kerala and Bihar) Money in your pocket cannot buy all the goods and services that you may need to live well. Facilities that are essential for all the people to live a quality life and provided by the Public facilities government to the people are called public facilities. Health, education and PDS Human development report Published by UNDP, compares countries on the basis of education, Health and Income. Development that meets the needs of the present without compromising the ability of future generations to met their own needs. Sustainability of development Eg: Ground water and crude oil  Important Questions CBSE Board Paper 32/2/1 (2019) ‘‘Crude oil reserves are limited all over the world. If people continue to extract it at the present rate, the reserves would last only 35 – 40 years more.’’ Explain any three ways to solve this problem. 3 CBSE Board Paper 32/3/1 (2019) What may be a developmental goal of a girl who belongs to a rich urban family ? 1 OR What may be a developmental goal of a rich farmer ? 1 CBSE Board Paper 32/4/1 (2019) ‘‘Average income is useful for comparison but it may hide disparities.’’ Support the statement with suitable arguments. 3 CBSE Board Paper 32/5/1 (2019) How do different persons have different developmental goals ? Explain with examples. 3  Important Questions CBSE Board Paper 32/1/1 (2020) Suggest any three ways to maintain Body Mass Index (BMI). 3 CBSE Board Paper 32/3/1 (2020) Why is sustainability important for development ? Explain. 5 CBSE Board Paper 32/4/1 (2020) On what bases is the criterion used by the United Nations Development Programme (UNDP) for measuring development different from the one used by the World Bank ? Explain. 3 CBSE Board Paper 32/5/1 (2020) ‘‘Money cannot buy all the goods and services that you may need to live well.’’ Explain the statement. 5  Important Questions CBSE Board Paper 32/1/1 (2023) "The question of sustainability of development raises many fundamentally new issues about the nature and process of development.' Explain it with examples. 3 CBSE Board Paper 32/6/1 (2023) Why is the issue of sustainability important for development? Explain with examples. 3  Important Questions Different persons can have different as well conflicting developmental goals. Explain with example Intro - Individuals seeks development in their own way, everyone has their own notion for development depending on the needs of that person. What may be development for one may not be development for the other, it may be even destruction for the other. Example ; Dam construction (explain)  Important Questions "For development, people look at a mix of goals". Support the statement with three suitable examples. If women are engaged in paid work, their dignity in the household and society increases. So, dignity is an important goal. While looking into a job, people look for a other factors also such as working hour, distance from home. A safe and secure environment may allow more women to take up a variety of jobs or run a business.  Important Questions What is the main criteria used by the World Bank in classifying different countries? Describe its limitations. The average income, i.e., per capita income. It covers only the economic aspect, ignoring factors like infant mortality rate, literacy rate, net attendance ratio. Money alone cannot buy you a pollution free environment. Limitation : This method also does not provide us the distribution of income at different levels. It Hides the Disparity among the people.  Important Questions Define BMI. What is exception to it? Body Mass Index (BMI) is an international standard used to determine whether an adult person is undernourished or not. If we divide the weight of a person by the square of his/her height, we get a ratio which is called BMI. BMI = Weight in kg/height in metres2 Growing children are not evaluated on BMI.  Important Questions Why is the issue of sustainability important for development? Sustainability for development or sustainable development refers to development which takes place without damaging the environment. The issue of sustainability is essential for development because it should not compromise on the needs of future generations, otherwise it is meaningless. Reckless exploitation of non-renewable natural resources is going on. Since, the stock of natural resources like oil and minerals is limited, development should not take place at the cost of these scarce natural resources, as they are not renewable in the near future.  Important Questions Give examples to prove that there are other important developmental goals than income. Besides income, the developmental goals of various categories of people are different from person to person. For rich farmer, development means higher support price for crops, cheap labour and subsidised inputs. For landless rural labourer, development means more days of work, schools for their children and no social discrimination. For adivasi, development means no social discrimination, year round employment, school education for children and PDS shop in his village. For urban girl from rich family, development means freedom to choose her profession or being able to pursue her higher studies abroad.  Important Questions What do you mean by Per Capita Income of a country? How can it be used to compare two countries? Is there any limitation to its use? The Per Capita Income of a country is the total Income of the country divided by its total population. It is used to compare the development of countries by the World Bank. The country with a higher Per Capita Income implies that its people are earning more on an average and this is considered the indicator of higher development. However, this hides the fact that there may be wide differences in the earnings of people, which implies inadequate social development.  Important Questions What is human development? Explain its indicators. Human development can be seen as a 'human centred approach towards development. It is concerned with the people and their well-being and fulfilment of their needs, choice and aspirations. Per Capita Income Literacy rate Infant mortality rate Net attendance ratio  Class 10th - Civics Sectors of Indian Economy  Primary sector (Agricultural sector, uses natural resources) Comparing the three sectors Secondary sector (Industrial sector, natural product are changed into Intermediate goods are used up in making final goods and finished product through manufacture) services Ex: Biscuit production Tertiary sector The sum of the value of final goods and services produced in (Service sector helps in the growth of the country during a particular year gives us GDP primary and secondary sector) Historical Change in Sectors Primary Sector Secondary Sector Tertiary Sector Why are only final goods and services counted?  Primary, Secondary and Tertiary sector in India Production (Most in tertiary sector) Employment: Similar shift has not taken place in employment Why Why Majority people are employed in Primary sector Essential services are required, growth of primary and Not enough jobs were generated secondary sector leads growth of tertiary, Rise in income leads underemployment/disguised, unemployment in to more service consumption, emergence of new services. agriculture (* But not all services are growing equally) How to create more employment? Irrigation facilities → Transportation → Cheap credit → Small scale industries. Exploring New sectors (Education, Health, Tourism) + MGNREGA 2005 Law implementing right to work All those who are able to, and are in need of, work are guaranteed 100 days of employment in a year by the government. Unemployment Allowance.  Sectors on the basis of Working conditions Organised Unorganised The organised sector covers those places of work The unorganized sector is characterized by small where the terms of employment are regular and and scattered units. Employment is not secure. therefore, people have assured work Largely outside the control of the Registered under the government and works government. under its supervision. Rules and regulations are not followed. Follow rules and regulations and laws such Working hours are not fixed. as the factories act, minimum wages act. No paid leaves, no provisions of overtime, Working hours are fixed. paid leaves etc. Workers get paid leaves, paid for overtime pensions on retirement. Protection through How to protect workers in unorganised sector? Timely delivery of seeds, agricultural Rural area (Landless agriculture labourers, small and marginal inputs, credits, storage facility farmers etc) Procuring of raw material and marketing Urban area (workers in small scale industries, casual workers etc) output, economic and social protection  Sectors of Indian Economy Public sector Private sector The government owns most of the Ownership of assets and delivery of assets and provides all the services services is in the hands of the private individuals or companies. Eg. Railways Eg. TISCO Service Motive Profit motive Importance of Public Sector? Certain important services cannot be provided by private sector at a reasonable cost. Certain activities require government support (cost bearing) E.g. PDS Responsibility of the government to spend on some services E.g. Health and education.  Important Questions CBSE Board Paper 32/1/1 (2019) Compare the economic activities of the private sector with that of the public sector. 5 CBSE Board Paper 32/3/1 (2019) How can more employment be created in agriculture sector alone ? Explain any three ways. 3 OR How can the problem of unemployment be eradicated in India ? Explain any three ways. 3 CBSE Board Paper 32/4/1 (2019) Highlight the contribution of public sector in the economic development of a country. 5 CBSE Board Paper 32/5/1 (2019) Highlight any five benefits of organised sector, with examples. 5  Important Questions CBSE Board Paper 32/1/1 (2020) “Tertiary sector activities help in the development of the primary and secondary sectors.” Evaluate the statement. 3 Or “ ‘Primary sector’ was the most important sector of economic activity at initial stages of development.” Evaluate the statement. CBSE Board Paper 32/2/1 (2020) “Workers in the organized sector enjoy security of employment.” Evaluate the statement. 3 OR “All the services of the ‘service sector’ are not growing equally well.” Evaluate the statement. CBSE Board Paper 32/3/1 (2020) Why is the tertiary sector becoming more important in India ? Explain. 3 OR Why is organized sector preferrd by the employees ? Explain.  Important Questions CBSE Board Paper 32/4/1 (2020) ‘‘There is need for protection and support for the workers in the unorganised sector.’’ Evaluate this statement. 3 OR ‘‘Activities in the private sector are guided by the main motive to earn profit.’’ Evaluate this statement. CBSE Board Paper 32/5/1 (2020) Suggest any three measures through which underemployment in agriculture sector can be minimised. 3  Important Questions CBSE Board Paper 32/1/1 (2023) Imagine that you are the village Head. Suggest any two activities that you think should be taken up to increase the income of the villagers. 2 CBSE Board Paper 32/2/1 (2023) Examine the rising importance of the tertiary sector in India. 3 CBSE Board Paper 32/4/1 (2023) (A) Why is ‘Tertiary Sector’ becoming important in India ? Explain. 3 OR (B) Why is there a need to protect workers in the Unorganized Sector ? Explain. CBSE Board Paper 32/5/1 (2023) Suggest any two ways to create more employment in the rural sector 2 CBSE Board Paper 32/6/1 (2023) How to create more employment in rural areas? Explain with examples. 2  Important Questions Describe the key features of MGNREGA 2005? It was implemented by the central government in India as the Right to work in 200 districts of India. Under this Act, all those who are able to and are in need of work are guaranteed 100 days of employment in a year by the government. If government fails in its duty to provide employment, it will give unemployment allowances to the people.  Important Questions "Primary sector was the most important sector of economic activity at initial stages of development." Evaluate the statement. First, primary sectors predominantly contributed to GDP and held most of the employment. Then when agricultural activities increased, there was need for industrialisation and gradually industrial sectors dominated the economy. Much of the workers shifted to industrial sector, but agriculture productivity did not hamper as industrial sector produced farm equipments, fertilisers etc that increased the productivity. The service sector has now become the most important sector in terms of total production and employment generation. So, it is seen that the economic structure had been shifting from primary to secondary and finally to tertiary sector in developed countries.  Important Questions How is Public sector different from Private Sector? Public Sector Private Sector a. The main aim of this sector is public a. The main aim of this sector is to earn welfare. maximum profit. b. It is controlled and managed by the b. It is controlled and managed by an government. individual or a group of individuals. c. e.g. the Indian Railways, the Post c. e.g. the Reliance, TISCO. Office and the BSNL.  Important Questions How far is it correct to say that several services which cannot be provided by private sector can be provided by the public sector? Explain. Only the government can invest large sums of money on projects with a long gestation period such as the railways. Public sector provide electricity at a lower cost rate to protect and encourage the small scale industries, e.g. NTPC. Private sector cannot provide electricity at reasonable rate. Only the public sector provides quality health services at economical rates, as it works for the welfare of the people, e.g. AIIMS.  Important Questions Why is the tertiary sector becoming more important in India? Explain. Several services such as hospitals, educational institutions, post and telegraph services, police stations, courts, village administrative offices, municipal corporations, defence, transport, banks, insurance companies, etc. which are considered as basic services are ensured by the government. The more the development of the primary and secondary sectors, the more would be the demand for such services. Rise in income has led to a rise in the living standards of people, which automatically makes them demand services such as restaurants, hotels, gyms, shopping centres, private schools, colleges and hospitals. New services based on information and communication technology have become important and essential in a global world with technological advancement.  Important Questions Underemployment continues to be rampant in rural areas. Suggest and explain any three ways through which employment for rural people can be generated. People can be employed in projects like construction of dam/canal/roads in the village. Government invests and employ people in providing transportation and storage services. People can be employed in services like banking, trade, etc. Government can identify, promote industries and services in semi-rural areas to enhance employment. Government can open centres to give them training and financial assistance to help them become self-employed.  Important Questions Distinguish the service conditions of organized sector with that of unorganized sector. Organised Unorganised a. They are registered with the gout. a. The are not registered with gout. b. Rules and regulation given in various b. Rules and regulations are there but not acts like Minimum wages act, followed. Factories act are followed. c. Long working hours. No payment for c. Fixed working hours. Payment for overtime (Low wages) overtime (High Salary) d. No Job security. Workers exploited. d. Job security is there. They receive call e. No such provisions. No work means no pay. letter specifying working condition. e. Provision of paid holiday gratuity, Provident fund  Important Questions Suggest any three ways to save workers of unorganised sector from exploitation. Workers of the unorganised sector in rural areas are mostly farmers. They can be supported through adequate facility for timely delivery of seeds, agricultural inputs, credit, storage facilities and marketing outlets. Workers involved in small scale industries also need support for procuring more raw material. These workers should be educated, skilled and made aware of their human and labour rights to protect them from social discrimination and exploitation to the hands of their employers.  Class 10th - Economics Money and Credit  Situation before money → Barter System (Double coincidence of wants) Money as a medium of exchange Economy with money → Money acted as Medium of exchange Currency Deposits with Banks Modern form of money Precious metals → paper notes and coins Demand deposits RBI and legal force to Indian rupees. Cheque facility No one can legally refuse payment made in Rupees. Settle payment without cash Loan activities of banks Banks charge a higher interest rate on loan than what they offer on deposits The difference is the income of bank.  Credit plays a vital and positive role Two different credit situations Positive Example: shoe manufacturer Salim (whether it will be useful or not it Credit pushes the borrower into debt trap depends on the risk involved) Negative Example: Swapna and her agricultural loan Interest rates, documents required, collaterals and the mode of loan repayment Terms of credit together comprise the terms of credit. These terms are subjective and may differ from one lender to another. Trick: DO CO MO internet  Variety of credit arrangements Money lenders, Bank, employer and cooperatives Formal sector Informal sector Formal sector credit in India Banks and cooperatives Money lenders, friends, relatives Terms of credit are genuine Terms of credit are exploitative Monitors that banks are maintaining cash balance. Reserve Bank of India Everyone gets the loan, Banks submit reports to RBI on how much supervises it they are lending, to whom, at what interest rate. No organisation to supervise informal sector lending → Result ? (Exploitation of borrower, higher interest rate, unfair means = Cost of borrowing) Higher cost of borrowing = Borrower have less income, debt trap, no enterprise in country ஃ Cheap and affordable credit is crucial for country’s development.  Credit Who get’s what? Formal sector still meets only about half of the total credit needs of rural people ஃ Banks and cooperatives should increase their lending particularly in rural areas. Along with the expansion of formal sector loan, it is needed to ensure that everyone receives it. Self Help Groups for the poor Advantages The moneylenders charge very high rates of interest, keep no Loans without collateral records of the transactions and harass the poor borrower. Decisions are taken by members The idea is to organise rural poor, in particular women, into small Self Help Groups (SHGs) and pool (collect) their savings. Building blocks of rural poor, women become self-reliant, can discuss other A typical SHG has 15-20 members, usually belonging to one issues. neighbourhood, who meet and save regularly.  Important Questions CBSE Board Paper 32/1/1 (2019) Describe the importance of formal sources of credit in the economic development. 3 OR Describe the bad effects of informal sources of credit on borrowers. CBSE Board Paper 32/2/1 (2019) Why is it necessary to increase a large number of banks mainly in rural areas ? Explain. 3 OR Why are service conditions of formal sector loans better than informal sector ? Explain. 3 CBSE Board Paper 32/3/1 (2019) ‘‘Credit can play a positive role.’’ Justify the statement with arguments. 3 OR ‘‘Credit can play a negative role.’’ Justify the statement with arguments. 3  Important Questions CBSE Board Paper 32/4/1 (2019) Explain any three reasons for the banks and cooperative societies to increase their lending facilities in rural areas. 3 CBSE Board Paper 32/5/1 (2019) Explain any three functions of the Reserve Bank of India. 3 OR Explain the three important terms of credit.  Important Questions CBSE Board Paper 32/1/1 (2020) “Bank plays an important role in the economic development of the country.” Support the statement with examples. 5 Or “Credit sometimes pushes the borrower into a situation from which recovery is very painful.” Support the statement with examples. CBSE Board Paper 32/2/1 (2020) “The Reserve Bank of India supervises the functioning of formal sources of loans.” Support the statement with examples. 5 OR “The Self-Help Groups help borrowers to overcome the problem of lack of collateral security.” Support the statement with examples. CBSE Board Paper 32/3/1 (2020) Describe the significance of the Reserve Bank of India. 3  Important Questions CBSE Board Paper 32/4/1 (2020) ‘‘Self Help Groups (SHGs) are the building blocks of organisation of the rural poor.’’ Support the statement with examples. 5 OR ‘‘The use of money spans a very large part of our everyday life.’’ Support the statement with examples. CBSE Board Paper 32/5/1 (2020) How do demand deposits have the essential features of money ? Explain. 3 OR Why do lenders ask for collateral while lending ? Explain.  Important Questions CBSE Board Paper 32/1/1 (2022) How is ‘Demand Deposit’ an essential feature of money ? 2 CBSE Board Paper 32/1/1 (2022) (a) Differentiate between formal and informal sources of Credit. 3 OR (b) How does a bank work as a key component of the financial system ? Explain. CBSE Board Paper 32/2/1 (2022) (a) Explain, why the banks do not lend credit to certain borrowers? 3 OR (b) Explain the functions of "Self Help Group". CBSE Board Paper 32/3/1 (2022) Analyse the situation in which credit pushes the borrower into a situation from which recovery is painful. 2  Important Questions CBSE Board Paper 32/3/1 (2022) (a) How are self-help groups the building blocks of the rural poor ? Explain with examples. 5 OR (b) How does the credit vary substantially between formal and informal lenders ? Explain with examples. CBSE Board Paper 32/4/1 (2022) How do double coincidence of wants arise? 2 CBSE Board Paper 32/4/1 (2022) Explain the three important 'terms of Credit'. 3  Important Questions CBSE Board Paper 32/1/1 (2023) Explain any three functions of the Reserve Bank of India. 3 OR Explain the role of banks with regard to money which they accept from the public. CBSE Board Paper 32/2/1 (2023) "Credit pushes the borrower into a situation from which recovery is painful." Examine the statement. 2 CBSE Board Paper 32/5/1 (2023) How does credit play a positive and a negative role ? Explain with examples. 5 OR (b) What is a collateral ? Why is it a main reason to prevent the poor getting a loan from banks ? Explain. CBSE Board Paper 32/6/1 (2023) Distinguish between formal and informal sources of credit. 3  Important Questions CBSE Board Paper 32/2/1 (2022) Read the sources given below and answer the questions that follow : House Loan Megha has taken a loan of 5 lakhs from the bank to purchase a house. The annual interest rate on the loan is 12 per cent and the loan is to be repaid in 10 years in monthly instalments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. The bank retained as collateral the papers of the new house, which will be returned to Megha only when she repays the entire loan with interest. 1 From which source of credit Megha has taken loan? 1 2 Explain the terms of credit given in the source. 1  Important Questions How money acts as a medium of exchange? In the early days Barter exchange Economy where money is used, it acts as an intermediate in exchange. Example ; Buying good from the market.  Important Questions Explain the loan activity of banks? Depositors depositing their saving with bank. [Interest Paid] Borrowers borrowing from bank. [Interest Changed] The difference is the earning of the bank.  Important Questions Explain any three reasons how credit helps in the development of the borrower? Credit is required to start any work. Proper utilisation can give better results. Example of Salim.  Important Questions Compare and contrast the role of formal and informal source of credit. Formal Source Informal Source Source - Bank, Coperatives Source - Moneylenders Interest rate low High interest rate Documentation and collateral No documentation and collateral required  Important Questions Explain any three reasons for the banks and cooperative societies to increase their lending facilities in rural areas. Inclusion of power section into formal source. Freedom from higher interest rate. People can borrow cheaply.  Important Questions What do you understand by terms of credit? Explain. ➔ Interest rate, collateral and documentation requirement, and the mode of repayment together comprise what is called the terms of credit. Explain each point  Important Questions Documentation Mode of Interest Rate Collateral requirement Payment Borrower must pay to Collateral is an asset that Paperwork Installment/ the lender along with the borrower owns (such Lump Sum Cash/ the repayment of the as land, building, vehicle, Gold/ Property principal. livestocks, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid.  Important Questions “Credit is very essential in economy”. What are the different credit arrangements for different categories of borrowers? Loan from Moneylenders. Loan from Traders. Loan from Banks. Loan from Employers. Loan from Cooperatives.  Important Questions Which government body supervises the functioning of formal sources of loans in India? Explain its functioning. ➔ Reserve Bank of India ( RBI) Monitors the bank Ensures that loan is given to all Decides the rate of interest Periodically banks have to submit information to RBI  Important Questions What do you understand by SHGs? Explain their functioning and contribution in eradication of poverty. ➔ Self help groups are small groups of 15 - 20 members who come together to pool their savings and can use this fund for themselves. Availability of loans at low interest rates. No collateral required Empowerment of the member ( women) Building block of rural poor  Class 10th - Economics Globalisation and the Indian Economy Chapter According to the Latest Syllabus  The process of rapid integration or interconnection between countries. More & more goods & services, investments & technology are moving What is Globalisation ? between countries It helps in movement of people for better- income, job, education between countries. Foreign trade results in connecting/integrating the markets in different countries. = Globalisation MNCs act as an agent in the process of Globalisation. Factors that have Enabled Globalisation Technology Liberalisation of foreign trade and foreign investment policy.  1. Improvement in technology Stimulate the globalisation process. Explain Development in information and communication Improvement in transportation technology technology This has made much faster delivery of goods Telecommunication, computers, and internet are some across long distances possible at lower costs. of the developments which are connecting world to remote areas with satellite communication devices.  2. Liberalisation of foreign trade and foreign investment. What is Liberalisation? Need After Independence After 1990’s Trade Barriers : Tax on import is an example of trade barrier, Around 1991, some changes in policy were made in India. governments can use trade barriers to increase or decrease (regulate) foreign trade. The government decided that the time had come for Indian producers to compete with producers around the globe. This was considered necessary to protect the producers within It felt that competition would improve the performance of the country from foreign competition. Industries were just producers within the country since they would have to coming up in the 1950s and 1960s. improve their quality. This decision was supported by powerful international organisations. No Imports Only essential items were allowed. Removing barriers or restrictions set by the Liberalisation Impact government is what is known as liberalisation.  India and the G20 Group of 20 G20 was founded in 1999, is an international, intergovernmental forum for economic cooperation comprising 19 countries and the European Union (EU). The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union. Significance and functioning Leaders from the member countries meet annually to discuss significant issues pertaining to the global economy including international financial stability, digital economy, climate finance and climate change mitigation, and sustainable development. Its members represent 85% of global GDP, 75% of international trade and two-thirds of the world's population.  Indian’s Role in the G20 The G20 presidency rotates among the member countries annually and is being assumed by India from Indonesia from 1st December 2022. India will convene the G20 Leader’s summit for the first time in the country in September 2023. It seeks to find pragmatic global solutions for the wellbeing of all while manifesting the true spirit of 'Vasudhaiva Kutumbakam’. India wants to bring about a shared global future for all through the Amrit Kaal initiative with a focus on the LIFE (Lifestyle for Environment) movement which aims to promote a sustainable way of life through the practice of environmentally-conscious practices.  Indian’s Role in the G20 The six thematic priorities of India's G20 presidency are as follows: (1) Green Development, Climate Finance & LIFE. (2) Accelerated, Inclusive & Resilient Growth (3) Accelerating Progress on SDGs. (4) Technological Transformation & Digital Public Infrastructure. (5) Multilateral Institutions for the 21st century. (6) Women-led Development.  Important Questions CBSE Board Paper 32/4/1 (2019) Analyse the contribution of communication technology in globalisation. 1  Important Questions CBSE Board Paper 32/1/1 (2022) Examine the factors which facilitate globalization in India. 5 OR Assess, how globalization has touched the lives of larger society. CBSE Board Paper 32/2/1 (2022) "Technology is the vital force in the modern form of globalisation." Explain the statement with suitable examples. 5  Important Questions CBSE Board Paper 32/6/1 (2023) "Liberalisation of foreign trade and foreign investment policy have shown far reaching changes in India." Support the statement with suitable arguments. 5  Important Questions “Rapid improvement in technology has stimulated the globalisation process”. Explain the statement with examples. Improvements in transport facilities which help in export and import of goods. Development in information and communication technology has been the most beneficial. Example of using containers and magazine publication.  Important Questions Why had the Indian government put barriers to foreign trade and foreign investment after independence? Analyse the reason. To protect the domestic producers within the country from foreign competition in the form of imports. To encourage more production of goods so that more industries can be started. Indian industries were just coming up, they were not prepared to face challenges from foreign countries.  Important Questions Barriers on foreign trade and foregin investment were removed to a large extent in India since 1991. Justify the statement. Government of India liberalised its policy and felt that Indian producers must compete with producers around the world. Trade competition would improve the performance of the local producers within the country since they will be forced to improve their quality. Economic crises in India in 1990-91 and support f WTO and IMF led the government to improve trade barriers.  Important Questions Globalisation as a factor has been facilitated by some of the factors. Explain them in brief. ❖ Technology Improvement in transportation. Information and communication. ❖ Liberalisation of foreign trade and foreign investment policy. Trade barrier Need Removing trade barriers Liberalization  Important Questions What is globalisation? Explain two positive and two negative impact of globalisation. Globalisation is the process of integration and interconnectedness between countries. I. Availability of variety of products. II. Creation of new jobs and higher standard of living. I. Uneducated and unskilled labourers have become jobless due to closure of domestic units. II. Small industries like toys, tyres, plastics, dairy products are affected due to foreign competition.