(i) “Modernisation extends beyond just the implementation of new technology.”
Justify the given statement, focusing on the economic planning goals.
(ii) “Economic reforms of 1991 changed the structure of the financial sector in India to a large extent.”
Justify the given statement, highlighting any two reforms introduced in the financial sector.
(i) “Modernisation extends beyond just the implementation of new technology.”
Justify the given statement, focusing on the economic planning goals.
(ii) “Economic reforms of 1991 changed the structure of the financial sector in India to a large extent.”
Justify the given statement, highlighting any two reforms introduced in the financial sector.
Show Hint
Solution and Explanation
Modernisation as a goal of economic planning means two things. The first is the use of the latest technology to produce goods and services.
The second is a change in the social outlook of the people. For example, society must accept that women should have the same rights as men.
Step 2: Part (i): Justifying the Statement:
The statement says modernisation goes beyond new technology. This is correct, because new machines alone cannot make a country modern.
A modern society also uses the talents of women in the workplace. Women then take part in production, and the workforce becomes larger and more balanced.
So social progress moves along with technical progress. Hence modernisation is wider than the use of new technology.
Step 3: Part (ii): Background:
Before 1991 the financial sector, which includes banks, the capital market and foreign exchange, was strictly controlled by the Reserve Bank of India (RBI). The reforms of 1991 changed this structure to a large extent.
Step 4: Part (ii): Reform 1:
The role of the RBI was changed from regulator to facilitator.
Now the financial sector can take decisions on many financial matters without asking the RBI each time. This gave banks and other institutions more freedom.
Step 5: Part (ii): Reform 2:
The policy changes led to the setting up of private sector banks, both Indian and foreign.
This brought more competition in banking and gave customers more choice.
Final Answer:
(i) Modernisation covers new technology and also a change in social outlook, such as equal rights for women. (ii) The financial sector changed because the RBI became a facilitator and private banks were allowed to start.
Top CBSE CLASS XII Economics Questions
___________ farming is a system that is helpful in restoring, maintaining and enhancing the ecological balance.
(Choose the correct alternative to fill in the blank):The present day rapid industrial growth in China can be traced back to the economic reforms introduced in 1978, where ________ .
(Choose the correct alternative to fill in the blank):
(i) Initially reforms were initiated in agriculture, foreign trade and investment sectors.
(ii) The policy of dual pricing was adopted.
(iii) The Government revoked the policy of Special Economic Zones.Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below:
Assertion (A): In the recent past, Indian economy has been facing the problem of jobless growth.
Reason (R): Jobless growth refers to a situation where an economy is able to produce more goods and services without generating additional employment.Read the following statements carefully:
Statement 1: India, Pakistan, and China have similar physical endowments but totally different political systems.
Statement 2: Both India and Pakistan laid great emphasis on creating a large private sector.Read the following statements carefully:
Statement 1: India, Pakistan and China have similar physical endowments, but totally different political systems.
Statement 2: Both India and Pakistan laid great emphasis on creating a large private sector.
Top CBSE CLASS XII Indian Economy Questions
_______ farming is a system that is helpful in restoring, maintaining and enhancing the ecological balance.
(Choose the correct alternative to fill in the blank):Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below:
Assertion (A): In the recent past, Indian economy has been facing the problem of jobless growth.
Reason (R): Jobless growth refers to a situation where an economy is able to produce more goods and services without generating additional employment.- “The Government of India has taken various measures to align the agricultural marketing system with the growing production activities in the rural areas.”
Do you agree with the given statement? Give any two valid reasons in support of your answer. - “The participation rate of people in economic activities in rural areas is more than that in urban areas.”
Justify the given statement. “An increase in the credit creation capacity of commercial banks has a direct impact on the money supply in an economy.”
Discuss the given statement.
Top CBSE CLASS XII Questions
- 2, b, c are in A.P. and the range of determinant $\begin{vmatrix}1&1&1\\ 2&b&c\\ 4&b^{2}&c^{2}\end{vmatrix}$ is [2, 16]. Then find range of c is
- A boy of mass 50 kg is standing at one end of a, boat of length 9 m and mass 400 kg. He runs to the other, end. The distance through which the centre of mass of the boat boy system moves is
- A capillary tube of radius r is dipped inside a large vessel of water. The mass of water raised above water level is M. If the radius of capillary is doubled, the mass of water inside capillary will be
- A circular disc is rotating about its own axis. An external opposing torque 0.02 Nm is applied on the disc by which it comes rest in 5 seconds. The initial angular momentum of disc is
- A circular disc is rotating about its own axis at uniform angular velocity \(\omega.\) The disc is subjected to uniform angular retardation by which its angular velocity is decreased to \(\frac {\omega}{2}\) during 120 rotations. The number of rotations further made by it before coming to rest is