In this article, we will share MP Board Class 10th Social Science Book Solutions Chapter 21 Globalisation Pdf, these solutions are solved by subjects experts.
MP Board Class 10th Social Science Solutions Chapter 21 Globalisation
Objective Type Questions
Question 1. Multiple Choice Questions:
(Choose the correct answer from the following)
The New Industrial Policy was adopted since –
The main base of globalisation is –
(a) Multinational Companies
(b) Foreign Trade
(d) European Union.
(b) Foreign Trade
New economic policy liberated the –
(a) Private sector
(b) Public sector
(c) Industrial sector
(d) Tertiary sector.
(a) Private sector
W.T.O. means –
(a) World Terrorist Organisation
(b) World Transport Organisation
(c) World Trade Organisation.
(d) World Temperate Organisation
(c) World Trade Organisation.
Question 2. Fill in the blanks:
- World bank is an International ……………… institution that extends financial assistance to member nation for development purposes.
- Financial Crunch is a situation in which the government ……………… falls drastically short of government expenditure.
- Privatisation is defined as transfer of ownership and control from the public sector to the ……………… sector.
- The private sector allowed to establish industries and
business but subject to ……………… and ………………
- Control regulation
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Question 3. True and False type questions:
- New Economic Policy or N.E.P. was adopted in 1995.
- Globalization means decreasing integration between different economics of the world.
- Privatisation means to bring most of the enterprises of the country under the ownership, control and management of the private sector.
- Liberalisation means to rid industry and trade of unnecessary restrictions and make them more competitive.
Question 4. Match the following:
- Import Policy (a) 149
- Members of WTO (b) 1951 to 1990
- Establishment of WTO (c) 1991
- 7th five year plan (d) 1995
Answer in One – Two Words or One Sentence:
Define World Trade Organisation (WTO)?
WTO is the global international organisation dealing with the rules of trade between nations.
When was WTO established?
WTO was established on January 1, 1995.
Where is WTO located?
WTO is located at Geneva, Switzerland.
What is GATT?
GATT (General Agreement on Trade and Tariffs) was the forum for negotiating trade agreement between nations between 1947 – 1994.
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When did India become the member of WTO?
India became the member of the WTO on January 1, 1995.
Mention two functions of WTO?
- Administering WTO trade agreements.
- Forum for trade negotiations between countries.
MP Board Class 10th Social Science Chapter 21 Very Short Answer Type Questions
Define sustainable development.
Sustainable development is an economic development where necessities of generations are not compromised by the pleasure of present generation.
Explain the concept of sustainable economic development. Give two points?
- Development should take place without polluting and damaging the environment.
- Development should be continuous and it should fulfil the needs and aspiration of the present and future generations.
MP Board Class 10th Social Science Solutions
What is the role of WTO? What two benefits will India get by being a member of WTO?
WTO is the global trade organisation dealing with the rules of trade between nations. India, as a member of WTO will be benefited in the following ways:
- Promotion and expansion of trade among countries.
- (a) Less restrictions on Indian exports.
(b) Getting technology from developed countries.
Liberalisation means freedom to the private sector to run those activities which were earlier confined to only public sector. Secondly, Private sectors have given many relaxations from the rules and regulations.
What is NRI?
NRI (Non-Resident Indian) is an Indian who does not normally live and work in India, but in some other country. He holds Indian citizenship and Indian passport.
MP Board Class 10th Social Science Chapter 21 Short Answer Type Questions
Mention three freedoms given to the private sector industry by liberalisation?
- Industrial licensing has been abolished except for five industries.
- Number of public sector industries has been reduced from 17 to 3.
- Freed from regulation like permission for importing materials.
Enlist main objectives of New Economic Policy?
Following were the objectives of new economic policy:
- Liberalisation of the economy.
- Expansion of private sector.
- Encouragement of private foreign investment.
- Modernisation of agriculture.
- Controlling fiscal deficit.
What do you mean by disinvestment? How far did we succeed in this programme?
Disinvestment means selling shares of its performing enterprise by the government. It is one method of privatization. Our programme of privatization through investments has succeeded to some extent only.
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Mention the functions of WTO?
Functions of World Trade Organisation (WTO):
- Administering trade agreements between nations.
- Forum for trade negotiations.
- Handling trade disputes between nations.
- Monitoring national trade policy.
- Technical assistance and training for developing countries and.
- Cooperation with other international organisation.
How can you justify the presence and impact of globalisation?
The presence and impact of globalisation can be justified by the following facts:
- Development of social consciousness.
- Fast and quick technological changes.
- Global form of modern business.
- Formation of International Monatory Fund (IMF).
- Foreign collaboration and joint ventures, financial and assistance.
- Globalisation of marketing through Cable TV network and satellite links and
- Introduction of internet facilities like e-mail and e- commerce services.
Explain in short meaning of the term ‘Globalization’. Write its main characteristics (features on related points) also?
Globalization means integration, unification or integration of domestic economy with the world economy. Characteristics (Features or Related Points):
- Due to globalisation producers from outside can sell their goods and services in India. We can do the same with our goods and services.
- Entrepreneurs from other countries can invest in India and the Indian entrepreneur can also do the same in other countries.
Discuss some positive aspects of Globalisation and Liberalisation?
Globalisation and Liberalisation have helped in rapid economic development.
- A large industrial base created; increase in industrial production.
- Proportion of people living below the poverty line less.
- Self – sufficient in food.
- Mobilised its savings.
- Generated its own resources for development.
- Large pool of scientists and technically skilled working person.
- Export – oriented industries.
Differentiate between policy of restriction and policy of liberalization?
It means removing unnecessary trade restrictions and making the economy more competitive. New Economic policy liberated the private sector from strict control and licensing.
If restrictions are imposed on economic activities by government policies, it is called the policy of restriction or restrictive policy. No real economy is completely free of restrictions. When these restrictions are removed, it is called the policy of liberalization.
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What measures have been taken for globalisation of the economy of India?
Free interaction among economies of the world in the field of trade finance, production techlnologies and investment is termed as globalisation of the economy. It encourages foreign trade and institutional investment. Following measures are adopted for it:
- Devaluation of rupee by 20% in July 1990 – 91.
- Full convertibility was offered in 1993-94 to encourage exports earnings.
- Long period trade policy of remove restrictions.
- Encouragement to open competition.
- Modification of custom and tariff.
What is sustainable development? What are its important features?
The development, which takes care of the needs of present generation without compromising with the needs of future generation is termed as sustainable development.
Important features of sustainable development:
- Economic growth
- No or the least compromise with the necessities of the future generation
- Pollution free economic development
- No or the least depletion of non – renewable resources and
- Preservation of environmental and exhaustible resources.
Explain the meaning of World Trade Organisation?
World Trade Organisation (WTO):
The global international organisation, working on multilateral trading system, where trade agreemeftts are negotiated and signed by a large majority of world’s trading nations and ratified in their parliaments are known as W.T.O. Its objective is to assist trade flowing smoothly, freely, fairly and predictable among nations. WTO was established on Jan 1, 1995 in Geneva, Switzerland. India also became its member on January 1,1995.
MP Board Class 10th Social Science Chapter 21 Long Answer Type Questions
Review the status of Indian economy before the new economic policy – 1991?
1. Self – reliance:
The five – year plans imed at obtaining self – reliance. The dependency upon foreign aid was reduced in fulfilment of this aim. During this period self – reliance in agriculture sector was achieved and vast industrial sector was developed.
2. Foreign Trade:
In the year 1991 imports were kept under control. During this period only necessary goods like machineries, fertilizer and petroleum were mainly imported. To protect the domestic producers from foreign competition the policy of protection was adopted. Therefore, the trade during this period increase slowly. The contribution of India in total world trade in 1951 was near about. 1 per cent which reduced upto 0.6 percent in 1991.
3. National and Per Capita Income:
During the period of 1951 to 1991 the national income increased at the average rate of 4.0 per cent. But due to the rapid growth in population during this period the per capita income increased at a very slow speed.
4. Increase in the Opportunities of Employment:
During this period though the efforts were made to increase the job opportunities even then the problem increased day – by – day. The problem of unemployment became very complicated till 1991.
5. Crisis of Foreign Currency:
India adopted the policy of reducing imports between the years 1951 to 1991. But India needed foreign currency for the import of petroleum products machinery and other necessary goods. India had to take international loan to import these goods. Therefore, India was trapped in the crisis of foreign exchange.
6. Price rise:
During the period of planning India had to face the problem of continuous price rise. After the First Five-Year Plan during the years 1956 to 1991 the rate of inflation in India was between 5 to 6 per cent.
Explain briefly the key features of Indian economy after adoption of the New Economic Policy?
Key Features of Indian Economy after adoption of New Economic Policy:
1. Industrial activities which were restricted for public sector were also opened up to private sector except for industries having national importance tike defence, space research etc.
2. Relaxation in regulations tike quota system, industrial licensing, concentration of economic power etc. This was meant to give freedom to the businesses to undertake activities having growth potential.
3. Permission to import raw material was eased to make/it more competitive for businesses to reduce cost and undertake better technology.
4. Pricing and distribution was made free to give businesses free hand to deal with pricing and distribution strategies.
5. Restriction on investement and increase in production capacity was eased to pave the way for industrial growth.
6. The economy was opened to integrate it with world economy in terms of flow of goods and services investment etc.
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Explain the process of globalisation?
Give the meaning of globalisation and describe the steps taken in this direction?
Write the main five factors which promote globalization? (MP Board 2009)
Process of Globalisation or Steps taken for Globalisation:
1. Raising Foreign Equity Participation:
Prior to July 1999 f foreign equity participation was subjected to lot of approvals, sanctions and constraints. It was restricted to 40%. Now it has been increased to 51% and the approvals have been made routine work.
2. Devaluation of Rupee:
Rupee was devalued by 20% in July 1990 – 91. The devaluation was made to encourage exports and discourage imports. It also aimed at inflow of more foreign capital.
3. Convertibility of Rupee:
The government offered partial convertibility of rupee through the budget of 1992 – 93. Full convertibility was offered in 1993 – 94. Convertibility of rupee was aimed at encouraging export earnings.
4. Long Period Trade Policy:
The government announced foreign trade policy for a period of five years i.e. 1992 – 97. The sole purpose of this policy was liberalisation. It also removed restrictions on external trade.
5. Encouragement to Open Competition:
Exports and imports were left to market forces, government control was minimised.
6. Modification of Customs and Tariff:
In order to build up our competitive strength, customs and tariff policies were modified to promote international trade.
7. Modernisation of the Economy:
The new economic policy accords top priority to modern techniques and technology. It also promotes computers and electronics industries. It has made the Indian industries dynamic. All foreign collaborations concerning higher technology have been (created by the government.
8. Privatisation of the Company:
It means removing strict control over private sector and making them free to take necessary decisions. Now, the new policy tries to expand private sectors.
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