Government and the Economy Class 8 Questions and Answers KSEEB 8th Social Science
I. Fill in the blanks for the following questions.
Planning commission was established in the year ______________ .
The twelth five year plan is implemented during the years ______________ .
India is among the ______________ largest country in the world in terms of GDP.
The current rate of poverty is India is about ______________ percent.
For many years India’s economic policy was ______________ oriented.
II. Answer the following questions in about two sentences each.
Planning refers to the deliberate actions of the government to systematically allocate and utilize available resources to achieve predetermined goals in the interest of all.
List the prominent objectives of planning in India.
The general objective of Indian planning are all follows ___________
(a) Increasing the rate of economic growth
(b) Bring about modernization in the economy
(c) Achieve self reliance
(d) Reduction in the inequality of income and wealth.
(e) Development of infrastructure
(f) Development of financial Institutions.
(g) Balanced regional development.
(h) Promoting private sector.
What are the major failures of India planning?
The failures of Indian Planning are as follows.
(a) Slow growth in production and Income.
(b) Rise in prices.
(c) Increase in unemployment
(d) Persisting poverty and inequality
(e) Inafficient administration.
(g) Increase in exports not as expected.
Though the plans are sound and meaningful but the problem is no proper implementation.
Describe India’s economic situation during 1990-91
The new economic policy is taking India to-wards liberal economy or market economy. It has relived India much of hard herships that she faced in 1990-91. More than everything else India could with stand the economic recession that swept the world in 2008-09.
List the major initiatives under the economic reform measures.
Economic Reform (LPG Policies) Many economists became dissatisfied with the performance of the Indian economy, especially the public sector enterprises. During 1990-91 India faced serious economic problems. The huge deficit in trade balance, declining foreign exchange reserves, severe inflation, and very high budget deficit crippled the Indian economy and also life of the people. In this context, the need for reforming economic policy was widely felt and hence the new economic policy was initiated in 1991.
The new economic policy is also called as ‘economic reforms’. As thesepolicies comprise of liberalization, privatization and globalization they are also called as LPG policies. Economic reforms refers to the adoption of policies to eliminate the market barriers, encourage economic participation from private sector, reduce the fiscal deficit, increase exports and reduce imports, etc. for increasing the growth rate of the economy. This package of reforms consisted of:
1. A liberal industrial policy to invite foreign investment by privatization of industries and abolishing the licensing system.
2. Automatic approval for Foreign Direct Investment (EDI) for many activities.
3. A liberal import-export policy for ensuring easy exports of Indian goods and obtain the necessary raw materials.
4. Reforming the banking and financial sector in accordance with the internationally accepted standards.
5. Reforms in the tax structure for ensuring higher coverage of tax payers and increasing the tax revenue.
6. Withdrawing and restricting government interference on investment and also privatization of public sector enterprises.
The economic liberalization has helped India to grow at faster pace. India is now considered one of the major economies of Asia. The Foreign investment in India has increased over the years. Many multinational companies have set up their offices in India.
The per capita GDP of India has increased, which is a positive sign. India has emerged as a leading exporter of services, software and information- technology products. Many companies such as Wipro, TCS, HCL Technologies, Tech Mahindra have worldwide fame.
Thus the new economic policy is taking India towards liberal economy or market economy. It has relieved India much of her hardships that she faced in 1990-91. More than everything else India could withstand the economic recession that swept the world in 2008-09.
Additional Questions and Answers
Five Year Plans in India
The tremendous increase in investment could be noticed.
What was the economic condition when India attained Independence.
When India attained Independence in 1947. the Economic conditions were deplorable.
The per capital income and national income energy,communication, financial services were not adequate. Backwardness was everywhere. is very low1. Food production was low, Industries were few, machineries were imported from the foreign countries. Transport, health, energy,communication, financial services were not adequate. Backwardness was everywhere.
When did NIIT Ayog came into force ?
In 2015 NITI Ayog (National Institute for transforming India) came into force.
The fundamental objective of Indian Planning is social justice discuss.
Indian Planning is to achieve growth with social justice. Measures like land reforms, abolition of bonded labour, liquidation of rural indebetedness, fixation of minimum wages, pro-vision of basic minimum needs, and reduction of concentration of power and economic disparties have contributed towards achieving social Justice.
Define “the new economic policy”
In 1991 New Economic policy was initiated. It is also called ” Economic reforms” As these policies comprise of liberalization, privatization and globalization. They are also called as L.P.G. Policies.
L = Liberalisation
P = Privatisation
Q = Globalization
Define Economic reforms:
Economic reforms are the adoption of policies to eliminate the market barriers, encourage economic participation from private sector, reduce the fiscal deficit, increase exports and reduce imparts etc.
Explain Digital India.
To ensure that government services are availabe to citizens electronically and people get benefited from the latest information and communication technology.
What are the yojanas introduced by the government to improve Agricultural and Rural Development
(a) Pradhana Mantri Fasal Bima yojana.
(b) Pradhana mantri Krishi Sinchayi yojana.
(c) Mahatma Gandhi national rural employment guarantee
(d) Pradha mantri Gram sadak yojana.
What are encouragement to Industrial development.
- Make in India
- Start up India and Stand up India.
- Pradhan mantri MUDRA yojana etc.
What steps – taken by the government to social sector.
- Swach Bharath Abhiyan
- Skill India
- Pradhan Mantri Jan Dhan Yojana
- Pradhan Mantri Jeevan Jyothi Bima Jojana.
- Pradhan Mantri suraksha Bima Yojana
- Atal pension yojana.
What are the steps taken by the government of India to improve urban development.
- Atal Mission on Reju vention and urban transformation.
- Pradhan mantri Awas Yojana
- Smart cities mission