NCERT Solutions for Class 10 Economics Chapter 4
NCERT Solutions for Class 10 Economics Chapter 4 Globalisation and the Indian Economy in PDF form updated for new academic session 2020-21 based on latest CBSE Syllabus and following new NCERT Books for 2020-21.
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Class: | 10 |
Subject: | Social Science – Economics |
Chapter 4: | Globalisation and the Indian Economy |
NCERT Solutions for Class 10 Economics Chapter 4 in PDF
NCERT Solutions for Class 10 Economics Chapter 4 in PDF form given below for download free. NCERT Solutions are updated for new academic session based on new NCERT Books and latest NCERT CBSE Syllabus.Visit to Discussion Forum and share your knowledge related to NIOS or CBSE Board.
NCERT Solutions for Class 10 Economics Chapter 4
Class 10 Economics Important Questions for Exams
- 10th Economics Chapter 1:Important Questions: DevelopmentRead more
- 10th Economics Chapter 2:Important Questions: Sectors of the Indian EconomyRead more
- 10th Economics Chapter 3:Important Questions: Money and CreditRead more
- 10th Economics Chapter 4:Important Questions: Globalisation and the Indian EconomyRead more
What is meant by Globalisation?
Globalisation is a process of international integration arising from the interchange of world views, products, ideas and other aspects of a culture.
What is Liberalization?
Liberalization refers to the reduction or elimination of government regulation or restrictions on private business and trade.
What is World Trade Organization?
World Trade Organization is the only global international organization dealing with the rules of trade between nations. The main aim of this organization is to liberalize the law of trade between the nations.
What do you understand by Privatization?
Privatization is the transfer of a business, industry, or service from public to private ownership and control.
What is SEZ in special Economic zone of a country?
SEZ is a special economic zone of a country that is subject to unique economic regulations that differs from other areas in the same country. These regulations tend to be conductive to foreign direct investment.
How foreign trade leads to integration of markets?
Foreign trade creates an opportunity for the producer to reach beyond the domestic market. Goods can be imported to expand the choice of goods for consumers. Producers in two countries now closely compete against each other, prices tend to become equal.
How MNC’s interlink production across counties?
MNC’s set up production unit where it is close to the market where skilled unskilled labour is available at low cost, where government policies are favorable. They invest money called foreign investment and at times set up production jointly with local companies. They buy local companies and expand production. Place orders to small producers for products like Garments, footwear sports items etc.
What are the main purpose to liberalise international trade?
The main aim to take initiative of the developed countries, set up rules regarding international trade. Force developing countries to remove trade barriers and developed countries have unfairly retained trade barriers.
What are main Impacts of Globalisation?
For consumers: Improved quality, lower prices, variety of choices, higher standard of living. Job have been created. Local companies supplying raw material to MNC’s have become prosperous.
Top Indian companies have been benefitted from increased competition. Some Indian companies also emerged as MNC’s e.g. Tata Motor, Infosys, Ranbaxy, Asian Paints.
What are Liberalisation of foreign trade and foreign investment policy?
Starting around 1991, barriers on foreign trade and foreign investments were removed to a large extent. It allowed foreign companies to set up factories and offices in India. Goods could be imported and exported easily.
About Class 10 Economics Chapter 4
Until middle of the 20th country, production was organised within countries but now Multinational corporations emerged. They own or control production in more than one nation. Multinational Corporation (MNC) is an enterprise operating in several countries but Managed from one country or group that derives a quarter of its revenue from operations outside of its home country. Investment is the purchase of goods (such as machine, house, and other parts etc.) that are not consumed today but are used in the future to create wealth. Foreign Investment is when a company or individual from one nation invests in assets or ownership stakes of a company based in another nation.
One Mark Questions with Answers
1. Give one example of Trade Barriers?
2. When did India adopt the new economic policy?
3. Which sector of economy is still lagged behind even after the Globalization?
4. What is privatization?
5. In which category you will put Indian Economy?
6. When did Ford Motors established in India?
7. Removing barriers or restrictions set by govt. is called__________.
8. State the main motive of MNC?
9. Name the Indian manufacturer with which Ford Motors entered the Indian automobile business?
10. Which Indian company has been bought by Cargill foods and MNC?
Answers of 1 Mark Questions
1. Tax on Export
2. 1992
3. Agriculture Sector
4. Privatization means allowing the private sector to set up industries which were earlier reserved for the Public sector.
5. Mixed Economy
6. 1995
7. Liberalisation
8. To earn greater profit
9. Mahindra and Mahindra
10. Parakh Foods
Important Questions on Class 10 Economics Chapter 4
Increase in foreign trade
Export and import of new technology
Flow of capital and finance from one country to another
Migration of people from one country to another.
In New Economic Policy in 1991, the government wished to remove these barriers because it felt that domestic producers were mature enough to compete with foreign industries. It felt that foreign competition would encourage local producers to improve the quality of goods produced by Indian industries. This decision was also supported by powerful international organisations. Now goods could be imported and exported easily and also foreign companies could set up factories and offices here.
i. MNCs are having tie-ups with local companies to capture large market share.
ii. Acquire the local companies and then expand its production with the help of advances technology they possess.
iii. They delegate orders to small producers and sell these products under their own brand name to the customers worldwide at a much higher price.
iv. They get cheap labour to work for them in masses and produce large volumes to sell.
v. Through the above ways, MNC’s are exerting a strong influence on production at distant locations.
In return for liberalisation of trade laws, the producers of the developing countries are asking for a ‘fair trade’. The developing countries should demand for some type of protection of domestic producers from competition created by imported goods. Moreover, charges should be levied on MNCs looking to set up base in developing nations. MNC’s setting up their bases in developing countries should also be forced to work for the development of the country.
Liberalization has given the power to make decisions of import and export in the hands of producers from all around the globe. This has led to a deeper integration of national economies into one conglomerate whole. It has also encouraged healthy competition among producers which has benefitted the consumer at large.
For example, the automobile industries in India have the option of importing cars from various car manufacturers. This provides an opportunity for the sellers to expand their business. With the liberalisation of foreign trade, electronic goods like digital cameras, laptop, smartphones have flooded the Indian market and give good opportunities to the buyer to select the item of their choice.
These are the favourable factors for globalisation:
Availability of human resources both quantity wise and quality wise will increase.
Broad resource and industrial base of major countries.
Expansion of entrepreneurship.
Expansion of domestic market.
Expanding internal markets
Economic liberalisations.
Growing competition.