{"id":17070,"date":"2021-01-13T11:43:56","date_gmt":"2021-01-13T06:13:56","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=17070"},"modified":"2022-03-02T11:16:07","modified_gmt":"2022-03-02T05:46:07","slug":"ncert-solutions-for-class-12-economics-chapter-9","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-economics-chapter-9\/","title":{"rendered":"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal"},"content":{"rendered":"<p>Detailed, Step-by-Step <a href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-economics-hindi\/\">NCERT Solutions for Class 12 Economics<\/a> Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation.<\/p>\n<h2>Liberalisation, Privatisation and Globalisation: An Appraisal NCERT Solutions for Class 12 Economics Chapter 9<\/h2>\n<h3><span id=\"Class_6_Science_Chapter_1_Food_Where_does_it_Come_From_Exercise_Questions_and_Answers\">Liberalisation, Privatisation and Globalisation: An Appraisal Questions and Answers <\/span>Class 12 Economics Chapter 9<\/h3>\n<p>Question 1.<br \/>\nWhy were reforms introduced in India?<br \/>\nAnswer:<br \/>\nEconomic reforms were introduced in India to overcome the economic crisis relating to its external 1 debt. The government was not able to make repayments on its borrowings from abroad. The economy was facing problem of declining foreign exchange, growing imports without matching rise in exports and high inflation. Hence, India changed its economic policies in 1991 as a result of pressure from international institutions like the world bank and IMF.<\/p>\n<p>Question 2.<br \/>\nWhy is it necessary to become a member of WTO?<br \/>\nAnswer:<br \/>\nIt is necessary to become a member of WTO because:<\/p>\n<ul>\n<li>It helps in raising standard of living, real income and employment through expansion of trade.<\/li>\n<li>It promotes optimum utilisation of the world\u2019s resources.<\/li>\n<li>It secures the share of developing countries in the growth of international trade.<\/li>\n<li>It eliminates discriminatory treatment in international trade.<\/li>\n<li>It ensures linkage among different trade policies, environment policies and sustainable development.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 3.<br \/>\nWhy did RBI have to change its role from controller to facilitator of financial sector in India?<br \/>\nAnswer:<br \/>\nThe financial sector in India is controlled by the RBI. All the commercial banks and financial institutions in India are controlled by RBI through various norms and regulations. The RBI decides the proportion of deposits banks have to maintain with themselves, fixes interest rates, nature of lending to various sectors, etc. RBI had to change its role from controller to facilitator in India to allow the financial sector to take decisions on various matters without consulting the RBI.<\/p>\n<p>Question 4.<br \/>\nHow is RBI controlling the commercial banks?<br \/>\nAnswer:<br \/>\nThe commercial banks are controlled by RBI through various norms and regulations. The RBI decides the amount of money that the banks can keep with themselves by fixing CRR and SLR, fixes interest rates, nature of lending to various sectors, etc.<\/p>\n<p>Question 5.<br \/>\nWhat do you understand by devaluation of rupee?<br \/>\nAnswer:<br \/>\nDevaluation of rupee means lowering of the value of rupee in terms of the currencies of the foreign countries. Devaluation takes place when a country has adopted a fixed rate system.<\/p>\n<p>Question 6.<br \/>\nDistinguish between the following: .<br \/>\n(i) Strategic and Minority Sale<br \/>\n(ii) Bilateral and Multi-lateral Trade<br \/>\n(iii) Tariff and Non-tariff barriers<br \/>\nAnswer:<br \/>\n(i) Strategic and Minority Sale: In strategic sale, 5 \\% or more stake of PSU is sold to the private sector along with the transfer of ownership. In minority sale, less than 49% stake is sold to the private sector. However, the ownership is not transferred and remains with the government.<\/p>\n<p>(ii) Bilateral and Multi-lateral Trade: Trade between two countries is called bilateral. On the other hand, trade between more than two countries is known as multi-lateral trade.<\/p>\n<p>(iii) Tariff and Non-tariff Barriers: Imposing excise duty or custom duty on the import of goods is a tariff barrier. On the other hand, imposing the restriction on the quantity of traded goods through quotas or licenses are non-tariff barriers.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 7.<br \/>\nWhy are tariffs imposed?<br \/>\nAnswer:<br \/>\nTariffs are imposed:<\/p>\n<ul>\n<li>to protect the domestic industries from foreign competition; and<\/li>\n<li>to earn revenues.<\/li>\n<\/ul>\n<p>Question 8.<br \/>\nWhat is the meaning of quantitative restrictions?<br \/>\nAnswer:<br \/>\nQuantitative restrictions are imposed by the government to restrict the quantity of goods that can be imported or exported. These can be imposed by means of quotas and licenses. Under this restriction, quantity of trade remains fixed. Quantitative restrictions are imposed to promote domestic industries and protect them from foreign competition.<\/p>\n<p>Question 9.<br \/>\nThose public sector undertakings which are making profits should be privatised. Do you agree with this view? Why?<br \/>\nAnswer:<br \/>\nPrivatisation implies shedding of the ownership or management of a government owned enterprise, The main motive pf public sector enterprises is social or economic welfare of the people while the main\u00a0 motive of private sector is to earn profit even at the cost of public welfare. Privatising the profit making j PSUs will affect the development of poorer section of the society.<\/p>\n<p>Thus, public sector undertakings ; which are making profits should not be privatised. A country can achieve \u2018growth with justice&#8217; objective or sustainable development only through public sectors participation in the growth process. However, it is essential to privatise those public sector undertaking which are making losses.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Question 10.<br \/>\nDo you think outsourcing is good for India? Why developed countries are opposing it?<br \/>\nAnswer:<br \/>\nOutsourcing means a company going out to a source outside the company to buy regular services that were formerly used to be provided departmentally and internally. In recent times, outsourcing has intensified in modes of communications, particularly Information Technology (IT), voice based business process, record keeping, accountancy, banking services, music recording, film editing, book transcription, clinical advice or even teaching.<\/p>\n<p>India, where wages are low and skilled workers are plentiful, is able to take advantage of the competitiveness of their manpower. Thus, outsourcing is good for India. Developed countries are opposing it to avoid migration of manpower from underdeveloped countries to developed countries.<\/p>\n<p>Question 11.<br \/>\nIndia has certain advantages, which makes it a favourite outsourcing destination. What are these advantages?<br \/>\nAnswer:<br \/>\nAdvantages of India as an outsourcing destination are:<\/p>\n<ul>\n<li>Low wage rate<\/li>\n<li>Abundant skilled workers<\/li>\n<li>Rapid technological development<\/li>\n<\/ul>\n<p>Most multinational corporations and even small companies are outsourcing their services to India where these can be availed at a cheaper cost with reasonable degree of skill and accuracy. These advantages make India a favourite outsourcing destination.<\/p>\n<p>Question 12.<br \/>\nDo you think the navaratna policy of the government helps in improving the performance of public sector undertakings in India? How?<br \/>\nAnswer:<br \/>\nIn 1996, in order to improve efficiency, infuse professionalism and enable them to compete more effectively in the liberalised global environment, the government chose nine PSUs and declared them as Navaratnas.<\/p>\n<p>They were given greater managerial and operational autonomy in taking various decisions to run the company efficiently and hence, increase their profits. Greater operational, financial and managerial autonomy had also been granted to 97 other profit-making enterprises referred to as \u2018Miniratnas\u2019.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>The first set of navaratna companies is as under.<\/p>\n<ul>\n<li>BPCL<\/li>\n<li>HPCL<\/li>\n<li>IOCL (Indian Oil Corporation Ltd.)<\/li>\n<li>ONGC<\/li>\n<li>SAIL<\/li>\n<li>IPCL<\/li>\n<li>BHEL<\/li>\n<li>NTPC<\/li>\n<li>BSNL<\/li>\n<\/ul>\n<p>GAIL and MTNL are the other two PSUs, which were also given the same status.<\/p>\n<p>Question 13.<br \/>\nWhat are the major factors responsible for the high growth of the service sector?<br \/>\nAnswer:<br \/>\nThe following factors are responsible for the high growth of the service sector:<\/p>\n<ul>\n<li>Increased demand for services such as banking, insurance, transportation, communication, etc.<\/li>\n<li>Introduction of New Economic Policy encouraged large inflow of foreign capital in India<\/li>\n<li>Cheap manpower and latest developments in IT and telecommunications made India a favourite outsourcing destination<\/li>\n<li>Awareness about education increased the number of qualified people who could contribute more towards services sector<\/li>\n<\/ul>\n<p>Question 14.<br \/>\nAgricultural sector appears to be adversely affected by the reform process.Why?<br \/>\nAnswer:<br \/>\nAgriculture appears to be adversely affected by the reform process because the reforms have not been able to benefit agriculture, which is evident from the decelerating growth rate. The most important issue is the existence of large food-stock in the country and still having more than 250 million people below the poverty line.<\/p>\n<p>Per capita availability of foodgrains and nutritional quality has been declining despite mounting stocks of food grains. Cuts in the subsidies given to the foodgrains producers also raised prices of food grains as the burden of such cuts is passed on to the consumers. However, agricultural subsidies are declining due to the adoption of reform process in this sector also.<\/p>\n<p>Question 15.<br \/>\nWhy has the industrial sector performed poorly in the reform period?<br \/>\nAnswer:<br \/>\nThe following factors are responsible for poor performance of industrial sector during the reform period:<\/p>\n<ul>\n<li>The demand for domestically produced industrial goods had declined due to availability of cheaper imports and lower investment in this sector. Domestic manufacturers faced tough competition from better quality and low priced goods from abroad.<\/li>\n<li>Developed countries impose non-tariff barriers to restrict imports from developing countries like India.<\/li>\n<li>There has always been lack of infrastructural facilities such as power generation, road network, etc.<\/li>\n<\/ul>\n<p>Question 16.<br \/>\nDiscuss economic reforms in India in the light of social justice and welfare.<br \/>\nAnswer:<br \/>\nThe role of economic reforms in India in the light of social justice and welfare can be discussed with help of the following arguments:<br \/>\nArguments in Favour of Economic Reforms<\/p>\n<ul>\n<li>Economic reforms have created opportunities to have greater access to global markets.<\/li>\n<li>Reforms have opened new avenues for employment.<\/li>\n<li>There has been rapid increase in foreign direct investment and India\u2019s foreign exchange reserves.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/mcq-questions.com\/wp-content\/uploads\/2021\/01\/NCERT-Solutions-Guru.png?resize=170%2C17&#038;ssl=1\" alt=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal\" width=\"170\" height=\"17\" data-recalc-dims=\"1\" \/><\/p>\n<p>Arguments against Economic Reforms<\/p>\n<ul>\n<li>Economic reforms have improved the income and standard of living of oniy high income groups. The gap between the rich and poor has increased. This has led to inequality in Indian society.<\/li>\n<li>Reforms have concentrated only on the development of service sector. The growth and development of agnculture and industry have been ignored.<\/li>\n<li>The growth of public expenditure has been curtailed, which has reduced the scope for tax revenues.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Detailed, Step-by-Step NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. Liberalisation, Privatisation and Globalisation: An Appraisal NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-economics-chapter-9\/\"> <span class=\"screen-reader-text\">NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-12-economics-chapter-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"Detailed, Step-by-Step NCERT Solutions for Class 12 Economics Chapter 9 Liberalisation, Privatisation and Globalisation: An Appraisal Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. 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