'Countries may have a high HDI and be undemocratic, unequitable and unsustainable- just as they may have a low HDI and be relatively democratic, equitable and sustainable. ' -Human Development Report, 2010 .
Q. What is the full form of HDI?
Ans: Human Development Index.
Q. What is economic growth?
Ans: Economic growth is basically a quantitative concept.It relates to growth in output and, in particular, growth in per capita income.
Q. What is per capita income?
Ans: Per capita income is equal to national income divided by total population of the country.
Q. What was taken as the basis for distinction between developed and under develop countries, till the mid sixties?
Ans:Per capita income.
Q. What is economic development?
Ans: Economic development is basically a qualitative concept. It includes the quantitative concept, that is ,economic growth and also changes in areas or sectors which are economically and socialist significant. Economic development is a broader concept.
Q. What are the differences between economic growth and economic development ?
Ans: The differences between economic growth and economic development are:
a) Economic growth is a narrow concept. But economic development is a broader concept.
b) There may be economic growth without economic development. But, there cannot be economic development without economic growth.
b) Economic growth only related with per capita income of an individual. But economic development goes beyond that. Economic development also looks into how increased income is being distributed so as to avoid concentration of income in the hands of the few .
d) Economic development is also about other institutional changes . Education, health , banking,land tenure and so on also undergo changes over time. But , Economic growth is not about such changes.
Q. When was the first Human Development Report published?
Ans: In 1990.
Q. What is the full form of UNDP?
Ans: United Nations Development Programme.
Q. What are the indicators of human resource development?
Ans:There are three indicators of human development .They are-
(i) Life expectancy: Life expectancy is the number of years that a child is expected to survive at the time of birth. The average of life expectancy is then worked out. In the developed countries, life expectancy is higher as the public health services are better. In the underdeveloped countries the life expectancy is low as the public health services are rather poor.
(ii) Literacy :The level of literacy include adult literacy and the gross enrolment ratio of primary and secondary education and other branches.
(iii) Standard of living, basically accessibility to pure drinking water and sanitation.
Q.What is human development?
Ans: In reality, human development means expansion of collective choice of the people.
Q. What are the three concepts developed by the Human Development Report 2010?
Ans: The Human Development Report 2010 has introduced three new concepts of human development.These are:
a) The inequality adjusted Human Development Index: It seeks to determine how human development has influenced different classes of people in the society.
b) gender inequality index: It is about the inequalities between male and female.
c) multidimensional poverty index: It highlights the different forms of poverty.
Q. What is Human Development Index?
Ans: HDI is the combined statistic, derived from three indices- life expectancy, education and per capita income. These indices signify the standard of living based on four pillars of human development, i.e. Economic, Social, Cultural and Political development. Presently, the overall development of a country is indicated by the term Human Development Index.
Q. What is Economic Planning?
Ans: Economic planning is an instrument to attain a set of well defined objectives within a definite time period as determined by a central planning agency. In India, the plan is formulated for a period of five years. In general, the main objectives of planning in India are
a) to raise the rate of growth of the economy
b)to remove socio-economic inequalities
c)to remove poverty, to expand employment opportunities
d)to remove regional inequalities
e)to ensure sustainable economic development without causing damage to the environment and so on.
*Five Year Plans of India ( 1951- 2017)
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Q. Write about NITI Aayog.
Ans:On the 13th of August, 2014, the Modi Government scrapped the 65-year-old Planning Commission and announced that it would be replaced by a new body. Accordingly, on January 1, 2015, the NITI Aayog (National Institution for Transforming India) was established as the successor to the planning commission. The first meet of NITI Aayog was held on February 8, 2015 in Delhi.
Structure:The Chairman of NITI Aayog is the Prime Minister of India.The other members of NITI Aayog are the Vice- Chairman,Chief Ministers of States , Lieutenant Governors of Union Territories,four Central Ministers , Chief Executive Officer and the experts from different fields.
Chairman : PrimeMinister.
Vice-Chairman : Appointed by Prime Minister.
Full time members : Three experts.
Part-time members : Two numbers.
Ex Officio members: Maximum four Cabinet Ministers.
Chief Executive Officer: One IAS officer.
Executive Council: All Chief Ministers and Lt. Governor of Union Territories.
Q. What is Democratic Planning?
Ans: Planning in India is democratic planning. In democratic planning the people participate in the different stages of plan making. The decisions are not imposed from the top. Democratic planning ensures decentralisation of power. There are three layers of administration in India central government, state governments and local bodies (Panchayats, Municipalities etc). At each level, the plan schemes are discussed by the representatives of the people. As the representatives of the people formulate and discuss schemes at the lowest level of administration, it is known as grassroot planning.
Q. Why is Indian economy known as Mixed economy?
Ans: In Indian economy, the public sector and the private sector coexist. Hence, Indian economy is known as Mixed economy.
Q. Explain the first phase of economic planning in India.
Ans: The first phase of planning in India was from 1951-52 to 1990-91. During this period,the public sector was the leading sector in the economy.The role of private sector was secondary.
In the first period or phase at economic planning in India, the major objectives of planning were:
(1) to raise the rate of economic growth,
(2) to give importance to the application of modern technology,
(3) to attain self-reliance and
(4) to secure social justice.
However, during this period the rate of growth of the Indian economy was not satisfactory. Some of the factors responsible for such a growth rate were the Chinese aggression (1961-62), the Indo-Pak conflict (1965), poor rainfall and rapid political changes in India. During this period, the average rate of growth of the Indian economy was just 3.5 per cent. The remarkable feature was the growing contribution of the services sector (banking, insurance, transport, business etc) to India's national income. From 28 per cent in 1950-51, this contribution increased to 40.5 per cent in 1990-91. The growth of the services sector implied that the dependence of the Indian economy on agriculture declined. The contribution of agriculture (primary sector) to India's national income declined from 59 per cent to 34.9 per cent. India witnessed the green revolution in the mid sixties. Green revolution implies the increase in agricultural output brought about by the application of modern technology to agriculture. However, the green revolution was limited to a few states in India (Punjab, Haryana in particular) and also to a few crops (paddy and wheat).
Q. Explain the second phase of economic planning in India.
Ans: The second phase of planning in India covers the period 199192 to the present day. In this period, the importance of liberalisation, privatisation and globalisation has increased and the importance of the public sector, to that extent, has declined.
There are three important factors which have brought such a significant change in the Indian economy.
First, the aggregate public expenditure exceeded the aggregate public revenue which resulted in a huge fiscal deficit. The amount of public expenditure in the public sector was rising over the years but the vast majority of public sector undertakings incurred heavy losses and hence, the returns to public expenditure were low. In 1990 (March) out of 244 public sector units 58 were sick units. Many others were loss-making units.
Secondly, the high rate of inflation had unfavourable impact on the Indian economy. Socially and economically backward people with limited income were badly hit by the price rise.
Third, India's balance of payments position was highly disturbing. The inflow of funds into India was on the decline. On the contrary, there was an outflow of capital from India.
Consequently, the foreign trade deflict was rising alarmingly. In such a situation the world Bank recommended structural changes in the Indian economy. Against the unfavourable background of the Indian economy the Narasimha Rao government at the centre decided to introduce the economic reform measures in India. These measures have encouraged the process of liberalisation, privatesation and globalisation in India.
Q. What are the benefits of economic reforms in India?
Ans: The benefits of economic reforms in India are:
a)First, there has been a rise in the rate of growth of the economy. The annual rate of growth in 2005-06, 2006-07 and 2007-08 was 9.5 per cent, 9.7 per cent and 9.2 per cent respectively which was much higher than the growth rate achieved. earlier. During the period 2009-10 to 2012-13, the average rate of growth of the Indian economy was 6.7 per cent. The latest Economic Survey has put it at 7.2 per cent for the year 2013-14.
b)Secondly, the wholesale price index has shown a downward trend. However, the retail prices have not registered the same trend.
c) Thirdly, the foreign currency reserves with the Reserve Bank of India have increased considerably. This amount was $328.7 billion (1 billion = 100 crore or 1000 million) in 2015 (march). This reserve can finance seven months of import into India. In 1990-91, the amount of foreign exchange reserve was so small that it could cover only 15 days of import.
Q. What are the problems associated with the economic reform measures introduced in India?
Ans: Certain with the economic reform measures introduced in India. These are:
a)First, both the extent and the intensity of competition have increased which is otherwise a welcome development. But unless more purchasing power comes to the hands of the common man, the benefits of economic reform will be limited.
b) Secondly, excessive consumerism may lead to the erosion of social values where money power will be all pervading.
c)Thirdly, the management of globalisation has assumed importance.
Q. What is economic liberalisation?
Ans: Economic liberalisation means lessening of the degree of state control in the economic system of a country.
Q.What is the privatisation?
Ans: Privatisation is opening up of the sector units to the private sector.
Q. Give an example of one form of Privatisation.
Ans: Disinvestment.
Q. What is Disinvestment?
Ans: Disinvestment means the sale of the shares of the public sector units to private parties.
Q.What is globalisation?
Ans:Globalisation means the integration of the economy of a nation with the economies of the rest of the world. In a sense, globalisation is the result of privatisation and liberalisation of the economy. A country that avoids integration with the world economy is an inward looking country. Its economic isolationism is known as autarky. Globalisation reduces the distance among the countries of the world. The use of information technology and the internet have speeded up the process of globalisation. The countries of the world are moving towards a borderless world. Globalisation creates a competitive environment in which both the consumers and producers tend to gain.
It is important to ensure that globalisation does not pause any threat to national interest. A globalisation economy must not mean the sacrifice of its economic sovereignty, language, literature and culture. It should be possible to reap the benefits of globalisation without sacrificing the national interest.
Q. Write about Twelfth plan of Assam.
Ans: The entire process of plan making in India has undergone a significant change; the planning commission has been replaced by the NITI Aayog. This transformation has taken place right in the middle of the Twelfth Plan. The objectives of Assam's Twelfth Plan are:
1. to raise the rate of growth of the Assam economy to 10 per cent in the next two to three decades in order to remove the gap between Assam economy and the economy of the development states in India;
2.to adopt various schemes for poverty removal;
3.to tackle the problem of flood and erosion with the latest technology and scientific management;
4.to raise the annual rate of growth of agriculture from 6 per cent to 8 per cent;
5.to achieve self-sufficiency in power generation and to apply modem technology in power supply and distribution;
6.to raise the value of Assam's human development index and accordingly increase the amount of investment in health and education;
7.to lay emphasis on skill formation in order to expand opportunities for self employment and promote the growth of micro, small and medium industries including the traditional cottage industries.
8. to preserve bio-diversity and to tackle the problem of climate change.
9.to take up measures to ensure good governance in the state and the local bodies (Panchayats, Municipalities and so on).
The plan has accorded priority to rural development which will include the development of agriculture and allied activities, the small and medium industries and the cottage industries. It is hoped that such a strategy will help reduce the gap between the urban and rural areas of Assam.
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