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Discuss Economic Reforms in India in the Light of Social Justice and Welfare. - Economics

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प्रश्न

Discuss economic reforms in India in the light of social justice and welfare.

संक्षेप में उत्तर

उत्तर

The economic reforms have enabled India to access and compete in the international markets. This facilitated the movement of goods and services across the international boundaries. Further, the increased inflows of foreign capital and investment to India have eliminated the shortage of foreign exchange to finance the imports of sophisticated and advanced technologies to India. Moreover, the boom in the outsourcing and the service sector led India’s economic growth and GDP to increase by many folds. But on the other side, agriculture that employed a significant proportion of population, failed to be benefited by these economic reforms. Also the reforms favoured the high income group population at the cost of their poor counterparts. This resulted in wide and still increasing economic and social inequalities among different section of population. Further, the economic reforms developed the areas that were well connected with the metropolitan cities leaving the remote and rural area undeveloped. Consequently, there were wide regional disparities. The boom in the service sector, especially in the form of quality education, superior health care facilities, IT, tourism, multiplex cinemas, etc. were out of the reach of the poor section of the population. The population engaged in the agricultural and allied sectors has still not been able to share the fruits of advanced technology and modern techniques. Further, the high income group has experienced increase in income, thereby, appreciating the quality of their consumption basket, leaving the low and middle income group to fight hard to earn their livelihood. Thus, it can be concluded that the economic reforms failed to provide social justice and enhance welfare of the general public of India.

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Liberalisation
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 3: Liberalisation, Privatisation and Globalisation: An Appraisal - Exercise [पृष्ठ ५३]

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एनसीईआरटी Economics - Indian Economic Development [English] Class 12
अध्याय 3 Liberalisation, Privatisation and Globalisation: An Appraisal
Exercise | Q 16 | पृष्ठ ५३

संबंधित प्रश्न

How is RBI controlling the commercial banks?


Why has the industrial sector performed poorly in the reform period?


Rate of which tax was reduced as per the tax reforms?


For how many industries, licensing is still necessary?


How many industries are entirely reserved for the public sector?


India’s post-1990 economic strategy entailed three important breaks with the past:

  • To dismantle the vast network of controls and permits that dominated the economic system.
  • To redefine the role of the state as a facilitator of economic transactions and as a neutral regulator rather than the primary provider of goods and services.
  • To move away from a regime of import substitution and to integrate fully with the global trading system.

The 1991 reforms unleashed the energies of Indian entrepreneurs and gave untold choices to the consumers and changed the face of the Indian economy. The reform agenda constituted a paradigm shift and has defined the broad contours of economic policymaking for three decades.

Liberalization was adopted as the guiding principle of governance and all governments since 1991, have broadly stuck to that path.

Today we don’t need a paradigm shift. We need to look at individual sectors and see which one of these needs, reforms to create a competitive environment and improve efficiency. The power sector, the financial system, governance structures, and even agricultural marketing need reforms.

Today’s reforms also require much more discussion and consensus-building. The central government needs to work in tandem with state governments and consult different stakeholders impacted by reform decisions. Timing and sequencing are critically important in the new reforms’ agenda.

  • According to the given text, ____________ was adopted as the guiding principle of governance and all governments since 1991.

Which of the following factors led RBI to change its role from the controller to facilitator of the financial sector in India? 


Which of the following is a stock?


An example of a direct tax is ______


Wealth tax is


What is the importance of official reserve transactions (ORT)?


Which other monetary policy instrument the RBI cannot use?


Inventory is a ______ concept whereas the change in inventory is a ______ concept.


Identify the correctly matched pair in Column A to that of Column B:

Column A Column B
1 Excise Duty (a) Capital Receipts
2 Income Tax (b) Direct Tax
3 Earning from PSU (c) Indirect Tax
4 Old Age Pensions (d)  Non-Tax Revenue Receipts

Which of following is a direct tax?


Which of the following statements is not true regarding the benefit of GST?


The Non-tax revenue in the following is ______


What kind of Tax is GST?


Which one of the following is a combination of direct taxes?


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