Case Study Questions Class 10 Social Science Economics Chapter 4 Globalization and The Indian Economy
CBSE Class 10 Case Study Questions Social Science Economics Globalization and The Indian Economy. Important Case Study Questions for Class 10 Board Exam Students. Here we have arranged some Important Case Base Questions for students who are searching for Paragraph Based Questions Globalization and The Indian Economy.
At Case Study Questions there will given a Paragraph. In where some Important Questions will made on that respective Case Based Study. There will various types of marks will given 1 marks, 2 marks, 3 marks, 4 marks.
Case Study 1:
Republic of India represents a small portion of India’s extensive history, specifically the past half century since 1950. Despite this relatively short time frame, India’s economic regime has undergone two significant transformations. The first occurred with the establishment of the Planning Commission in March 1950, which initiated a distinctive experiment in state-led “growth with social justice” within the framework of parliamentary democracy. However, this policy framework faced considerable challenges in the 1980s, ultimately leading to an unprecedented balance of payments crisis in 1990-91. In response, the Indian government implemented a comprehensive policy regime known as “Liberalisation, Privatisation, and Globalisation” (LPG). These three economic concepts have necessitated a series of ongoing policy reforms by both the Union and State governments. Since June 1991, India has been a member of a select group of 24 countries known as “globalisers” (Dollar 2001). As a collective, these countries experienced a notable acceleration in average growth rates, increasing from 1.4 percent per annum in the 1960s to 2.9 percent per annum in the 1970s, 3.5 percent in the 1980s, and 5 percent in the 1990s.
Q1) How globalization had impacted Indian economy? Mark 2
Answer Globalization has significantly impacted the Indian economy. It has led to increased foreign investment, greater export opportunities, and technological advancements. While it has stimulated economic growth and created jobs, it has also brought challenges like income inequality and vulnerability to global market fluctuations, necessitating adaptive economic policies.
Q2) What do you understand by the term multi national companies? Mark 1
Answer Multinational companies (MNCs) are large corporations that operate in multiple countries, conducting business activities, production, and trade across international borders
Q3) What do you understand by the term foreign investment? Mark 1
Answer Foreign investment refers to capital, assets, or resources from one country invested in another, typically for business expansion, ownership, or profit.
Case Study 2:
India has implemented restrictions on Chinese goods and components by imposing import duties, as the influx of products from China had previously posed a threat to domestic manufacturers. Chinese toys were particularly prevalent in the Indian market not too long ago.
However, as part of the government’s Atmanirbhar Bharat policy, which emphasizes the promotion of local products, the import of toys, games, and sports equipment from China is gradually decreasing.
According to the Ministry of Commerce, the import of these Chinese products has decreased from $451.71 million in 2018-19 to $206.11 million in 2021 (between April 2021 and January 2022).
To regulate the import of cheap and low-quality toys, the Directorate General of Foreign Trade (DGFT) issued a notification on December 2, 2019, making it mandatory to conduct sample testing for each shipment.
According to this notification, no permission for sale will be granted unless the quality testing is successful. In the event of a failure, the shipment will either be returned or destroyed at the expense of the importer.
Q1) Write about the negative impact created by foreign trade on Indian manufacturers? Mark 2
Answer Foreign trade can negatively impact Indian manufacturers through increased competition from cheaper foreign goods. Domestic industries may struggle to compete, leading to plant closures and job losses. Dumping of subsidized foreign products can also harm local markets. Furthermore, trade imbalances can affect the country’s economic stability, undermining the development of domestic industries and causing economic disruptions
Q2) What are the various steps by government of India to decrease import of goods. Mark 2
Answer The Indian government has taken measures to decrease imports, including raising import duties on certain products, promoting “Make in India” initiatives to boost domestic manufacturing, and implementing trade restrictions. Additionally, export promotion schemes and tariff barriers are used to reduce the trade deficit and encourage self-reliance in various sectors.
Case Study 3:
Despite the growth of the economy following the implementation of liberalization policies, it can be argued that this was merely a coincidence and that the growth was actually a delayed effect of previous industrial policies. Furthermore, it could be contended that economic growth would have occurred even without any policy changes. In order to determine whether the improvements in the Indian economy were indeed a result of liberalization reforms, we have employed the synthetic-control method. This is a statistical technique in which researchers compare a unit that received a treatment with a combination of units that did not receive the treatment. In this case, the unit is a country and the treatment is liberalization policies. We compare the treated unit to countries that did not implement liberalization policies. The synthetic control creates an imaginary country that never received the treatment, allowing us to consider how certain variables would have developed in the absence of the treatment. We have utilized GDP per capita as the indicator of economic growth. If the GDP per capita of the synthetic India behaves in the same manner as that of the real India, we cannot conclusively attribute the exceptional growth of the 1990s to liberalization policies
Q1) What do you understand by the term “liberalization of economic policy”. 2
Answer “Liberalization of economic policy” refers to the relaxation or removal of government regulations, trade barriers, and restrictions in order to promote economic freedom and encourage free-market principles. It often involves reducing tariffs, deregulating industries, privatizing state-owned enterprises, and fostering competition to enhance economic growth and international trade.
Q2) What are the pros and cons of liberalization of economy? Mark 2
Answer
Pros | Cons |
Economic Growth: It can stimulate economic growth by attracting investments and fostering entrepreneurship.
Efficiency: Competition and market-driven policies can enhance efficiency in industries. |
Inequality: It may exacerbate income inequality.
Vulnerability: Over-reliance on global markets can make the economy vulnerable to external shocks. |
Case Study 4:
The World Trade Organization (WTO) gained prominence as a trading organization in 1995. Prior to this, the General Agreement on Tariffs and Trade (GATT) was established in 1997 by several nations with the aim of facilitating smooth trade among the agreed countries worldwide. Extensive negotiations took place under the GATT, involving both developed and developing nations. The WTO is headquartered in Geneva, Switzerland, and serves as a global economic policy-making body. It also acts as a watchdog and enforcer of international trade agreements (Todaro & Smith, 2015). According to Yunus (2008), global trade can be likened to a vast highway with numerous lanes spanning the globe. Without proper regulations such as traffic lights, speed limits, size restrictions, or lane markers, this highway would be dominated by the powerful economies’ giant trucks. Therefore, it is crucial to establish appropriate policies and agreements to prevent potential issues.
Q1) How has competition benefited people in India? Mark 2
Answer Competition has benefited people in India in several ways:
Lower Prices: Competition among businesses often leads to lower prices for goods and services, benefiting consumers.
Quality Improvement: To stay competitive, companies strive to improve the quality of their products and services.
Innovation: Competition fosters innovation, resulting in new and better products.
Increased Choices: Consumers have more choices and options due to a competitive market.
Job Opportunities: Growing businesses create employment opportunities for the workforce.
Q2) Why do governments try to attract more foreign investment? Mark 2
Answer Governments aim to attract foreign investment to boost economic growth, create jobs, and stimulate development. Foreign investment brings capital, technology, and expertise, contributing to industrial growth and infrastructure development. It also strengthens international relations and trade, enhancing a country’s economic competitiveness in the global market.
Case Study 5:
Although the concepts of fair trade and free trade have little to do with one another, in the context of public procurement, the two come into conflict. Advocates of free trade argue that governments should act as private market actors when making purchases, while others believe that governments have a duty to promote justice and equality through procurement “linkages” to social policies like fair trade. The growing recognition of the importance of sustainability has reopened the debate on whether governments should align their spending with social concerns. In Europe, a sustainable approach to public procurement is common, and the enthusiasm for this approach has spread to the World Trade Organization (WTO). A Revised Government Procurement Agreement (GPA) aims to encourage broader acceptance of the agreement by allowing exceptions for environmental and social policy linkages. These exceptions include a general exception in cases where derogation is necessary to protect human, animal, or plant life or health, exclusion of public procurement in international development assistance from the scope of the agreement, and explicit permission for governments to apply technical specifications for environmental protection. A recent case in the Netherlands involving sustainable public procurement demonstrates the flexibility given to European countries in selecting and implementing their own procurement practices. There is significant variation among countries in their government procurement practices.
Q1) What are the challenges to the fair globalization? Mark 2
Answer Challenges to fair globalization include income inequality, exploitation of labor, environmental degradation, loss of cultural diversity, and unequal access to technology. Uneven benefits and social disparities in a globalized world raise concerns about fairness and the need for international cooperation to address these issues equitably.
Q2) What are the ways to which fair globalization can be achieved? Mark 2
Answer Fair globalization can be achieved by implementing policies that promote income equality, protecting workers’ rights, addressing environmental concerns, preserving cultural diversity, and ensuring equal access to technology. International cooperation, regulations, and ethical business practices are essential in creating a more equitable and just globalized world.