Karnataka Board Class 8 Economics Chapter 4 Government and the Economy Solution Exercise Question and Answer
(I) (1) Planning Commission was established in the year ______.
Ans: – 1950
(2) The twelfth five year plan is implemented during the years _____
Ans: – 2012-2017
(4) The current rate of poverty in India is about _____ per cent.
Ans: – 22
(II) Answer the following questions in about two sentences each.
(1) Define planning.
Ans: – Planning is the process of shaping thinking out wardly in the right way. Planning is reduced to meet specific goals. Planning is some of the right decisions taken by the government that will semi fit the public. It is the systematically actions to achieve predetermined goals in the in forest of all.
(2) List the prominent objectives of planning in India.
Ans: – The objects of planning in India are —
(i) Development of financial institutions
(ii) Balanced regional development
(iii) Development of Infrastructure
(iv) Increasing the rate of economic growth.
(v) Bring about moderigation in the economy
(vi) Achieve self reliance
(vi) Reduction in the inequality of income and wealth
(4) Describe India’s economic situation during 1990-91.
Ans: – During 1990-91 India faced serious economic problems. The huge deficit in trade balance, declining foreign exchange reserves, source inflation and very high budget deficit crippled the Indian economy and also life of the people. In 1991 new economic policy was initiated. This is called as ‘economic reforms’. These policies comprise of liberalization, privatization and globalization they are called LPG policies.
Answer the following ,3rd question explain in simple form
What are the major failures? this one