CBSE Class 10th Economics EXTRA QUESTIONS Chapter 4 GLOBALISATION AND THE INDIAN ECONOMY

SHORT QUESTIONS AND ANSWER

Question 1: What is globalization?

Answer:

Globalization refers to the increasing interconnectedness and integration of economies, societies, and cultures across the world.

Question 2: Name one positive impact of globalization on the Indian economy.

Answer:

Increased foreign investment leading to economic growth.

Question 3: What is liberalization?

Answer:

Liberalization refers to the relaxation of government restrictions on economic activities, such as trade and investment.

Question 4: Give an example of a multinational corporation (MNC).

Answer:

Coca-Cola, McDonald’s, or Toyota.

Question 5: How does globalization affect employment patterns?

Answer:

It can lead to the creation of new job opportunities in certain sectors while causing job losses in others due to outsourcing and automation.

Question 6: Define outsourcing.

Answer:

Outsourcing is the practice of contracting work to external suppliers rather than completing it internally.

Question 7: What is meant by the term ‘economic liberalization’?

Answer:

Economic liberalization refers to policies aimed at reducing government intervention and promoting free market principles.

Question 8: Name one negative impact of globalization on small-scale industries.

Answer:

Increased competition from large multinational corporations.

Question 9: How does globalization affect cultural exchange?

Answer:

It facilitates the exchange of ideas, values, and cultural practices between different societies.

Question 10: Define export-oriented production.

Answer:

Export-oriented production is the strategy of producing goods primarily for export to foreign markets.

Question 11: What is meant by ‘FDI’?

Answer:

FDI stands for Foreign Direct Investment, which refers to investment made by a foreign company in the economy of another country.

Question 12: Name one sector that has benefited from globalization in India.

Answer:

Information Technology (IT) sector.

Question 13: What is a trade barrier?

Answer:

A trade barrier is a government-imposed restriction that limits international trade.

Question 14: How does globalization impact the environment?

Answer:

It can lead to environmental degradation due to increased industrialization, deforestation, and pollution.

Question 15: What role does the World Trade Organization (WTO) play in globalization?

Answer:

The WTO facilitates international trade negotiations, resolves trade disputes, and enforces global trade rules.

LONG QUESTIONS AND ANSWER

Question 1: Discuss the concept of globalization and its impact on India’s economic landscape.

Answer:

• Globalization refers to the increasing interconnectedness and integration of economies across the world through trade, investment, and cultural exchange. In the context of India, globalization has led to significant changes in various sectors of the economy.

• It has opened up new avenues for economic growth by facilitating increased foreign investment, access to global markets, and technological advancements.

• However, globalization has also brought challenges such as increased competition, job displacement, and widening income inequalities. Overall, globalization has transformed India’s economic landscape, reshaping industries, employment patterns, and lifestyles.

Question 2: Analyze the role of liberalization in India’s economic development post-globalization.

Answer: 

• Liberalization refers to the relaxation of government restrictions and regulations on economic activities, such as trade, investment, and business operations. In the context of India’s economic development post-globalization, liberalization has played a crucial role.

• It has encouraged private investment, fostered competition, and promoted innovation and efficiency in various sectors of the economy. Liberalization measures introduced since the 1990s, such as deregulation, privatization, and foreign investment liberalization, have contributed to India’s economic growth and integration into the global economy.

• However, liberalization has also led to challenges such as income inequalities, environmental degradation, and social disparities, highlighting the need for balanced and inclusive growth strategies.

Question 3: Evaluate the impact of globalization on employment patterns in India, considering both positive and negative aspects.

Answer:

Positive Impact:

• Creation of new job opportunities in sectors like information technology, services, and export-oriented industries.
• Increased foreign investment contributing to job creation and economic growth.

Negative Impact:

• Job losses in traditional industries such as agriculture, textiles, and small-scale manufacturing due to competition from foreign imports and outsourcing.
• Challenges faced by the informal sector, including exploitation, low wages, and job insecurity.

Overall Outcome:

• Overall employment growth in India due to globalization.
• Exacerbation of inequalities and vulnerabilities in the labor market.

Question 4: Discuss the impact of globalization on India’s agricultural sector, considering both positive and negative aspects.

Answer:

Positive Impact:

• Opening up of new markets for agricultural products.
• Adoption of modern technologies and farming practices.
• Increased agricultural productivity and efficiency.
• Access to better seeds, fertilizers, and machinery.
• Improvements in crop yields and incomes.

Negative Impact:

• Increased competition from foreign imports.
• Fluctuating global commodity prices leading to income instability.
• Marginalization of small and marginal farmers.
• Exacerbation of rural poverty and agrarian distress.
• Land acquisition issues.
• Environmental degradation and water scarcity.

Overall Outcome:

• Opportunities for growth and modernization in the agricultural sector.
• Significant challenges in terms of sustainability, equity, and livelihood security.

Question 5: Examine the impact of globalization on India’s manufacturing sector, considering both positive and negative aspects.

Answer:

Positive Impact:

• Expansion of manufacturing industry through increased foreign investment and technology transfer.
• Growth of export-oriented industries like automobiles, electronics, and textiles.
• Job creation and economic growth.
• Adoption of modern production techniques and quality standards.
• Enhancement of competitiveness in the global marketplace.

Negative Impact:

• Increased competition from foreign imports.
• Job losses, factory closures, and declining profitability in certain sectors.
• Labor rights violations, environmental degradation, and industrial accidents associated with globalization.

Overall Outcome:

• Opportunities for growth and modernization.
• Challenges in terms of competitiveness, sustainability, and social welfare.

Question 6: Analyze the impact of globalization on India’s service sector, considering both positive and negative aspects.

Answer:

Positive Impact:

• Rapid growth and expansion of the service industry.
• Increased foreign investment and technological advancements.
• Emergence of sectors like IT, BPO, telecommunications, and tourism.
• Significant contributions to economic growth and employment generation.
• Access to global markets and competitive services.

Negative Impact:

• Concerns regarding job quality, working conditions, and wage disparities.
• Precarious employment and low wages for low-skilled workers.
• Vulnerability to external shocks and fluctuations in global demand.

Overall Outcome:

• Opportunities for growth and innovation.
• Challenges in terms of equity, stability, and social inclusion.

Question 7: Describe the major problems created by the globalization for a large number of small producers and workers.

Answer

Globalization for small producers and workers

• It may lead to widening of income inequalities among various countries
• Workers jobs are no longer secure.
• Expansion of unorganized sector.
• Small manufacturers have been hit hard due to severe competition.
• Several units have been shut down rendering many workers jobless.
• Lives of workers are on the whims of employers.
• Workers are denied their fair share of benefits.

Question 8: Evaluate the role of multinational corporations (MNCs) in India’s economic development post-globalization.

Answer:

• Multinational corporations (MNCs) have played a significant role in India’s economic development post-globalization. They have brought in foreign investment, advanced technology, and managerial expertise, contributing to the growth and modernization of various sectors of the economy.

• MNCs have also facilitated the integration of India into global value chains, leading to increased exports, job creation, and economic growth. However, MNCs have also faced criticism for their impact on local industries, labor practices, and environmental sustainability.

• Issues such as market dominance, exploitation of natural resources, and labor rights violations have often been associated with the operations of MNCs in India.

• Overall, while MNCs have brought benefits such as investment and technology transfer, they have also posed challenges in terms of economic sovereignty, social equity, and environmental sustainability.

Question 9. Describe the problems created by globalisation for small producers and workers.

Answer

Problems created by globalizations for Small Producers and Workers

• Tough competition with the Big Companies.
• Several small units are being shut down.
• Unemployment of Workers.
• In security of Job.
• Small producers and exporters try hard to cut their cost due to competition.
• Workers are hired on temporary basis.
• Workers have to put in long working hours and work night shifts.
• Wages are low and forced to work overtime.
• Workers are denied their fair share of benefits brought about by globalisation.

Question 10. What are the various ways in which countries can be linked?

Answer

Besides the movement of goods, services, investments and technology, there is one more way in which the countries can be linked.

• This is through the movement of people between countries.
• People usually move from one country to another in search of better income, better jobs or better education.
• In the past few decades, however, there has not been much increase in the movement of people between countries due to various restrictions.

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