Liberalisation, Privatisation And Globalisation : An Appraisal

Question 73
CBSEENEC11008900

Name any six public sector undertakings which have been declared navaratnas by the Govt. of India?

Solution

Following public sector undertakings have been declared navaratnas:

(i) Indian Oil Coproration (IOC).

(ii) Bharat Petroleum Corporation Ltd. (BPCL).

(iii) Hindustan Petroleum Corporation Ltd. (HPCL).

(iv) Oil and Natural Gas Corporation Ltd. (ONGC).

(v) Steel Authority of India (SAIL).

(vi) Indian Petrochemical Corporation Ltd. (IPCL).

Question 74
CBSEENEC11008901

Write down the foreign currency of the following countries:

Country

Currency

1. U.S.A.

2. U.K.

3. Japan

4. China

5. Korea

6. Singapore

7. Germany

Solution

Country

Currency

1. U.S.A.

Dollar

2. U.K.

Pound Sterling

3. Japan

Yen

4. China

Yuan

5. Korea

Won

6. Singapore

Singapore Dollar

7. Germany

Euro

Question 75
CBSEENEC11008902

Name the various ways by which regulatory mechanism were enforced in India?

Solution

In India, regulatory mechanisms were enforced in the following four ways:

1. Industrial licensing under which every entrepreneur had to get permission from government official to start a firm, close a firm or to decide the amount of goods that could be produced.

2. Private sector was not allowed in many industries.

3. Some goods could be produced only in small scale industries.

4. Control on price-fixation and distribution of selected indsutrial products.

Question 76
CBSEENEC11008903

Agriculture sector appears to be adversely affected by the reform process. Why?

Solution

The reforms have not been able to benefit agriculture, where the growth rate has been increasing. The most important phenomenon is the existence of large food stocks in the country, with more than 250 million people below the poverty line. Per capita availability of food grains and nutritional quality have been declining despite mounting stocks of food grains. The prices of food grains are increasing not because of physical shortage of food grains but the policy of curtailing the food grain subsidy and increasing the prices at which food grains were supplied through public distribution system (PDS). Cuts in subsidies given to the food grain producers also raised prices of food grains. The burden of such cuts is passed on to the consumers. The government sets high prices at which consumers cannot afford to buy the food grains because they do not have adequate purchasing power. Higher prices also reduce the demand and the poor consumers are hurt. High procurement prices give farmers the incentive to produce more. To support the high prices, food corporation of India has to buy more and the stocks of food grains rise. When the government reduces the expenditure, irrigation and road linkage facilities also suffer. Research and development in agriculture is also lagging behind. There is a shift from production for the domestic market towards production for the export market. Cash crops are produced for exports at the cost of production of food grains.

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