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Chapter 4: Globalisation and the Indian Economy

Economics • Class 10 • Class 10 Understanding Economic Development

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Globalisation and the Indian Economy

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Economics • Class 10 • Class 10 Understanding Economic Development

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Prelims High-Yield Explanations & Traps

that all developed
decisions
role in the struggle for fair
investing in India has been beneficial for them
that workers’ jobs are no longer secure
no wage
there is increasing ______________ with other countries

Essential Definitions & Formulas

A MNC: a company that owns or controls production in more than one nation.
This is done so that the cost of production: low and the MNCs can earn greater profits.
This: a call centre in Bangalore, equipped with telecom facilities and access to Internet to provide information and support to customers abroad.
Complete the following statement to show how the production process in the garment industry: spread across countries.
S WORK THIS OUT In this example the MNC: not only selling its finished products globally, but more important, the goods and services are produced globally.
The production process: divided into small parts and spread out across the globe.
The benefit to the local company of such joint production: two-fold.
MNCs set up production where it: close to the markets; where there is skilled and unskilled labour available at low costs; and where the availability of other factors of production is assured.
The money that: spent to buy assets such as land, building, machines and other equipment is called investment.
Investment made by MNCs: called foreign investment.
Any investment: made with the hope that these assets will earn profits.
U UNDERST DAIG ANDING E E N CONOMIC D D V L EVEL ON OPMENT But the most common route for MNC investments: to buy up local companies and then to expand production.
Cargill: now the largest producer of edible oil in India, with a capacity to make 5 million pouches daily! In fact, many of the top MNCs have wealth exceeding the entire budgets of the developing country governments.
Would you say Ford Motors: a MNC? Why? 2.
What: foreign investment? How much did Ford Motors invest in India? 3.
In what ways: a MNC different from other companies? 7.
What then: the basic function of foreign trade? To put it simply, foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.
What: happening here? As a result of trade, Chinese toys come into the Indian markets.
The opposite: true for Indian toy makers.
How: it different now? 2.

Related PYQs (32)

2016•Prelims•Paper 1 (GS)•Q.11

In the context of which of the following do you sometimes find the terms 'amber box, blue box and green box' in the news?

Economics - WTO Agriculture Subsidies

2016•Prelims•Paper 1 (GS)•Q.14

Recently, which one of the following currencies has been proposed to be added to the basket of IMF's SDR?

Economics - IMF SDR

2016•Prelims•Paper 1 (GS)•Q.15

With reference to the International Monetary and Financial Committee (IMFC), consider the following statements:

IMFC discusses matters of concern affecting the global economy, and advises the International Monetary Fund (IMF) on the direction of its work.

The World Bank participates as observer in IMFC's meetings.

Economics - IMFC

2016•Prelims•Paper 1 (GS)•Q.71

What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'?

To bring the idle gold lying with Indian households into the economy

To promote FDI in the gold and jewellery sector

To reduce India's dependence on gold imports

Economic and Social Development

2016•Prelims•Paper 1 (GS)•Q.75

'Global Financial Stability Report' is prepared by the

Current events of national and international importance

2017•Prelims•Paper 1 (GS)•Q.34

With reference to the 'National Intellectual Property Rights Policy', consider the following statements:

It reiterates India's commitment to the Doha Development Agenda and the TRIPS Agreement.

Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India.

Economic and Social Development

2017•Prelims•Paper 1 (GS)•Q.77

Which of the following has/have occurred in India after its liberalization of economic policies in 1991?

Share of agriculture in GDP increased enormously.

Share of India's exports in world trade increased.

FDI inflows increased.

India's foreign exchange reserves increased enormously.

2018•Prelims•Paper 2 (CSAT)•Q.11

By how much (measured in thousands of tons) did the import of sheet steel exceed the import of coil steel in the first three months of the year?

2018•Prelims•Paper 2 (CSAT)•Q.12

What was the approximate total value (in $) of sheet steel imported over the six months period?

2018•Prelims•Paper 2 (CSAT)•Q.13

What was the approximate ratio of sheet steel and scrap steel imports in the first three months of the year?

2018•Prelims•Paper 2 (CSAT)•Q.14

Rotated positions of a single solid are shown below. The various faces of the solid are marked with different symbols like dots, cross and line. What is the symbol on the face opposite to that containing a single dot?

2018•Prelims•Paper 2 (CSAT)•Q.15

What is the symbol on the face opposite to that containing two dots?

2020•Prelims•Paper 2 (CSAT)•Q.1

Which one of the following is best implied in the passage?

2020•Prelims•Paper 2 (CSAT)•Q.2

On the basis of the above passage, the following assumptions have been made :

State should have some institutions to ensure its appropriate role in a digital society.

State should ensure that private parties do not violate the citizens' right to privacy.

Digital economy is not compatible with the idea of not violating the citizens' privacy.

2020•Prelims•Paper 2 (CSAT)•Q.3

Which one of the following is the most logical and rational inference that can be made from the above passage?

2020•Prelims•Paper 2 (CSAT)•Q.4

Which one of the following statements best implies the suggestion given by the author of the passage?

2022•Prelims•Paper 1 (GS)•Q.79

With reference to the "Tea Board" in India, consider the following statements :

The Tea Board is a statutory body.

It is a regulatory body attached to the Ministry of Agriculture and Farmers Welfare.

The Tea Board's Head Office is situated in Bengaluru.

The Board has overseas offices at Dubai and Moscow.

Economy - Statutory Bodies

2024•Prelims•Paper 1 (GS)•Q.59

Consider the following statements:

India is a member of the International Grains Council.

A country needs to be a member of the International Grains Council for exporting or importing rice and wheat.

Economic Development

2016•Mains•GS-I•Q.8

To what extent globalization has influenced the core of cultural diversity in India? Explain.

GS-I - Globalization and Indian Society

2026•Prelims•Paper 2 (CSAT)•Q.69

A train has to complete a journey of 800 km. If it meets a minor accident, its speed becomes half of the existing speed. If there is a mechanical defect, the speed becomes one-fourth of the existing speed. On its way, the train meets with a minor accident after 200 km; and 400 km thereafter, it develops a mechanical defect. Had the train developed the mechanical defect after 200 km and met the minor accident 400 km thereafter, it would have taken 4 more hours to reach its destination. What was the original speed of the train in km per hour?

2018•Mains•GS-I•Q.19

Globalization is generally said to promote cultural homogenization but due to this cultural specificities appear to be strengthened in the Indian Society. Elucidate.

Globalization and Culture

2018•Mains•GS-II•Q.19

What are the key areas of reform if the WTO has to survive in the present context of 'Trade War', especially keeping in mind the interest of India?

International Relations

2020•Mains•GS-I•Q.18

Is diversity and pluralism in India under threat due to globalisation? Justify your answer.

2025•Mains•GS-I•Q.10

Do you think that globalization results in only an aggressive consumer culture? Justify your answer.

2026•Mains•GS-III•Q.14

Discuss the different types of subsidies and supports provided by the Government of India to agricultural sector. Examine the related issues pertaining to Agreement on Agriculture of World Trade Organisation (WTO).

2014•Prelims•Paper 1 (GS)•Q.30

According to the passage, under globalization, government interventions are viewed as processes leading to

2014•Prelims•Paper 1 (GS)•Q.31

According to the passage, the basic philosophy of globalization is to

2014•Prelims•Paper 1 (GS)•Q.32

According to the passage, which of the following is/are necessary for ensuring globalization?

Privatization of public enterprises

Expansionary policy of public expenditure

Free play of market forces to determine wages and employment

Privatization of social services like education and health

2014•Prelims•Paper 1 (GS)•Q.33

According to the passage, in the process of globalization the State should have

2014•Prelims•Paper 1 (GS)•Q.34

In which year is the average profit of A and B same?

2015•Prelims•Paper 1 (GS)•Q.31

The terms 'Agreement on Agriculture', 'Agreement on the Application of Sanitary and Phytosanitary Measures' and 'Peace Clause' appear in the news frequently in the context of the affairs of the

Current events of national and international importance

2015•Prelims•Paper 2 (CSAT)•Q.61

India has suffered from persistent high inflation. Increase in administered prices, demand and supply imbalances, imported inflation aggravated by rupee depreciation, and speculation have combined to keep high inflation going. If there is an element common to all of them, it is that many of them are the outcomes of economic reforms. India's vulnerability to the effects of changes in international prices has increased with trade liberalisation. The effort to reduce subsidies has resulted in a continuous increase in the prices of commodities that are administered. What is the most logical, rational and crucial message that is implied in the above passage?