Unit 4 Ch 2 : Sectors of the Indian Economy — Social Studies STD 10 — Question

Give four reasons for the rising importance of tertiary sector in India.

Read the sources given below and answer the questions that follow.

Source A- Production across countries:

Until the middle of the twentieth century, production was largely organised within countries. What crossed the boundaries of these countries were raw material, food stuff and finished products. Colonies such as India exported raw materials and food stuff and imported finished goods. Trade was the main channel connecting distant countries. This was before large companies called multinational corporations (MNCs) emerged on the scene.

Source B- Foreign trade and integration of markets:

Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries. Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world. Similarly, for the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.

Source C- Impact of globalisation in India:

Globalisation and greater competition among producers - both local and foreign producers - has been of advantage to consumers, particularly the well-off sections in the urban areas. There is greater choice before these consumers who now enjoy improved quality and lower prices for several products. As a result, these people today, enjoy much higher standards of living than was possible earlier.

Questions:

1. How are MNCs a major force in connecting the countries of the world? (Source A - Production across countries).
2. How does foreign trade become a main channel in connecting countries? (Source B - Foreign trade and integration of markets).
3. How is globalisation beneficial for consumers? (Source C - Impact of globalisation in India).

How India can contribute to the spreading of production by an MNC?

In Tamil Nadu, 75 percent of the people living in rural areas use a ration shop, whereas in Jharkhand only 8 percent of rural people do so. Where would people be better off and why?

Describe any five factors that promote the Multinational Corporations (MNCs) to setup their production units in a particular place.

Consumers might be exploited by unscrupulous, exploitative and unfair trade practice. Give a few examples of such practices adopted by sellers.

Why are rules and regulations required in the market-place? Explain.

Describe any four benefits of globalisation to the Indian economy.

Describe the growth in different sectors of the Indian economy.

Explain with example the impact of the Right to Information Act (RTI).