Social Science 2 Marks Each

Sustainable development means meeting the needs of present generation without compromising with the ability of future generations to meet their own needs.

• Rapid economic growth and industrialisation have led to exploitation and imbalance of natural resources and pollution.
• The way resources are presently being used there is a fear that they may not be present for the future generation.
• Sustainable development is the only remedy for development without negatively affecting the environment.

The ways (methods) of privatization are as follows:
Opening up of the areas reserved for the public sector, such as banking and insurance, to the private sector.
Transfer of ownership and Control of public sector enterprises to the private entitles.
Disinvestment of the capital invested in the public sector enterprises.

Globalization is the process of connecting one country's economy with the world economy. It includes:

• Removal of obstacles of trade between nations.
• Capital can be easily exchanged between nations.
• Exchange of technology has been made easy.
• Free exchange of labour among different nations of the world.
• As a result of globalisation flow of goods, services, technology and labour had become easy in the world.

Privatization means transfer of ownership and management of industrial units, under state control to the private sector.

• Methods:

• The areas allotted to the public sector were opened for the private sector.
• It was done by allowing state owned companies to be managed by private sector or state units were allowed private ownership but were managed by the state.

Five Year plans were implemented by the Government for speedy economic development after independence in 1947.

• Monetary policy, Fiscal policy and Industrial policy were announced however there was limited success in achieving economic development.
• To rectify the mistakes and increase economic development, the government introduced the New Economic Policy in 1991.
• It included features like Liberalization, Privatization and Globalization.

To conserve the environment, steps like planting trees, reducing pollution, promoting recycling, protecting wildlife, and creating awareness about environmental protection have been taken.