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CBSE Class 10 Economics Chapter 4 NCERT Solutions of chapter Globalisation and the Indian Economy aims to provide students with insightful solutions. Our subject matter experts have offered simple and accurate answers for the exercises in the economics book of Class 10.
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CBSE NCERT Solutions For Class 10 Economics Chapter 4 Notes: Globalisation and the Indian Economy Notes
Exercises
| 1 What do you understand by globalisation? Explain in your own words. Ans. Globalisation refers to the process of increased interconnectedness and integration of economies, societies, and cultures across the world. It involves the exchange of goods, services, technologies, information, and people between countries, leading to greater interdependence and interactions on a global scale. 2. What were the reasons for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers? Ans. Initially, the Indian government-imposed barriers to foreign trade and investment to protect domestic industries from competition, conserve foreign exchange reserves, and promote self-sufficiency. Over time, these barriers limited economic growth and modernization. Removing them aimed to attract foreign capital, technology, and expertise, which could stimulate economic development and integration into the global economy. 3. How would flexibility in labour laws help companies? Ans. Flexibility in labour laws allows companies to adjust their workforce more easily in response to changing market conditions. It can facilitate hiring and firing processes, promote efficiency, and encourage investment by reducing uncertainty and costs associated with labor management. 4. What are the various ways in which MNCs set up, control or produce in other countries?Ans. MNCs set up operations in other countries through various methods: – Establishing wholly-owned subsidiaries or branches. – Forming joint ventures or partnerships with local companies. – Acquiring existing businesses or assets. – Outsourcing production to local contractors or suppliers. 5. Why do developed countries want developing countries to liberalise their trade and investment? What do you think the developing countries demand in return? Ans. Developed countries advocate for liberalization in developing countries to access new markets for their goods and services, expand investments, and enhance economic ties. In return, developing countries may demand technology transfer, capacity building, fairer trade terms, and assistance in infrastructure and institutional development. 6. “The impact of globalisation has not been uniform.” Explain this statement. Ans. Globalisation affects countries, regions, and people differently. Developed countries often benefit from increased trade, investment, and technological advancements, leading to economic growth and higher standards of living. In contrast, developing countries may experience challenges such as job displacement, income inequality, and environmental degradation, impacting different segments of society unevenly. 7. How has liberalisation of trade and investment policies helped the globalisation process?Ans. Liberalisation of trade and investment policies has facilitated the flow of goods, services, and capital across borders. It has encouraged competition, innovation, and efficiency improvements in domestic industries. Additionally, it has attracted foreign direct investment (FDI), fostering economic growth, job creation, and integration into global markets. 8. How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here. Ans. Foreign trade integrates markets by enabling countries to specialize in producing goods and services they can produce efficiently and competitively. This specialization encourages trade, as countries exchange their surplus production for goods they cannot efficiently produce themselves. For example, Japan specializes in electronics, exporting products worldwide while importing raw materials and agricultural goods it lacks in domestic production. 9. Globalisation will continue in the future. Can you imagine what the world will be like twenty years from now? Give reasons for your answer. Ans. Globalisation is expected to continue shaping the world economy, societies, and cultures in the future. Advances in technology, particularly digital and communication technologies, will further connect people and markets globally. Economic integration and interdependence are likely to deepen, influencing trade patterns, labor markets, and cultural exchange worldwide. 10. Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments. Ans. I would respond by acknowledging that globalisation brings both benefits and challenges. It has indeed opened up opportunities for economic growth, advancement, and cultural exchange. However, it has also posed challenges such as job displacement, income inequality, and cultural homogenization. Therefore, managing globalisation through effective policies that ensure inclusive growth, protect vulnerable groups, and promote sustainable development is crucial. |
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11. Fill in the blanks:
| Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of ______________. Markets in India are selling goods produced in many other countries. This means there is increasing______________ with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because _____________ ___________________________________________ . While consumers have more choices in the market, the effect of rising _______________and ______________has meant greater _________________among the producers. Solutions: Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of globalisation. Markets in India are selling goods produced in many other countries. This means there is increasing integration with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because of its large consumer base and potential for growth. While consumers have more choices in the market, the effect of rising competition and innovation has meant greater efficiency among the producers. |
12. Match the following:
| (i) MNCs buy at cheap rates from small | (a) Automobiles producers |
| (ii) Quotas and taxes on imports are used to | (b) Garments, footwear, sports regulate trade |
| (iii)Indian companies who have invested abroad | (c) Call centres |
| (iv) IT has helped in spreading of production of services | (d) Tata Motors, Infosys, Ranbaxy |
| (v)Several MNCs have invested in setting up factories in India for production | (e) Trade barriers |
Solutions:
| (i) MNCs buy at cheap rates from small producers: a) Automobiles (ii) Quotas and taxes on imports are used to regulate trade items: e) Trade barriers (iii) Indian companies who have invested abroad: d) Tata Motors, Infosys, Ranbaxy (iv) IT has helped in spreading of production of services: c) Call centres (v) Several MNCs have invested in setting up factories in India for production: b) Garments, footwear, sports |
13. Choose the most appropriate option.
(i) The past two decades of globalisation has seen rapid movements in (a) goods, services and people between countries. (b) goods, services and investments between countries. (c) goods, investments and people between countries. Ans. (b) goods, services, and investments between countries. (ii) The most common route for investments by MNCs in countries around the world is to (a) set up new factories. (b) buy existing local companies. (c) form partnerships with local companies. Ans. (c) form partnerships with local companies. (iii) Globalisation has led to improvement in living conditions (a) of all the people (b) of people in the developed countries (c) of workers in the developing countries(d) none of the above Ans. (c) of workers in the developing countries. |
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