NCERT Solutions For Class 10 Economics Social Science Chapter 4: Globalization and the Indian Economy will assist students in developing answers in their own unique style. Referring to these solutions will assist students in effectively preparing for their exams. These responses are offered in the most basic language available in order to make learning as simple and effective for students as feasible. With the help of these NCERT Solutions, students may better understand the concepts mentioned in Chapter 4 of Economy. The NCERT Solutions cover all of the ideas presented in Chapter 4 of the Economics textbook for Class 10.
NCERT Solutions Economics Chapter 4
NCERT Solutions For Class 10 Economics Social Science Chapter 4: Globalization and the Indian Economy
The solutions for Chapter 4 Globalization and the Indian Economy are provided below and students can refer to NCERT Solutions for Class 10 for other subjects as well.
Exercise Page No. 72
1. What do you understand by globalization? Explain in your own words.
Answer-
Globalization is when countries around the world become more connected. They share things like trade, ideas, and culture. This affects the economy, culture, and politics of each country. Some good things about globalization are more trade and sharing of culture. But there are also bad things like job losses and losing unique cultures.
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?
Answer-
The Indian government implemented barriers to foreign trade and foreign investment for various reasons. Initially, it aimed to protect domestic industries, promote self-sufficiency, and reduce dependency on foreign goods. However, over time, India recognized the benefits of globalization, such as access to new markets, technology, and capital, prompting the desire to remove these barriers and promote international integration.
3. How would flexibility in labor laws help companies?
Answer-
Flexibility in labor laws would benefit companies in several ways. It allows them to adapt to changing market conditions by easily adjusting their workforce, hiring temporary or contract workers, and implementing flexible work arrangements. This provides companies with agility, cost savings, and the ability to respond efficiently to fluctuations in demand.
4. What are the various ways in which MNCs set up, control, or produce in other countries?
Answer-
Multinational corporations (MNCs) use different approaches to establish, manage, or manufacture in foreign countries. They may form subsidiaries or branches, collaborate with local companies through joint ventures, or acquire existing businesses. MNCs exercise control through strategic decision-making, financial investments, technology transfers, and managerial expertise to ensure effective operations in the host countries.
5. Why do developed countries want developing countries to liberalize their trade and investment? What do you think should the developing countries demand in return?
Answer-
Developed countries encourage developing countries to liberalize their trade and investment for various reasons. They seek new markets for their goods and services, access to resources, and opportunities for their companies. In return, developing countries should demand fair treatment, technology transfers, financial support, capacity building, and protection of their domestic industries to ensure balanced and equitable economic growth.
6. “The impact of globalization has not been uniform.” Explain this statement.
Answer-
The effects of globalization have not been consistent or equal for everyone. Different countries, regions, and groups of people have experienced globalization differently. Some have benefited from increased opportunities, economic growth, and cultural exchange, while others have faced challenges such as job losses, inequality, and cultural erosion.
7. How has liberalization of trade and investment policies helped the globalization process?
Answer-
The liberalization of trade and investment policies has played a significant role in facilitating the process of globalization. By reducing barriers and restrictions on international trade and investment, it has promoted cross-border economic integration, increased market access, facilitated the flow of capital and goods, and encouraged global business interactions.
8. How does foreign trade lead to the integration of markets across countries? Explain with an example other than those given here.
Answer-
Foreign trade fosters the integration of markets across countries by enabling the exchange of goods and services between nations. It creates interdependencies as countries specialize in producing certain goods and import others. For example, the global market for smartphones integrates various countries, where components are manufactured in one country, assembled in another, and sold worldwide.
9. Globalization will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.
Answer-
Looking ahead for twenty years, globalization is expected to persist due to advancements in technology, increased interdependence among countries, the rise of emerging markets, cultural exchange, and the need for global collaboration on environmental issues. However, challenges like geopolitical tensions and local autonomy movements could impact its trajectory.
10. Supposing you find two people arguing: One is saying globalization has hurt our country’s development. The other is telling, globalization is helping India develop. How would you respond to these arguments?
Answer-
When faced with opposing arguments on the impact of globalization, it is essential to consider both perspectives. While globalization can have drawbacks, such as job displacement and inequality, it also offers advantages. For instance, globalization opens up opportunities for international trade, foreign investment, and technological advancements, which can contribute to economic growth and improved living standards. It has helped India develop by attracting foreign direct investment, diversifying industries, and expanding access to global markets. To address the negative effects, policies should focus on safeguarding workers’ rights, providing social safety nets, and ensuring environmental sustainability. Striking a balance between harnessing the benefits and addressing the challenges of globalization is crucial for India’s sustainable and inclusive development.
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.
Answer-
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of globalization. Markets in India are selling goods produced in many other countries. This means there is increasing trade 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 the cheaper production costs. While consumers have more choices in the market, the effect of rising demand and purchasing power has meant greater competition 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 regulate trade items |
(b) Garments, footwear, sports |
| (iii) Indian companies that have invested abroad |
(c) Call centers |
| (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 |
Answer:
| (i) MNCs buy at cheap rates from small producers |
(b) Garments, footwear, sports items
|
| (ii) Quotas and taxes on imports are used to regulate trade |
(e) Trade barriers |
| (iii) Indian companies that have invested abroad |
(d) Tata Motors, Infosys, Ranbaxy |
| (iv) IT has helped in spreading of production of services |
(c) Call centers |
| (v) Several MNCs have invested in setting up factories in India for production |
(a) Automobiles producers |
13. Choose the most appropriate option.
(i) The past two decades of globalization have 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.
Answer-
(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.
Answer:
(b) buy existing local companies.
(iii) Globalization 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
Answer:
(d) none of the above
Important Topics In The Chapter
- Production Across Countries
- Interlinking Production Across Countries
- Foreign Trade and Integration of Markets
- What is Globalization? and Factors that have Enabled Globalization
- World Trade Organisation
- Impact of Globalization on India
- The Struggle For a Fair Globalization
FAQs on NCERT Solutions For Class 10 Economics Social Science Chapter 4
Q 1. How can Chapter 4 of NCERT Solutions for Class 10 Economics be prepared for the board exam?
Answer-
After reading the chapter, students go to the exercise-based questions at the end. Students may learn how to answer problems by using the NCERT Solutions. Students can study and practise the subjects on their own using the solutions. The major goal is to assist students understand the chapter and learn new topics at their own speed.
Q 2. What are the important topics discussed in the chapter?
Answer-
- Production across countries
- Interlinking production across countries
- Foreign trade and integration of markets
- What is globalization?
- Factors that have enabled globalization
- World Trade Organization
- Impact of globalization in India
- The struggle for a fair globalization
Q 3. How is globalization described in NCERT Solutions for Class 10 Chapter 4 Economics?
Answer-
Globalization is described as the integration of countries through overseas commerce and foreign investments by multinational companies (MNCs). This chapter also discusses the influence of globalization, how globalization has contributed to the country’s growth, fast advancement in the field of technology, and liberalisation.
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