Evaluate the various factors that led to the rapid growth in economic development in China.
China's rapid economic development is an aggregate outcome of the introduction of the reforms in phases since 1978. The following are the various factors that led to the rapid growth in the economic development in China:
1. In the initial phase, reforms were initiated in agriculture, foreign trade and investment sectors. The system of collective farming known as Commune System was implemented. Under this system, land was divided into small plots that were allocated to the individual households. These households were allowed to keep the remaining income from land after paying the taxes to the government.
2. In the later phase, reforms were initiated in the industrial sector. During this phase, the private firms, village and township enterprises were allowed to produce goods and services and to compete with the State Owned Enterprises.
3. The dual pricing were implemented. This implies that the farmers and the industrial units were required to buy and sell a fixed quantity of inputs and output at the price fixed by the government and the remaining quantities were traded at the market price. Gradually, with rapid increase in aggregate production in the later years, the quantities traded in the market increased by many folds.
4. The reforms also included setting up of Special Economic Zones to attract foreign investors and to encourage its exports. Therefore, the aggregate focus of all these economic reforms resulted in rapid industrial growth and economic development in China.
Compare and contrast the development of India, China and Pakistan with respect to some salient human development indicators.
How is RBI controlling the commercial banks?
Explain the steps taken by the government in developing rural markets.
What are the functions of the environment?
Distinguish between the following
(i) Strategic and Minority sale
(ii) Bilateral and Multi-lateral trade
(iii) Tariff and Non-tariff barriers.
Why was the public sector given a leading role in industrial development during the planning period?
Infrastructure contributes to the economic development of a country. Do you agree? Explain.
Match the following:
1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
Find the odd man out (i) owner of a saloon (ii) a cobbler (iii) a cashier in Mother Dairy (iv) a tuition master (v) transport operator (vi) construction worker.
Highlight any two serious adverse environmental consequences of development in India. India’s environmental problems pose a dichotomy — they are poverty induced and, at the same time, due to affluence in living standards — is this true?
Infrastructure contributes to the economic development of a country. Do you agree? Explain.
How is RBI controlling the commercial banks?
Why was the public sector given a leading role in industrial development during the planning period?
What are the functions of the environment?
Discuss economic reforms in India in the light of social justice and welfare.
Fill in the blanks
(a) First Five Year Plan of ________________ commenced in the year 1956. (Pakistan/China)
(b) Maternal mortality rate is high in _____________. (China/Pakistan)
(c) Proportion of people below poverty line is more in __________. (India/Pakistan)
(d) Reforms in ______________ were introduced in 1978. (China/Pakistan)
What is the meaning of quantitative restrictions?
Those public sector undertakings which are making profits should be privatised. Do you agree with this view? Why?
Do you think outsourcing is good for India? Why are developed countries opposing it?
Why has the industrial sector performed poorly in the reform period?