Education is considered to be an important input for the development of a nation. How?
Education is considered as an important input for the development of a nation because the development of a nation rests on the proportion of the educated people in the country. The significance of education in the economic development of a nation is explained through the following points:
i. Imparts Quality Skills and Knowledge: Education endows people with quality skills, thereby, enhancing their productivity.
Consequently, it enhances the income earning capacities of and opportunities for the people. Moreover, it also enables human capital to utilise the available physical capital optimally.
ii. Develops Mental Abilities: Education develops mental abilities of people and helps them to make their choice rationally and intellectually. Education churns out good citizens by inculcating values in them.
iii. Acceptability of Modernisation: An educated public of a nation has greater acceptability of modernisation and modern techniques. This not only helps the economy to grow but also facilitates a primitive economy to break the shackles of tradition and backwardness.
iv. Eradicates Skewed Income Distribution: Education not only increases the income earning capacity but also reduces the skewed distribution of income, thereby, forming an egalitarian society.
v. Raises Standard and Quality of Living: Education enhances the income earning capacity of people and, thereby, raising the standard of living and improving the quality of living.
vi. Increases the Participation Rate: It fosters economic development by increasing the participation of people in the process of growth and development.
vii. One Solution for Other Economic Problems: The importance of education is not only limited to making people educated but also in facilitating an underdeveloped economy to solve different but interrelated macro economic problems like poverty, income inequality, population, investments, under utilisation of resources.
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?
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. |
Infrastructure contributes to the economic development of a country. Do you agree? Explain.
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?
Explain how the opportunity costs of negative environmental impact are high.
What are the various means by which countries are trying to strengthen their own domestic economies?
The following table shows distribution of workforce in India for the year 1972-73. Analyse it and give reasons for the nature of workforce distribution. You will notice that the data is pertaining to the situation in India 30 years ago!
Place of Residence | Workforce (in millions) | ||
Male | Female | Total | |
Rural Urban |
125 32 |
69 7 |
195 39 |
Define a plan?
How does investment in human capital contribute to growth?
What programmes has the government adopted to help the elderly people and poor and destitute women?
Bring out the need for on-the-job-training for a person.
Explain the need and type of land reforms implemented in the agriculture sector.
What are the major factors responsible for the high growth of the service sector?
Indicate the volume and direction of trade at the time of independence.