Why do we need to expand formal sources of credit in India?
Formal success of credit are the government authorized organization that are eligible to lend money to people. We need to expand these sources of credit in india due to the following reasons:
- The informal sources are not registered and lend money to people at very high interest rates
- With increased number of formal resources, people will be able to take loans at lesser interest rates and use them to grow their business. This will ultimately help in the development of the country.
- Informal lenders sometime start harassing the borrower if he is not able to repay the loan at time. However, this is not case with the formal sources of credit.
Popular Questions of Class 10 Social Science - Understanding Economic Development
- Q:-
The following table shows the proportion of adults (aged 15-49 years) whose BMI
is below normal (BMI <18.5 kg/m2) in India. It is based on a survey of various
states for the year 2015-16. Look at the table and answer the following questions.(i) Compare the nutritional level of people in Kerala and Madhya Pradesh.
(ii) Can you guess why around one-fifth of people in the country are undernourished even though it is argued that there is enough food in the country? Describe in your own words. - Q:-
Explain how public sector contributes to the economic development of a nation.
- Q:-
Workers are exploited in the unorganised sector. Do you agree with this view? Give reasons in support of your answer.
- Q:-
“Tertiary sector is not playing any significant role in the development of Indian
economy.” Do you agree? Give reasons in support of your answer. - Q:-
For each of the sectors that we came across in this chapter why should one focus on employment and GDP? Could there be other issues which should be examined? Discuss.
- Q:-
Why is the issue of sustainability important for development?
- Q:-
For each of the items given in Table 1.6, find out which country is at the top and
which is at the bottom. - Q:-
Critically examine the progress of the consumer movement in India?
- Q:-
Distinguish between open unemployment and disguised unemployment.
- Q:-
Fill in the blanks using the correct option given in the bracket:
(i) Employment in the service sector _________ increased to the same extent as production. (has / has not)
(ii) Workers in the _________ sector do not produce goods. (tertiary agricultural) (iii) Most of the workers in the _________ sector enjoy job security. (organised / unorganised)
(iv) A _________ proportion of labourers in India are working in the unorganised sector. (large / small)
(v) Cotton is a _________ product and cloth is a _________ product. (natural / manufactured)
(vi) The activities in primary, secondary and tertiary sectors are _________. (independent / interdependent)
Recently Viewed Questions of Class 10 Social Science - Understanding Economic Development
- Q:-
Explain how public sector contributes to the economic development of a nation.
- Q:-
“Tertiary sector is not playing any significant role in the development of Indian
economy.” Do you agree? Give reasons in support of your answer. - Q:-
How does foreign trade lead to the integration of markets across countries? Explain with an example other than those given here.
- Q:-
The following tables gives the GDP in Rupees (Crores) by the three sectors:
Year
Primary
Secondary
Tertiary
1950
80,000
19,000
39,000
2000
3,14,000
2,80,000
5,55,000
i. Calculate the share of the three sectors in GDP for 1950 and 2000.
ii. Show the data as a bar diagram similar to Graph 2 in the chapter.
iii. What conclusions can we draw from the bar graph?
- Q:-
What factors gave birth to the consumer movement in India? Trace its evolution?
- Q:-
How are the activities in the economy classified on the basis of employment conditions?
- Q:-
Critically examine the progress of the consumer movement in India?
- Q:-
Choose the most appropriate answer.
(i) In an SHG most of the decisions regarding savings and loan activities are taken by
(a) Bank.
(b) Members.
(c) Non-government organization.(ii) Formal sources of credit do not include
(a) Banks.
(b) Cooperatives.
(c) Employers. - Q:-
Explain the need for consumer consciousness by giving two examples.
- Q:-
“The Earth has enough resources to meet the needs of all but not enough to
satisfy the greed of even one person”. How is this statement relevant to the
disscusion of development? Discuss.
- NCERT Chapter