Samacheer Kalvi Class 8 Social Science Solutions Chapter 2 Public and Private Sectors

I. Choose the Correct Answer:

 

Question 1. The public sector in India owes its origin in the ................. industrial policy resolution of the Government of India.
(a) 1957
(b) 1958
(c) 1966
(d) 1956
Answer: (d) 1956
In simple words: India's public sector began with a government industrial policy decision made in 1956. This resolution set the foundation for how industries would be controlled by the state.

🎯 Exam Tip: When answering questions about historical policy, always recall the specific year or period of the resolution. Dates are important for context.

 

Question 2. Mixed economy is the mixture of .......................................... .
(a) Capitalism
(b) Socialism
(c) a & b are correct
(d) A & B are incorrect
Answer: (c) a & b are correct
In simple words: A mixed economy combines parts of both capitalism and socialism. This means it includes both private businesses and government control.

🎯 Exam Tip: Understand the core definitions of capitalism (private ownership, free market) and socialism (public ownership, state control) to grasp how a mixed economy balances them.

 

Question 3. ................. is governed by a company law and controlled by the Government as principal major share holders.
(a) Private Sector
(b) Joint Sector
(c) Public Sector.
(d) None of these
Answer: (b) Joint Sector
In simple words: The Joint Sector is where the government works with private companies. It follows company laws and the government holds a big part of the ownership.

🎯 Exam Tip: Note the key characteristics of each sector – especially how control and ownership are shared in the Joint Sector. Look for keywords like "company law" and "government as major shareholder".

 

Question 4. Public sector is on ................. motive.
(a) Profit Motive
(b) Service Motive
(c) Speculative Motive
(d) None of these
Answer: (b) Service Motive
In simple words: The public sector aims to provide services to people rather than just making money. Its main goal is to help society.

🎯 Exam Tip: Distinguish between the primary goals of the public sector (service) and the private sector (profit) for questions about their motives.

II. Fill in the Blanks

 

Question 1. The ................. and ................. are allotted their respective roles in promoting the economic welfare of all sections of the community.
Answer: Public sector, Private sector. These two sectors work together to improve the financial well-being of everyone in society. They each have specific jobs to do.
In simple words: Both public and private sectors have roles in making sure everyone in the community is economically well.

🎯 Exam Tip: When filling in blanks for economic terms, ensure you understand the roles of both the public and private sectors to provide accurate answers.

 

Question 2. The private sector is on ................. motive.
Answer: profit. The private sector mainly focuses on making a gain for its owners or shareholders. This is their driving force.
In simple words: The private sector's main goal is to make money.

🎯 Exam Tip: Clearly state the primary objective of the private sector; profit is the defining characteristic for its operations.

 

Question 3. ................. is the process of social and economic development in a society.
Answer: Socio-economic development. This term describes how a society improves both its social conditions and its economic strength over time. It covers many areas of progress.
In simple words: Socio-economic development is how society improves both its wealth and people's well-being.

🎯 Exam Tip: "Socio-economic development" is a key term combining social welfare and economic growth; ensure you use the full phrase.

 

Question 4. The main function of the private sector is to create ................. and ................. .
Answer: innovation, modernisation. The private sector often drives new ideas and modern updates in the economy. They constantly look for better ways to do things.
In simple words: The private sector's main job is to bring in new ideas and make things modern.

🎯 Exam Tip: Focus on the dynamic and forward-looking aspects of the private sector, such as innovation and modernization, which contribute to economic progress.

 

Question 5. The government is committed to strengthening ................. and cooperation among the citizens.
Answer: Community business. The government works to make local businesses stronger and to encourage people to work together for common good. This helps build a stable society.
In simple words: The government wants to make local businesses stronger and have citizens work together.

🎯 Exam Tip: Understand that government roles often extend to fostering community spirit and supporting local economic activities beyond just large-scale policies.

III. Match the Following

 

Answer:In simple words: Match each economic term with its correct description or category. For example, 'Think Tank' is connected to NITI Aayog, which is a policy-making body.

🎯 Exam Tip: Learn the definitions and classifications of key economic terms. For matching questions, eliminate options you are sure about first.

IV. Which is the Odd one.

 

Question 1. Which one of the following is not the indicator of Socio-Economic Development.
(a) Black Money
(b) Life Expectancy
(c) Gross Domestic Product (GDP)
(d) Employment
Answer: (a) Black Money
In simple words: Black money is undeclared income and does not show how well a country or its people are doing. The other options are used to measure a society's progress.

🎯 Exam Tip: Indicators of socio-economic development typically reflect positive aspects of well-being and economic output. Black money is illegal and hides true economic activity.

V. Which of the following is a correct answer.

 

Question 1. i) The Industries which would be exclusively owned by the state are referred to as Schedule-A
ii) The industries in which the private sector could supplement the efforts of the state sector, with the state taking the sole responsibility for starting new units
which are specific in Schedule-B.
iii) The remaining industries which were in the private sector are not mentioned in the Schedule.
(a) All are Correct
(b) i and iii are correct
(c) i and ii are correct
(d) None of these
Answer: (c) i and ii are correct
In simple words: Schedule-A lists industries only owned by the government. Schedule-B lists industries where private companies can help, but the government starts them. Both of these statements are true.

🎯 Exam Tip: Understand the different schedules (A, B, C) for industrial classification, as they define the roles of the public and private sectors in India's industrial policy.

VI. Short Answer:

 

Question 1. Write a short note on public sectors?
Answer:
1. The public sector is involved in providing goods and services to everyone. It focuses on the general public's needs.
2. Businesses, agencies, and groups in the public sector are completely owned, managed, and run by the government. This can be the central government, state government, or even local government. Public sector aims to ensure basic services for all citizens.
In simple words: The public sector gives goods and services to people and is fully controlled by the government, whether it's national, state, or local.

🎯 Exam Tip: For a short note, clearly define the public sector, mention its ownership structure, and its primary purpose of serving the public.

 

Question 2. What does society want?
Answer:
* Society wants the government to play a big role in making the country better. People look to the state for progress and development.
* Economic growth can be kept at its fastest rate if both private and public sectors work together. This partnership helps achieve more.
In simple words: Society wants the government to lead development and believes that working with private companies can make the economy grow fastest.

🎯 Exam Tip: Emphasize the two main desires of society regarding governance: strong state involvement in development and effective collaboration between public and private sectors.

 

Question 3. Write the objectives of the Public Sector?
Answer: The objectives of the Public Sector are:
1. To make the economy grow quickly by building and expanding necessary facilities like roads and power plants. This is called infrastructure.
2. To gather money for development projects. This means generating financial resources.
3. To ensure that money and wealth are shared more fairly among people. This is about redistributing income.
4. To create jobs for people. Providing employment opportunities is a key goal. The public sector aims to balance economic growth with social welfare.
In simple words: The public sector wants to speed up economic growth, collect funds for development, share wealth more evenly, and create jobs for everyone.

🎯 Exam Tip: When listing objectives, use clear, action-oriented verbs like "promote," "generate," "redistribute," and "create" to highlight the public sector's active role.

 

Question 4. What are the three organs of public sectors?
Answer: The three organs of the public sector are:
* Administration by a government Department. These are run directly by ministries.
* The Joint sector companies. Here, both government and private entities have ownership.
* Public corporation. These are usually set up by a special law passed by the parliament. Each organ has a distinct way of operating and contributing to the economy.
In simple words: The three main parts of the public sector are government departments, joint companies (government and private), and public corporations.

🎯 Exam Tip: Clearly list and briefly describe each of the three organs, highlighting their unique organizational structure within the public sector.

 

Question 5. Name some indicators that measure socio-economic development.
Answer: Socioeconomic development is measured with indicators such as GDP (Gross Domestic Product), life expectancy, literacy, and levels of employment. These factors help assess how well a country and its people are progressing in terms of wealth, health, education, and jobs.
In simple words: We measure how well a society is doing by looking at things like GDP (total money made), how long people live, how many people can read and write, and how many people have jobs.

🎯 Exam Tip: Remember common, quantifiable indicators like GDP, life expectancy, and literacy, as they provide a holistic view of societal progress.

 

Question 6. Write a short note on the Private sector?
Answer: The private sector is the part of a country's economy that is owned, controlled, and managed by individuals or private businesses. Unlike the public sector, its main goal is usually to make a profit. It operates independently from direct government control. Businesses in this sector can range from small shops to large international companies.
In simple words: The private sector is owned by individuals or companies, not the government. Its main aim is to earn money.

🎯 Exam Tip: A good short note on the private sector should clearly state its ownership (private individuals/enterprises) and its primary objective (profit motive).

 

Question 7. Name any three Major Private Sector industries?
Answer:
* National Thermal Power Corporation (NTPC)
* Oil and Natural Gas Commission (ONGC)
* Steel Authority of India Limited (SAIL). These large industries play a critical role in the country's energy and infrastructure sectors.
In simple words: Three big industries are NTPC, ONGC, and SAIL.

🎯 Exam Tip: Be able to recall examples of major industries from both public and private sectors to illustrate your understanding.

VII. Brief Answer.

 

Question 1. Explain the organs of public sector.
Answer: The organs of Public sector are:
Administration by a Government Department:
* This is a very common way to run public services in most countries.
* Examples include the Post and Telegraph department and Indian Railways. These are directly managed by government ministries.
The Joint Sector companies:
* These companies are governed by company law and the government is a principal major shareholder.
* An example is Indian Synthetic Rubber Limited. In this model, government and private capital work together.
Public Corporation:
* This type of organization is created by a special law passed by the Parliament. They operate as semi-autonomous bodies.
* Examples include LIC (Life Insurance Corporation) and Air India. These entities are designed to serve public interest with some operational independence.
In simple words: The public sector has three main parts: government departments (like Post Office), joint sector companies (where government shares ownership), and public corporations (set up by law, like LIC).

🎯 Exam Tip: When explaining the organs, provide a brief description of each type of organization and give specific examples to strengthen your answer.

 

Question 2. Write briefly explain the history of public sector?
Answer: History of Public Sector:
1. When India gained independence in 1947, it was mainly an agricultural country with very few industries. The British had established industries mostly for their own gain, using force to control the subcontinent.
2. The first Industrial Policy Resolution, announced in 1948, set out the basic plan for industrial growth. This marked the beginning of planned industrialization.
3. The Planning Commission was set up in March 1950, and the Industrial Act became law in 1951. These steps created the framework for economic planning.
4. Pandit Jawaharlal Nehru believed that building core and heavy industries was key to India's development and modernization. He saw these as crucial for self-reliance.
5. His ideas were continued by Dr. V. Krishnamurthy and the Indian statistician Mahalanobis, who helped shape economic policies.
6. The industrial policy of 1991 gave more freedom to the private sector and invited foreign companies to invest in India. This opened up the economy.
7. Because of this, multinational corporations started entering the Indian economy. This brought new technology and competition.
8. So, today, India has a mix of public sector units, private sector companies, and multinational companies all working together in the economy. This evolution shows a shift from state-led development to a more liberalized approach.
In simple words: After independence in 1947, India had few industries. Leaders like Nehru believed in strong public sector growth. Over time, policies changed, bringing in private and international companies, leading to today's mixed economy.

🎯 Exam Tip: When discussing history, mention key dates, policies, and influential figures to provide a comprehensive overview of the public sector's evolution in India.

 

Question 3. Explain any five measured indicators of socio-economic development?
Answer:
Gross Domestic Product:
* GDP helps to support socio-economic development. It shows the total value of goods and services produced.
* The contribution of both private and public industrial sectors to GDP has increased over time. This growth reflects a stronger economy.
* Higher GDP often means more government money and increased public spending, which can fund social programs.
Life Expectancy:
* According to statistics from the Health Ministry, the average life expectancy in India is about 67.3 years for males and 69.5 years for females. This shows improvements in health and living conditions.
* The government has many programs to help poor and vulnerable families, which can improve health and, in turn, life expectancy.
Literacy:
* Education plays a very important role in a society's growth and well-being. Knowing how to read and write opens up opportunities.
* Sarva Shiksha Abhiyan is a key government program in India aimed at making sure everyone gets an education. It is one of the nation's most important initiatives.
Employment:
* More and more people have moved to cities to find work. This movement from villages to urban areas is a significant social trend.
* As city populations grew, the government started schemes like the 'Smart City' program. These schemes aim to provide cities with better facilities and job opportunities. Creating jobs is vital for a thriving economy.
Provision of House, Clean Drinking Water, and Sanitation:
* The government sector provides housing facilities, clean drinking water facilities, and proper sanitation. These are managed under plans like the Clean India Planning. Access to basic necessities is a fundamental indicator of social development.
In simple words: Five ways to measure a society's progress are: the total money it makes (GDP), how long people live (life expectancy), how many people can read and write (literacy), how many jobs are available (employment), and if people have basic needs like housing and clean water.

🎯 Exam Tip: When explaining indicators, define each one and briefly describe how it reflects socio-economic development. Provide relevant examples or government initiatives where applicable.

 

Question 4. What are the importance of public sector?
Answer: The public sector plays a major role in the development of any economy, with the following importance:
1. Public Sector and Capital Formation.
* The public sector has been very important in collecting, saving, and investing money during different planning periods. This helps to build up the country's capital.
2. Economic Development:
* Economic development largely depends on how industries grow. The public sector often invests in key areas.
* Heavy and basic industries, such as iron and steel, shipping, and mining, are crucial. They provide raw materials to smaller industries and are often set up by the public sector due to the large investments needed.
3. Balanced Regional Development:
* Public enterprises have helped to develop areas that were previously lagging behind. They bring about big changes in the social and economic lives of people in these regions.
4. Employment generation:
* The public sector has created millions of jobs, which helps to solve the problem of unemployment in the country. It is a major employer.
* For example, in 2011, about 150 lakh (15 million) people were employed by the public sector. This shows its significant role in providing livelihoods.
5. Export Promotion and Foreign Exchange Earnings:
* Many public enterprises have worked hard to increase India's exports to other countries. This brings in foreign currency.
* Organizations like the State Trading Corporation (STC) and the Minerals and Metals Trading Corporation (MMTC) have been very successful in promoting exports.
6. Protection to Sick Industries:
* The public sector often takes over businesses that are not doing well (sick industries). This helps prevent many people from losing their jobs.
* It also stops valuable capital, land, buildings, and machinery from being wasted. This acts as a safety net for struggling businesses.
7. Import Substitution:
* Some public sector companies were started specifically to produce goods that India used to import. This helps the country save foreign money.
* Companies like ONGC (Oil and Natural Gas Corporation Ltd.), Indian Oil Corporation Ltd., and Bharat Electronics Ltd. have saved a lot of foreign currency by producing things locally instead of importing them.
In simple words: The public sector is important for building capital, developing the economy, balancing regional growth, creating jobs, boosting exports, protecting weak industries, and reducing the need for imports.

🎯 Exam Tip: For explaining importance, list distinct points clearly and use examples where possible. Focus on how the public sector addresses key economic and social challenges.

 

Question 5. Difference between the public and private sector.
Answer:

In simple words: The main differences between public and private sectors are who owns them (government vs. private), how they get money (taxes vs. shares/loans), their main goal (service vs. profit), and how they affect wealth distribution and social policies.

🎯 Exam Tip: For difference questions, present your answer in a table format with clear, contrasting points for each sector. Focus on key aspects like ownership, motive, and social impact.

 

Question 6. Write the functions of private sector?
Answer: Functions of Private Sector are given below:
1. The main job of the private sector is to bring new ideas and modern ways of doing things. It constantly seeks to improve.
2. It helps to build and maintain essential facilities and services. This includes things like roads, communication, and utility services.
3. The private sector promotes and expands existing businesses. It looks for opportunities to grow and create more economic activity.
4. It helps in developing human capital, which means training and improving people's skills. This also supports groups that might be struggling.
5. It helps small, micro, and medium enterprises (SMME) through various support measures. This includes both helping them get supplies and creating demand for their products, and attracting investments to cities.
6. The government has clearly defined the role of the private sector in areas like industries, trade, and services. The private sector operates within these defined boundaries. The private sector focuses on efficiency and catering to consumer needs.
In simple words: The private sector's jobs include bringing in new ideas, building services, growing businesses, training people, helping small companies, and working within rules set by the government.

🎯 Exam Tip: When listing functions, use active verbs and ensure each point clearly describes a specific role or contribution of the private sector to the economy.

Samacheer Kalvi 8th Social Science Public and Private Sectors Additional Important Questions and Answers

I. Choose the Correct Answer:

 

Question 1. The Industrial act was enacted in .......................................... .
(a) 1948
(b) 1950
(c) 1951
(d) 1956
Answer: (c) 1951
In simple words: The law about industries, called the Industrial Act, was officially made in the year 1951. This act helped shape how industries were run.

🎯 Exam Tip: Always remember the specific years associated with important acts and policies, as these are frequently tested in multiple-choice questions.

 

Question 2. .......................................... is an example for the public sector which serves as a consultancy.
(a) MECON
(b) Railways
(c) Hotel
(d) FCI
Answer: (a) MECON
In simple words: MECON is a government company that provides expert advice and services, working like a consultant. It helps other industries with their plans and projects.

🎯 Exam Tip: Identify specific examples of public sector enterprises and their functions. MECON is known for its engineering and consultancy services.

 

Question 3. What is the full form of GDP?
(a) Grain Domestic Product
(b) Gross Development Product
(c) Gross Domestic Project
(d) Gross Domestic Product
Answer: (d) Gross Domestic Product
In simple words: GDP means Gross Domestic Product. It is a way to measure the total value of all the goods and services a country makes in one year.

🎯 Exam Tip: Know the full forms of common economic acronyms like GDP, GNP, GST, and understand what each term represents.

 

Question 4. .......................................... supports in developing socio-Economic Development.
(a) GDP
(b) GST
(c) GNP
(d) none
Answer: (a) GDP
In simple words: GDP, which is the total money made in a country, helps push forward social and economic progress. When GDP grows, society often develops more.

🎯 Exam Tip: Understand the connection between economic indicators and overall development. GDP is a fundamental measure of economic health and growth.

 

Question 5. The city which provides the city with many facilities like hospitals, schools, and facilities are called .......................................... .
(a) Clean city
(b) White city
(c) Smart city
(d) None of these
Answer: (c) Smart city
In simple words: A 'Smart city' is a city that uses technology and good planning to offer many services and facilities to its people, like hospitals and schools.

🎯 Exam Tip: Familiarize yourself with modern urban development concepts like 'Smart City' and their defining characteristics, such as technology integration and comprehensive facilities.

 

Question 6. The largest public sector employer in India is
(a) Indian Railways
(b) Infosys
(c) WIPRO Limited
(d) ICICI bank
Answer: (a) Indian Railways
In simple words: Indian Railways hires the most people among all public sector organizations in India. It is a very large government-run employer.

🎯 Exam Tip: Know important facts about India's public sector, such as its largest employers. Indian Railways is a key public utility.

 

Question 7. .......................................... removes regional inequality.
(a) Employment
(b) Literacy
(c) GDP
(d) none
Answer: (a) Employment
In simple words: Providing jobs in different areas helps to make sure that all regions have similar opportunities and progress, reducing unfair differences.

🎯 Exam Tip: Focus on how creating job opportunities directly addresses disparities in development across different regions.

 

Question 8. Example for export Promotion Earning industry is
(a) ONGC
(b) Indian oil corporation Ltd
(c) The State of Trading corporation
(d) None of these
Answer: (c) The State of Trading corporation
In simple words: The State Trading Corporation is an example of an industry that helps promote exports and earn money for the country. It deals with trading goods internationally.

🎯 Exam Tip: Recognize government-owned corporations that play a significant role in international trade and foreign exchange earnings for the nation.

 

Question 9. India's .......................................... five year plan emphasized the development of public sector enterprises.
(a) First
(b) Second
(c) Third
(d) none
Answer: (b) Second
In simple words: India's second five-year plan really focused on building up government-owned businesses and industries. This plan set the stage for large-scale public sector growth.

🎯 Exam Tip: Remember the focus of each of India's early Five-Year Plans. The Second Plan (1956-1961) is notable for its emphasis on heavy industries and the public sector.

 

Question 10. The activities of providing government goods and services to the general public is known as Sector.
(a) Public
(b) private
(c) both
(d) none
Answer: (a) Public
In simple words: When the government provides things like goods and services to all people, that area of work is called the Public Sector. It's focused on serving everyone.

🎯 Exam Tip: A fundamental definition: the Public Sector is distinguished by its role in providing collective goods and services for the welfare of the entire population.

II. Fill in the Blanks

 

Question 1. ___________ is the mixture of merits of both capitalism and Socialism.
Answer: A mixed economy combines good points from both capitalism and socialism. It takes ideas from both economic systems. This approach aims to balance economic growth with social welfare.
In simple words: A mixed economy uses parts of both capitalism and socialism.

🎯 Exam Tip: Remember that a mixed economy allows for both private businesses and government involvement, aiming for a balance.

 

Question 2. ........... is the key of economic development of a country.
Answer: Rapid industrialisation is very important for a country to grow economically. Building many industries quickly helps a nation become richer. Industrialisation creates jobs and improves technology, which boosts the economy.
In simple words: Quick growth in industries is key for a country's economic development.

🎯 Exam Tip: When answering about economic development, highlight factors like industrialisation, education, and infrastructure as key drivers.

 

Question 3. Nehru's vision was carried forward by ............
Answer: Dr. V. Krishnamurthy continued the ideas and plans of Nehru. He worked to make Nehru's vision for the country come true. These visions were crucial for India's early economic planning and industrial growth.
In simple words: Dr. V. Krishnamurthy carried forward Nehru's vision.

🎯 Exam Tip: For historical figures, remember their key contributions and who helped implement their ideas.

 

Question 4. NHPS means ............ National Health Productive Scheme
Answer: NHPS stands for National Health Productive Scheme. This scheme focuses on improving health outcomes across the nation. Such health schemes are vital for the well-being and productivity of a country's population.
In simple words: NHPS means National Health Productive Scheme.

🎯 Exam Tip: Always state the full form clearly when asked for an abbreviation, and add a brief function if possible.

 

Question 5. The public sector of the full growth is an ................"
Answer: The public sector plays a big part in the overall growth of a country's economy. It helps the economy grow fully. Government-run enterprises often focus on providing essential services that are crucial for societal development.
In simple words: The public sector contributes to the full growth of the economy.

🎯 Exam Tip: Emphasize the role of the public sector in areas like infrastructure and essential services for balanced growth.

 

Question 6. Administration by a Governor Department – Example ................"
Answer: An example of administration by a government department is the Port Trust. It manages the operations of a port. This type of administration ensures that important public services run smoothly and efficiently.
In simple words: Port Trust is an example of administration by a government department.

🎯 Exam Tip: When providing examples, choose well-known institutions that clearly fit the category given.

 

Question 7. The Joint sector companies – Example ................"
Answer: The Indian Synthetic Rubber Limited is an example of a joint sector company. In these companies, both the government and private businesses work together. Joint ventures combine public objectives with private efficiency, benefiting from both sectors' strengths.
In simple words: Indian Synthetic Rubber Limited is a joint sector company example.

🎯 Exam Tip: Remember that joint sector companies involve both government and private participation, sharing ownership and management.

 

Question 8. Public corporation – Example ................"
Answer: Air India is an example of a public corporation. This type of organization is owned and run by the government. Public corporations often provide essential services that are considered too important to be left entirely to the private sector.
In simple words: Air India is an example of a public corporation.

🎯 Exam Tip: Distinguish public corporations from government departments by their separate legal entity and operational autonomy.

 

Question 9. STC is a ................"
Answer: STC stands for State Trading Corporation. It is a government body that deals with trade. Such corporations play a key role in managing import and export activities for the country.
In simple words: STC is the State Trading Corporation.

🎯 Exam Tip: Know the full forms of important economic organizations and their main functions.

 

Question 10. ............ save foreign exchange by way of import substitution.
Answer: The Oil and Natural Gas Commission helps save foreign money by replacing imported goods with local ones. This process is called import substitution. Import substitution strengthens a nation's self-reliance and reduces its dependence on foreign markets.
In simple words: The Oil and Natural Gas Commission helps save foreign money through import substitution.

🎯 Exam Tip: Define import substitution as producing goods domestically instead of importing them, to save foreign exchange.

III. Match the Following

 

Question. Match the Following:
1. Joint sector companies
2. State Industries
3. ONGC
4. GAIL
5. Tata group
a) Private company
b) Import substitution
c) Gas Authority of Indian Ltd
d) Schedule A
e) Gas Authority of India Ltd
Answer:

The table matches different types of organizations and their characteristics or examples. It shows how each item connects to its correct pair. Matching exercises help reinforce understanding of key terms and their corresponding definitions or examples in economics.
In simple words: The table above shows the correct pairs for the matching question.

🎯 Exam Tip: Carefully read both columns and identify the most logical connection. Some options might seem similar, so precise knowledge is key.

IV. Which is the Odd one

 

Question 1. Which is the Odd one:
1. Public Sector
2. Balanced Regional Development
3. Import Substitution
4. Life Expectancy
Answer: (4) Life Expectancy
The item that does not belong in the list is Life Expectancy. The other items are related to economic policies or sectors, while life expectancy is a social indicator. Understanding what constitutes an 'odd one out' requires knowledge of the categories and relationships between economic and social development factors.
In simple words: Life Expectancy is the odd one out because the others are about economic policies, but life expectancy is about health.

🎯 Exam Tip: When finding the odd one, look for a common category or theme among most options, and identify the one that doesn't fit.

V. Which of the Following is the Correct Answer

 

Question 1. (i) The segment of a national economy that is owned, controlled and managed by Private sector. (ii) The Private sector is a part of country's economic system that is run by individuals and companies, rather than the government. (iii) The contribution of the products of cottage, and village industries and the small, scale industries is the major portion of the wholesale and retail trade.
(a) All are Correct
(b) i and iii are correct
(c) i and ii are correct
(d) None of these
Answer: (a) All are Correct
All the statements are correct regarding the private sector and its role. The private sector includes parts of the economy managed by individuals and companies, and it contributes significantly to trade, especially in cottage and small-scale industries. The private sector is a key driver of innovation and economic growth, complementing the public sector's role in a mixed economy.
In simple words: All the given statements about the private sector are true.

🎯 Exam Tip: Carefully read each statement in multiple-choice questions with sub-parts to ensure you confirm the accuracy of all options before selecting "All are Correct".

VI. Short Answer

 

Question 1. What is mixed economy?
Answer: A mixed economy is an economic system that combines features of both capitalism and socialism. It blends private enterprise with government intervention. This approach aims to achieve both economic efficiency and social equity, allowing for private ownership while ensuring public welfare through regulation and services.
In simple words: A mixed economy combines parts of both capitalism and socialism.

🎯 Exam Tip: In your definition of a mixed economy, highlight the blend of private ownership and government control as its core characteristic.

 

Question 2. What is the life expectancy revealed by Health Ministry?
Answer: According to the Health Ministry, in India, men are expected to live around 67.3 years, and women are expected to live about 69.5 years. Life expectancy is an important indicator of a country's overall health and development, reflecting factors like healthcare access, nutrition, and living conditions.
In simple words: The Health Ministry says men live about 67.3 years and women about 69.5 years in India.

🎯 Exam Tip: Remember to state both male and female life expectancies if the question asks for a comprehensive answer.

VII. Brief Answer

 

Question 1. How are industries classified?
Answer: Industries in India are classified based on the 1956 industrial policy resolution.
Schedule A includes industries fully owned by the government.
Schedule B covers industries where the private sector can help the state, but the state holds primary responsibility for starting new units.
Schedule C lists all other industries that remained in the private sector. This classification system helped define the roles of government and private enterprise in India's early economic development.
In simple words: Industries are classified into Schedule A (fully government-owned), Schedule B (government with private support), and Schedule C (private sector).

🎯 Exam Tip: Clearly distinguish between Schedule A, B, and C industries by their ownership and the degree of government involvement.

 

Question 2. How is the Public sector divided?
Answer: The public sector is split into nine main types. These include providing key infrastructure, controlling important parts of the economy, handling large-scale and high-tech industries, and offering services like trade and consultancy. It also focuses on consumer needs and taking over struggling private companies. These various divisions show how the public sector plays a diverse role in driving national development and managing key economic areas.
In simple words: The public sector is divided into nine categories, including infrastructure, economic control, major industries, and services.

🎯 Exam Tip: When listing divisions, provide a few distinct examples to show the breadth of the public sector's responsibilities.

 

Question 3. Give a brief account of NITI Aayog.
Answer: NITI Aayog was created to replace the 65-year-old Planning Commission. While the Planning Commission used to handle fund allocation, this job is now with the Finance Ministry. NITI Aayog started on January 1st, 2015. NITI Aayog acts as a 'think tank' for the government, providing strategic and technical advice on policy matters.
In simple words: NITI Aayog replaced the Planning Commission in 2015, and it acts as a government think tank for policy advice.

🎯 Exam Tip: Highlight NITI Aayog's role as a 'think tank' and its formation date as key points.