| Column-I | Column-II |
|---|---|
| (i) Subsidies | (b) Element of IPR 1956 |
| (ii) Land ceiling | (c) Land to the tiller |
| (iii) Small Scale Industries | (d) Change in social outlook |
| (iv) Modernisation as a goal of five year plan | (a) Maximum quantity of goods that can be imported |
(a) (i) Import substitution policy, if not applied carefully, can be a double-edged sword for any economy. Do you agree with the given statement? Justify your answer with valid arguments.
(ii) State how multilateral trade is different from bilateral trade.
OR
(b)
(i) Discuss briefly, causes and consequences of the tax reforms initiated during economic reforms in India.
(ii) Give one example each of a Navratna and a Maharatna company in the public sector in India.
Arrange the following financial institutions as per their year of establishment in chronological order, starting from the oldest to latest:
(A) National Bank for Agriculture and Rural Development (NABARD)
(B) The Industrial Finance Corporation of India (IFCI)
(C) The Industrial Reconstruction Bank of India (IRBI)
(D) The Industrial Development Bank of India (IDBI)
Choose the correct answer from the options given below:
Match List-I with List-I
| List-I | List-II |
|---|---|
| (A) Make in India | (I) 1991 |
| (B) New Economic Policy | (II) 1948 |
| (C) General Agreement on Trade and Traffic (GATT) | (III) 2015 |
| (D) NITI Ayog | (IV) 2014 |
Choose the correct answer from the options given below:

A ladder of fixed length \( h \) is to be placed along the wall such that it is free to move along the height of the wall.
Based upon the above information, answer the following questions:
(iii) (b) If the foot of the ladder, whose length is 5 m, is being pulled towards the wall such that the rate of decrease of distance \( y \) is \( 2 \, \text{m/s} \), then at what rate is the height on the wall \( x \) increasing when the foot of the ladder is 3 m away from the wall?