(i) Study the following chart carefully and analyze the changing trends in the government expenditure on: Urban Development Rural Development

Urban Development: The expenditure on Urban Development increased from Rs.0.47 lakh crore in 2021-22 to Rs.0.76 lakh crore in 2023-24 (Budget Estimate). This reflects the government's focus on urban infrastructure, smart cities, and housing schemes.
Rural Development: The expenditure on Rural Development rose from Rs.2.29 lakh crore in 2021-22 to Rs.2.48 lakh crore in 2023-24 (Budget Estimate). This indicates a consistent emphasis on rural employment, agricultural support, and poverty alleviation.
(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:

