Step 1: Understanding the Concept:
The question asks about the primary economic activity and source of employment for the population of the state of Bihar.
Step 2: Detailed Explanation:
The economy of Bihar is predominantly based on agriculture. It is an agrarian state where a very large percentage of the population (around 80%) depends on agriculture and allied activities for their livelihood. The fertile Gangetic plains provide a suitable environment for farming. While industry and trade exist, their contribution to the state's economy and employment is significantly smaller compared to agriculture.
Step 3: Final Answer:
The main source of livelihood in Bihar is Agriculture.
(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: