Douglas had two childhood experiences of terror. One at the California beach when the waves knocked him down and swept over him. He was terror stricken. At the other occasion he was thrown into the deep end of the Y.M.C.A pool by a strong aggressive boy. A stark terror overpowered and gripped him. It followed and haunted him wherever he went. He realized that his joys of fishing, canoeing, boating and swimming had ruined. Keeping in view its severe consequences, he engaged an instructor who trained him in swimming and Douglas was able to conquer his fear.
This experience had a deeper meaning for Douglas. As he had experienced both the sensation of dying and the terror that the fear of it can produce, he learnt the will to live with great intensity. This experience can only be realized by those who have faced to conquer it. This exactly happened with Douglas. He knew: “In death, there is peace, there is terror only in the fear of death.” Thus what matters most is the will to live. As Roosevelt said "All we have to fear is fear itself.’’ So one must not give up. One must face the challanges. The will to live is great and it can take man to touch the highest peaks of life.
(a) (i) Distinguish between human capital and physical capital.
(ii) Define Sustainable Development.
OR
(b)
(i) Describe briefly the importance of micro-credit programmes in Rural India.
(ii) State any one strategy involved in attaining sustainable development in India.
(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.
“British colonial rule in India executed a systematic economic exploitation that involved the extraction of India’s resources and wealth to benefit Britain.” Justify the given statement with valid explanation.
“The disinvestment policy of India under the 1991 reforms involved selling of part of the government’s stakes in Public Sector Undertakings (PSUs).”
Explain the rationale behind the decision undertaken by the government.
Using the following data, analyse the sectoral contribution of India and Pakistan towards Gross Value Added (GVA).
Sector | Contribution to GVA | Distribution of Workforce | ||||
India | China | Pakistan | India | China | Pakistan | |
Agriculture | 16 | 7 | 24 | 43 | 26 | 41 |
Industry | 30 | 41 | 19 | 25 | 28 | 24 |
Services | 54 | 52 | 57 | 32 | 46 | 35 |
Total | 100 | 100 | 100 | 100 | 100 | 100 |