{"id":14769,"date":"2022-02-08T13:07:11","date_gmt":"2022-02-08T07:37:11","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=14769"},"modified":"2025-01-01T11:47:29","modified_gmt":"2025-01-01T06:17:29","slug":"11th-economics-chapter-9-exercise","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/","title":{"rendered":"11th Economics Chapter 9 Exercise Solution (Economic Policy of India Since 1991) Maharashtra Board &#8211; Free Solution"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f1ef388e9a8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f1ef388e9a8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#11th_Economics_Chapter_9_Exercise\" >11th Economics Chapter 9 Exercise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Chapter_9_%E2%80%93_Economic_Policy_of_India_Since_1991\" >Chapter 9 &#8211; Economic Policy of India Since 1991<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q_1_Complete_the_following_statements_by_choosing_the_correct_alternative\" >Q. 1. Complete the following statements by choosing the correct alternative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q_2_Assertion_and_Reasoning_questions\" >Q. 2. Assertion and Reasoning questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q_3_Find_the_odd_word_out\" >Q. 3. Find the odd word out<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q_4_Identify_and_explain_the_concepts_from_the_given_illustrations\" >Q. 4. Identify and explain the concepts from the given illustrations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q5_State_with_reasons_whether_you_agree_or_disagree_with_the_following_statements\" >Q.5. State with reasons whether you agree or disagree with the following statements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q6_Answer_in_detail\" >Q.6. Answer in detail<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Q7_Read_the_following_passage_carefully_and_answer_the_questions\" >Q.7. Read the following passage carefully and answer the questions.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Solution_of_all_Chapters_of_Economics\" >Solution of all Chapters of Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/#Check_out_other_posts_related_to_the_11th_Commerce\" >Check out other posts related to the 11th Commerce<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"11th_Economics_Chapter_9_Exercise\"><\/span>11th Economics Chapter 9 Exercise<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-1024x576.jpg\" alt=\"11th Economics Chapter 9 Exercise\" class=\"wp-image-14874 lazyload\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-1024x576.jpg 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-300x169.jpg 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-768x432.jpg 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-1536x864.jpg 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise-640x360.jpg 640w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2022\/02\/11th-Economics-Chapter-9-Exercise.jpg 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption class=\"wp-element-caption\">11th Economics Chapter 9 Exercise<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-black-color has-vivid-green-cyan-background-color has-text-color has-background has-medium-font-size\"><span class=\"ez-toc-section\" id=\"Chapter_9_%E2%80%93_Economic_Policy_of_India_Since_1991\"><\/span><strong>Chapter 9 &#8211; <\/strong>Economic Policy of India Since 1991<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_1_Complete_the_following_statements_by_choosing_the_correct_alternative\"><\/span>Q. 1. Complete the following statements by choosing the correct alternative<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) After Independence, India had adopted _____.<br><\/strong>a) Socialism <br>b) Capitalism<br>c) <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Mixed Economy<\/mark><\/strong> <br>d) Communism<\/p>\n\n\n\n<p><strong>2) The new economic policy approved foreign technology in _____.<br><\/strong>a) Cottage industries<br>b) Small scale industries<br>c) Micro-enterprises<br>d) <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">High priority industries<\/mark><\/strong><\/p>\n\n\n\n<p><strong>3) At present, the number of industries reserved for the public sector has been reduced to _____.<br><\/strong>a) 3 <br>b) 5 <br>c) 7 <br>d) <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2<\/mark><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_2_Assertion_and_Reasoning_questions\"><\/span>Q. 2. Assertion and Reasoning questions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) Assertion (A): Delicensing of industries was an important step taken under liberalization.<br>Reasoning (R): Unwanted controls and restrictions led to economic stagnation prior to 1991.<br>Options:<br><\/strong>a) (A) is TRUE but (R) is FALSE<br>b) (A) is FALSE but (R) is TRUE<br>c) (A) and (R) both are TRUE and (R) is the correct explanation of (A)<br>d) <strong><span class=\"has-inline-color has-vivid-purple-color\">(A) and (R) both are TRUE but (R) is not the correct explanation of (A)<\/span><\/strong><\/p>\n\n\n\n<p><strong>2) Assertion (A): In 1990-91, India faced an acute shortage of foreign exchange reserves.<br>Reasoning (R): Import quotas and tariffs led to an increase in imports.<br>Options:<br><\/strong>a) <strong><span class=\"has-inline-color has-vivid-purple-color\">(A) is TRUE but (R) is FALSE<\/span><\/strong><br>b) (A) is FALSE but (R) is TRUE<br>c) (A) and (R) both are TRUE and (R) is the correct explanation of (A)<br>d) (A) and (R) both are TRUE but (R) is not the correct explanation of (A)<\/p>\n\n\n\n<p><strong>3) Assertion (A): Post liberalization, the sale of domestic goods has increased.<br>Reasoning (R): The demand for imported goods had increased due to liberal policy.<br>Options:<br><\/strong>a) (A) is TRUE but (R) is FALSE<br>b) (A) is FALSE but (R) is TRUE<br>c) (A) and (R) both are TRUE and (R) is the correct explanation of (A)<br>d) <strong><span class=\"has-inline-color has-vivid-purple-color\">(A) and (R) both are TRUE but (R) is not the correct explanation of (A)<\/span><\/strong><\/p>\n\n\n\n<p><strong>4) Assertion (A): Due to Globalisation, a country cannot achieve self-sufficiency in food production.<br>Reasoning (R): Globalisation has created a revolution in IT sector.<br>Options:<br><\/strong>a) (A) is TRUE but (R) is FALSE<br>b) (A) is FALSE but (R) is TRUE<br>c) (A) and (R) both are TRUE and (R) is the correct explanation of (A)<br>d) <span class=\"has-inline-color has-vivid-purple-color\"><strong>(A) and (R) both are TRUE but (R) is not the correct explanation of (A)<\/strong><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_3_Find_the_odd_word_out\"><\/span>Q. 3. Find the odd word out<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) New Economic Policy &#8211;<br><\/strong>Liberalization, Privatization, <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Demonetization<\/mark><\/strong>, Globalisation<br><strong>2) Industries requiring compulsory licensing &#8211;<br><\/strong>defence equipment, <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">agro-based industries<\/mark><\/strong>, cigarettes, industrial explosives<br><strong>3) Navratna status companies &#8211;<br><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">SPCL<\/mark><\/strong>, IOC, ONGC, HPCL<br><strong>4) Liberalization dealt with the following &#8211;<br><\/strong>MRTP, FERA, SEBI, <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">NTPC<\/mark><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Solution of other subjects<br><\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\">Solution of all Chapters of Economics<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">2<\/a>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">3<\/a><strong> &#8211;<\/strong> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">5<\/a><\/strong> <strong>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">8<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">9<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">10<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q_4_Identify_and_explain_the_concepts_from_the_given_illustrations\"><\/span>Q. 4. Identify and explain the concepts from the given illustrations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">1) Vehicles manufactured by various automobile companies are now available in India.<br><\/span>Concept:<\/strong> <strong><strong>Globalisation<\/strong><br>Explanation:<\/strong> Globalisation means the creation of a global economy. A Global economy is a borderless economy having a free flow of goods and services, capital, labour and technology across the national borders.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">2) Government equity in some public sector enterprises is sold to the private sector.<br><\/span>Concept: Privatisation<br>Explanation:<\/strong> Privatisation means the transfer of ownership from public to private sector. In the broader sense, it means introduction of private management and control with or without change in ownership of public enterprise.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">3) Foreign investments are encouraged on a large scale in the industrial sector of India.<br><\/span>Concept: Foreign Direct Investment (FDI)<br>Explanation:<\/strong> Industrial policy of 1991 approved Foreign Direct Investment (FDI) to encourage investment in high-priority industries requiring high investment and technology.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q5_State_with_reasons_whether_you_agree_or_disagree_with_the_following_statements\"><\/span>Q.5. State with reasons whether you agree or disagree with the following statements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">1) Liberalisation has permitted the use of foreign technology. <\/span><\/strong><\/p>\n\n\n\n<p><strong>Answer: Yes, I agree with this statement.<br>Reasons:<\/strong> a) Liberalisation has allowed the use of foreign technology in high-priority industries.<br>b) Foreign technology helps to reduce the cost of production.<br>c)<strong> <\/strong>Due to the use of foreign technology Indian industries became competitive.<br>d) Thus, Liberalisation has permitted the use of foreign technology.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2) Government has given private enterprises free access to public sector.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer: Yes, I agree with this statement.<br>Reasons:<\/strong> a) By disinvestment government sells the shares of sick public sector units to the private sector. e.g. Disinvestment of Maruti, ITDC hotels, IPCL, VSNL etc.<br>b) The Industrial policy of 1956 reserved 17 industries for the public sector. But, NEP reduced this number to only two.<br>c) At present only railway transport and atomic energy are reserved for the public sector.<br>d) Thus, government has given private enterprises free access to public sector.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>3) Government has monopoly in insurance sector.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer: No, I disagree with this statement.<br>Reasons:<\/strong> a) Insurance sector was a monopoly of the government till 1999.<br>b) The new policy passed Insurance Regulatory and Development Authority Act (IRDA) in 1999 to introduce reforms in this sector.<br>c) The IRDA has given licences to many private companies to enter insurance business.<br>d) This has ended the monopoly of Government in this sector.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>4) The creation of National Renewal Board was done to remove poverty.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer: <strong>Yes, I agree with this statement.<\/strong><br>Reasons:<\/strong> a) When the loss making public sector units are closed, the workers have to face the problem of unemployment and poverty.<br>b) To solve this problem, government has created National Renewal Board (NRB).<br>c) NRB takes the responsibility of providing compensation to the retrenched workers which help to reduce poverty.<br>d) Thus, the creation of National Renewal Board was done to remove poverty.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>5) Indian Oil Corporation is one of the public sector units among &#8216;Navratnas&#8217;.<\/strong><\/mark><\/p>\n\n\n\n<p><strong>Answer: <strong>Yes, I agree with this statement.<\/strong><br>Reasons:<\/strong> a) During 1997-98, nine public sector units were selected and given the status of &#8216;Navratnas&#8217; based on their performance.<br>b) These Navratnas were given full financial and managerial autonomy.<br>c) Indian oil corporation is one of these nine Navratnas.<br>d) Thus, Indian Oil Corporation is one of the public sector units among &#8216;Navratnas&#8217;.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Solution of other subjects<br><\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-textbook-solutions-maharashtra-board\/\">Solution of all Chapters of Economics<br><\/a> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">1<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" target=\"_blank\" rel=\"noreferrer noopener\">2<\/a>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">3<\/a><strong> &#8211;<\/strong> <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">4<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">5<\/a><\/strong> <strong>&#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">6<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">7<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">8<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">9<\/a> &#8211; <a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">10<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q6_Answer_in_detail\"><\/span>Q.6. Answer in detail<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">1) Explain the features of economic policy of 1991. <\/span><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <strong><strong>Features of the Economic Policy of 1991<\/strong><\/strong><\/p>\n\n\n\n<p><strong>1) <span style=\"text-decoration: underline;\">Delicensing<\/span> <br><\/strong>It means abolition of government license required to carry on any business or industrial activity. All industries<br>except for 18 specified industries of strategic importance required license. <\/p>\n\n\n\n<p><strong>2) <span style=\"text-decoration: underline;\">Abolition of Monopolies and Restrictive Trade Practices (MRTP) Act<\/span> <br><\/strong>According to MRTP Act, it was compulsory for large industrial houses to take the approval of Central government for establishment, expansion, merger etc. This resulted in slow industrial growth. Abolition of MRTP Act has encouraged industrial growth.<\/p>\n\n\n\n<p><strong>3) <span style=\"text-decoration: underline;\">Encouragement to small sector<\/span><br><\/strong>The government encouraged small sector units to attain a higher growth rate in output, employment, and export sector. Its investment limit was increased from 1 crore to 5 crore.<\/p>\n\n\n\n<p><strong>4) <span style=\"text-decoration: underline;\">Encouraging foreign investment<\/span><br><\/strong>Industrial Policy of 1991 approved Foreign Direct Investment (FDI) to encourage investment in high priority industries requiring high investment and technology. Initially, FDI was permitted upto 51% of total investment in selected industries. Later this limit was raised to 74% and then 100% for specific industries.<\/p>\n\n\n\n<p><strong>5) <span style=\"text-decoration: underline;\">Reducing role of Public Sector<\/span><\/strong><br>To encourage private sector, NEP reduced the number of industries in public sector from 17 to 8. From 2014, there are only two industries reserved for public sector which include railways and atomic energy.<\/p>\n\n\n\n<p><strong>6) <span style=\"text-decoration: underline;\">Trade Liberalisation<\/span><br><\/strong>Import licensing controls have been abolished. Almost all capital goods, raw materials, intermediate goods and other components were made freely importable. Established exporters are allowed to raise external credit to finance their trade. Special Economic Zones (SEZ) are set up to promote exports.<\/p>\n\n\n\n<p><strong>7) <span style=\"text-decoration: underline;\">Reforms in Insurance Sector<\/span> <br><\/strong>Insurance sector was a monopoly of the government. The new policy passed Insurance Regulatory and Development Authority Act (IRDA) in 1999 to introduce reforms in this sector. The IRDA has given licence to many private companies to enter insurance business.<\/p>\n\n\n\n<p><strong>8) <span style=\"text-decoration: underline;\">Reforms in financial sector<\/span><br><\/strong>Earlier only co-operative banks and public sector banks were permitted to do banking business in the financial sector. The new economic policy has also permitted the entry of new private banks and foreign<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-purple-color\">2) Explain the measures undertaken for Globalisation.<\/span><\/strong><\/p>\n\n\n\n<p><strong>Answer:<\/strong> <strong>Following are the measures taken for Globalisation<\/strong>:<\/p>\n\n\n\n<p><strong>1) <span style=\"text-decoration: underline;\">Removal of quantitative restrictions<\/span> <br><\/strong>All the quantitative restrictions have been removed on imports and exports. Further tariff rates have been brought down considerably. The import duty on industrial goods have been reduced.<\/p>\n\n\n\n<p><strong>2) <span style=\"text-decoration: underline;\">Encouragement to Foreign Capital<\/span> <br><\/strong>Government has opened the economy to foreign investments. As a result, foreign capital is attracted towards various sectors. Indian economy has become a part of global economy.<\/p>\n\n\n\n<p><strong>3) <span style=\"text-decoration: underline;\">Convertibility of Rupee<\/span> <br><\/strong>Exchange rate of rupee has been made flexible. Rupee is made fully convertible to all current account transactions.<\/p>\n\n\n\n<p><strong>4) <span style=\"text-decoration: underline;\">Foreign collaboration<\/span> <br><\/strong>Indian companies are allowed to enter into important foreign collaborations, e.g. Maruti-Suzuki, Hero-Honda, and Tata-Corus deal of iron and steel in South Africa.<\/p>\n\n\n\n<p><strong>5) <span style=\"text-decoration: underline;\">Long term trade Policy<\/span><br><\/strong>To ensure longer duration in foreign trade, changes were made in the foreign trade policy. Main features of this policy included :<br>a) Liberalised policy<br>b) Removal of restrictions on foreign trade.<br>c) Encouragement to Foreign Collaboration.<\/p>\n\n\n\n<p><strong>6) <span style=\"text-decoration: underline;\">Encouragement to Exports<\/span><br><\/strong>Through EXIM policy, various incentives are given to exporters. Special Economic Zones are created to encourage exports.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Q7_Read_the_following_passage_carefully_and_answer_the_questions\"><\/span>Q.7. Read the following passage carefully and answer the questions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">Indian ice cream<\/mark> industry is one of the fastest growing segments of the dairy and food processing sector. India has a low per capita consumption of ice cream of 400 ml whereas in USA it is 22,000 ml and in China,<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\"> it is 3000 ml. <\/mark><\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">The per capita consumption of ice cream is low in India because it is a country filled with traditional sweets of more than 100 varieties. In developed countries, people have either pastries or ice-creams for dessert. In the era of Globalisation, the mindset of the people is fast changing. This is because multi-national companies have set up a number of ice-cream parlours, with a lot more varieties and flavours that attract the younger lot. Besides this, there are better delivery systems. <\/mark><\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">The ice cream sector has great potential for growth in the country due to improvements<\/mark> in the cold chain infrastructure, increasing disposable income,<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\"> and changing lifestyle of the people. However, it is taxed higher with 18 percent GST while other dairy products in the same basket such as butter and cheese are taxed at 12 percent. <\/mark><\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-accent-2-color\">The ice cream industry has generated revenue of more than $1.5 billion in 2016-17. With employment of 15 lakh people directly or indirectly, it is also considered one of the largest employers of the dairy and food processing industry.<\/mark><\/p>\n\n\n\n<p><strong>1) Identify the reason for low per capita consumption of ice cream<\/strong> in India.<br>Answer: The per capita consumption of ice cream is low in India because it is a country filled with traditional sweets of more than 100 varieties.<\/p>\n\n\n\n<p><strong>2) Explain the impact of Globalisation on the Indian ice-cream industry.<br>Answer:<\/strong> Due to Globalisation, the mindset of the people is fast changing. This is because multi-national companies have set up a number of ice-cream parlours, with a lot more varieties and flavours that attract the younger lot.<\/p>\n\n\n\n<p><strong>3) Find out the factors that could lead to the growth of ice cream industry in India.<br>Answer:<\/strong> The ice cream sector has great potential for growth in the country due to improvement in the cold chain infrastructure, increasing disposable income and changing lifestyle of the people.<\/p>\n\n\n\n<p><strong>4) Express your views about the implications of higher GST on ice cream industry in India.<br>Answer:<\/strong> Ice Cream Sector is taxed higher with 18 percent GST while other dairy products in the same basket such as butter and cheese are taxed at 12 percent.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Solution_of_all_Chapters_of_Economics\"><\/span>Solution of all Chapters of Economics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Chapter Name <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Solution Link<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1) Basic Concepts in Economics<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-1-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2) Money<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-2-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3) Partition Values<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-3-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4) The Economy of Maharashtra<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-4-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5) Rural Development in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-5-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">6) Population in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-6-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">7) Unemployment in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-7-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">8) Poverty in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-8-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">9) Economic Policy of India Since 1991<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-9-exercise\/\">Solution<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">10) Economic Planning in India<\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-economics-chapter-10-exercise\/\">Solution<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Check_out_other_posts_related_to_the_11th_Commerce\"><\/span>Check out other posts related to the 11th Commerce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Textbook Solutions of 11th Commerce (All Subjects)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\">Click <\/a><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-notes-maharashtra-board\/\" rel=\"noreferrer noopener\">Here<\/a><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong> Free pdf of 11th Commerce Textbooks <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-books-pdf\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/11th-commerce-books-pdf\/\">Click Here<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":14874,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[4592],"class_list":["post-14769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hsc-maharashtra-board","tag-11th-economics-chapter-9-exercise"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/14769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=14769"}],"version-history":[{"count":6,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/14769\/revisions"}],"predecessor-version":[{"id":36150,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/14769\/revisions\/36150"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/14874"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=14769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=14769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=14769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}