NCERT Solutions for Class 10 Social Science Understanding Economic Development Chapter 4 - Globalisation and the Indian Economy

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NCERT Solutions for Class 10 Social Science Understanding Economic Development Chapter 4 - Globalisation and the Indian Economy PDF Download

Globalization and the Indian Economy provide students with a thorough understanding of the various aspects of Economics. Globalization Class 10 is an important chapter as it provides students with the basic foundation of various terms of Economics. The Globalization and the Indian economy Class 10 NCERT Solutions would help students to clear their doubts on the various aspects of the Indian economy.


During the revision time, it is normal for you to have so many doubts. You need an effective resource material from where you would get the ideas to clear them. The solutions for Economics Class 10 NCERT Solutions Chapter 4 have been drafted by keeping in mind the needs of students during examinations. All these solutions have been formulated by keeping in mind the latest CBSE guidelines.


So, you can better your chances of scoring high marks by referring to the Class 10 Economics Chapter 4 NCERT Solution. In short, revising the entire chapter becomes easy when you have these solutions at your disposal. Subjects like Science, Maths, English ,Hindi and Social Science will become easy to study if you have access to NCERT Solution for Class 10 Science, Maths solutions and solutions of other subjects. You can also download NCERT Solutions for Class 10 Maths to help you to revise complete syllabus and score more marks in your examinations.

List of Topics Covered Under NCERT Solutions for Class 10 Social Science Understanding Economic Development Chapter 4 - Globalisation and the Indian Economy


Population Across The Country

Interlinking Production Across Country

Foreign Trade and Integration of Markets

What is Globalisation?

Factors That Have Enabled Globalization

Word Trade Organisation 

Impact of Globalisation In India

The Struggle For The Fair Globalisation 

A Glance into the NCERT Solutions For Class 10 Social Science Chapter 4 - Chapter 4 - Globalisation and the Indian Economy

  • India usually exports raw materials and foodstuffs and imports finished goods.

  • MNCs later set up their companies in various countries and accessed cheap labour and reduced the cost of production.

  • Usually, MNCs set up their branches, where they were close to the market and huge availability of skilled labour and unskilled workers. 

  • Here, MNCs will spend money on land, buildings, machines and other investments. 

  • Later, companies started delivering the finished product around the world. 

  • So, foreign products connected the markets of various countries around the world.

  • The rapid interconnection or integration of global markets is known as globalization. 

  • The globalization process was widely stimulated by the rapid growth of technologies. 

  • The government had reduced their taxes on imports and exports, which further supports globalization. 

  • Such removal of restrictions and barriers set up by the government is known as biberalization. 

  • The world trade organization was mainly established to liberalise trade across the world. 

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Access NCERT Solutions for Class 10 Social Science Chapter 4 – Globalization and the Indian Economy

1. What do you understand about globalization? Explain in your own words.

Ans: The term "globalization" refers to the process of integrating a country's economy with the economies of other countries under the conditions of free trade, money, and people move across national borders.


It involves:

  • An increase in international trade.

  • The export and import of products manufactured and associated techniques.

  • Capital and financial flows from one country to another.

  • Human migration from one country to another.


2. What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

Ans: To protect indigenous producers from international competition, the Indian government erected barriers to foreign trade and foreign investment, especially when industries were only starting to emerge in the 1950s and 1960s. Import competition would have been a death blow to expanding industry at the time. As a result, India only authorized imports of necessary products.


The government wanted to abolish these obstacles in 1991's New Economic Policy because it believed domestic producers were ready to compete with foreign companies.


Foreign competition, it was believed, would actually increase the quality of goods produced by Indian industry. This judgment was also backed by a number of influential international organizations.


3. How would flexibility in labor laws help companies?

Ans: Companies will be more competitive and progressive if labor rules are more flexible. Companies can negotiate compensation and fire employees based on market factors if labor rules are relaxed. The company's competitiveness will improve as a result of this.


4. What are the various ways in which MNCs set up, or control, production in other countries?

Ans: Multinational Corporations (MNCs) locate their factories or production units in markets where they can obtain the appropriate type of skilled or unskilled labour, as well.


As other production inputs, at affordable costs. MNCs establish production units in the following methods after ensuring these conditions:

  • In collaboration with a few current country's local businesses.

  • Purchase local businesses and use contemporary technology to expand their operations.

  • They place orders with small producers and offer the products to customers all over the world under their own brand name.


5. Why do developed countries want developing countries to liberalize their trade and investment? What do you think the developing countries demand in return?

Ans: Developed countries desire developing countries to liberalize trade and investment so that their multinational corporations (MNCs) can set up factories in less-expensive developing countries and enhance profits with reduced production costs and the same selling price.


In exchange, emerging countries should seek some form of protection for native producers against import competition, in my opinion. Charges should also be imposed on multinational corporations trying to establish a presence in developing countries.


6. “The impact of globalization has not been uniform.” Explain this statement.

Ans: “Globalization has not had a uniform impact.” It has benefited only trained and professional people in cities, not the unskilled. Globalization has benefited the industrial and service sectors far more than agriculture. It benefited multinational corporations at the expense of domestic producers and the industrial working class. Competition from cheaper imports has affected small producers of goods including batteries, capacitors, plastics, toys, tyres, dairy products, and vegetable oil.


7. How has liberalization of trade and investment policies helped the globalization process?

Ans: Liberalization of trade and investment policies has aided globalization by facilitating cross-border commerce and investment. To protect indigenous industry, numerous emerging countries had previously erected obstacles and restrictions on foreign imports and investments. These countries, on the other hand, have lowered the obstacles in order to boost the quality of their local commodities. As a result, liberalization has aided the development of globalization by allowing enterprises to make their own import and export decisions. As a result, national economies have become more integrated into a single composite whole.


8. How does foreign trade lead to an integration of markets across countries? Explain with an example. 

Ans: Foreign trade allows both manufacturers and consumers to enter markets outside of their own countries. Merchandise is transported from one country to another. Competition reigns supreme among producers from many countries, as well as purchasers. As a result, cross-border trade leads to market integration.


During the Diwali season, for example, Indian shoppers can choose between Indian and Chinese ornamental lights and bulbs. As a result, this presents an opportunity to grow your business.


9. Globalization will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.

Ans: After twenty years, the globe will have undergone a positive transformation characterized by healthy rivalry, improved production efficiency, increased volume of output, revenue, and employment, higher living standards, and greater access to information and contemporary technology.


The following are the reasons for the above-mentioned points of view. These are the factors that favor globalization:

  • Human resource availability, both in terms of quantity and quality.

  • Major countries have a diverse resource and industrial base.

  • Increasing the number of entrepreneurs.

  • Domestic market is expanding.


10. Suppose you find two people arguing: One is saying globalization has hurt our country’s development. The other is telling, globalization is helping India develop. How would you respond to these organizations?


Ans: India's benefits of globalization include:

  • An increase in the number of commodities and services traded.

  • Private foreign capital inflows and the economy's export orientation

  • Increases output volume, income, and employment.


Globalization’s negative impact or fears include:

  • It could not be helpful in generating long-term growth.

  • It has the potential to widen income disparities between countries.

  • It has the potential to exacerbate income disparities within countries.


Whatever concerns there may be about globalization, I believe it is now a process that is attracting the attention of an increasing number of countries. As a result, we must learn to accept globalization gracefully while still maximizing economic rewards from the global market.


11. Fill in the blanks.

Ans: Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of globalisation. Markets in India are selling goods produced in many other countries. This means there is increasing trade and commerce with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because of the low cost of production. While consumers have more choices in the market, the effect of rising demand and purchasing capacity has meant greater competitive index among the producers.


12. Match the following.


(i) MNCs buy at cheap rates from small producers

  1. Automobiles

(ii) Quotas and taxes on imports are used to regulate trade

  1. Garments, footwear, sports items

(iii) Indian companies who have invested abroad 

      (c) Call centres 

(iv) IT helped in spreading of production of services

      (d) Tata Motors, Infosys, Ranbaxy

(v) Several MNCs have invested in setting up factories in India for production

      (e) Trade barriers


Ans: 

(i) MNCs buy at cheap rates from small producers

(b) Garments, footwear, sports items

(ii) Quotas and taxes on imports are used to regulate trade

(e) Trade barriers

(iii) Indian companies who have invested abroad 

(d) Tata Motors, Infosys, Ranbaxy

(iv) IT helped in spreading of production of services

(c) Call centres 

(v) Several MNCs have invested in setting up factories in India for production

  1. Automobiles


13. Choose the most appropriate option.

(i) The past two decades of globalization have seen rapid movements in

(a) goods, services, and people between countries.

(b) goods, services, and investments between countries.

(c) goods, investments, and people between countries.


Ans: (b) goods, services, and investments between countries.


This is due to the rapid impact of globalization.


(ii) The most common route for investments by MNCs in countries around the world is to

(a) set up new factories.

(b) buy existing local companies.

(c) form partnerships with local companies.


Ans: (b) buy existing local companies.


MNCs purchase local companies and use contemporary technology to expand their operations.


(iii) Globalization has led to improvement in living conditions

(a) of all the people

(b) of people in the developed countries

(c) of workers in the developing countries

(d) none of the above


Ans: (d) None of the above


NCERT Class 10 Social Science Books Available for:

 

NCERT Class 10 Social Science (Understanding Economic Development) Chapterwise Solutions:

 

NCERT Class 10 Social Science (India and the Contemporary World - II) Chapterwise Solutions:

 

NCERT Class 10 Social Science (Democratic Politics) Chapterwise Solutions


FAQs (Frequently Asked Questions)

1. How to Download the NCERT Solutions for Class 10 SST Economics Chapter 4?

It is fairly easy to download these NCERT Solutions. As they are in the PDF format you can even take printouts and refer to them in the future.

2. Can the Economics Class 10 Ch 4 Solution Clear Concepts?

Yes, you can clear your concept by availing these solutions. Their easy-to-understand format can help you understand the meaning of key terms.

3. Will These Solutions Help in Time Management?

Practicing with these solutions would allow you to get a basic understanding of how much time is required to answer each question.

4. How many questions are present in NCERT Solutions for Class 10 Economics Chapter 4?

The Class 10 Social Science Chapter 4 Globalization NCERT Solutions consist of 13 questions. The answers are given in an appropriate format with the essential points which will be easy for students to remember. Students referring to the NCERT solutions and preparing the answers can be confident and will be able to write the answers, framing the sentences by themselves. This helps to remember the answers for a long time.

5. How is globalisation defined according to NCERT Solutions for Class 10 Economics Chapter 4?

Globalisation can be defined as the result of the increase in foreign trade and foreign investment and the increase in markets across the world. This can also be stated as the interconnection between the countries. Globalisation has been the improvement in technology, for instance, transportation technology has made remarkable changes as the delivery of goods is faster at a low cost. This is fast developing and the people are beneficial due to this.

6. How has globalization helped the Indian economy according to Class 10 Social Science?

Globalization helped the Indian economy enormously. There has been a great improvement, especially in transportation technology which has made the delivery of the goods faster for long distances and at economical cost. Information technology has also played a very important role for the MNC’S as the transfer of information is very important for such companies. This has made the work faster and the cost is maintained in all the companies further making the increase in the profit.

7. What has led to Globalization? What important role does it play?

Globalisation has been the result of the increase in foreign trade and the markets across the world. Globalisation has played a very important role in the improvement of transportation and information technology. Transportation has resulted in the faster delivery of goods at a lower cost. Information technology has been useful for MNCs to transfer information. Globalization plays a vital role in a country's development. You can refer to Vedantu for further details about the chapter. These solutions are available at free of cost on Vedantu’s website or mobile app.

8. What is Chapter 4 of Class 10 Social science all about?

Class 10 Chapter 4 NCERT has explained the globalisation across the world and the factors for the development of globalization. The chapter has also given details about the improvement of transportation technology and liberalisation. There has been an increase in foreign trade and foreign investments across the countries. Globalization is the interaction and integration between people, companies and countries. This is an important chapter and has to be read and understood so students can write the answers easily.

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