NCERT Solutions of Economics for Class 10 Chapter 4 Globalisation and the Indian Economy

IN-TEXT QUESTIONS

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Question.1. Complete the following statement to show how the production process in the garment industry is spread across countries.

The brand tag says ‘Made in Thailand’ but they are not Thai products. We dissect the manufacturing process and look for the best solution at each step. We are doing it globally. In making garments, the company may, for example, get cotton fibre from Korea, ……..

Answer. In making garments, the company may, for example, get cotton fibre from Korea, …….. can manufacture clothes in China and India. India has high quality skilled engineers available related to the textile industry who can operate them. There are also educated youth proficient in speaking English who can provide customer care services. These clothes can be sold all over the world. Due to all these facilities, the cost of multinational companies is reduced by about 50 to 60 percent, due to which they get a lot of profit.

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Read the passage on the left and answer the questions.

Ford Motors, an American company, is one of the world’s largest automobile manufacturers with production spread over 26 countries of the world. Ford Motors came to India in 1995 and spent Rs. 1700 crore to set up a large plant near Chennai. This was done in collaboration with Mahindra and Mahindra, a major Indian manufacturer of jeeps and trucks. By the year 2017, Ford Motors was selling 88,000 cars in the Indian markets, while another 1,81,000 cars were exported from India to South Africa, Mexico, Brazil and the United States of America. The company wants to develop Ford India as a component supplying base for its other plants across the globe.

Question.1. Would you say Ford Motors is a MNC? Why?
Answer. Ford Motors is a multinational company because this American-origin company is doing its business in 26 countries of the world. Ford Motors is the world’s largest automobile manufacturer.

Question.2. What is foreign investment? How much did Ford Motors invest in India?
Answer. Investment made by a multinational company in another country is called foreign investment. Ford Motors had invested `1700 crores in India.

Question.3. By setting up their production plants in India, MNCs such as Ford Motors tap the advantage not only of the large markets that countries such as India provide, but also the lower costs of production. Explain the statement.
Answer. Often, multinational companies choose the same place to set up production plants, which are near the market, where low cost and skilled and unskilled labor are easily available, where the availability of high factors of production is ensured and the government policies of the countries concerned are in their favor. Friendly . Due to the availability of all these facilities, India has become a favorable and preferred country for multinational companies. In India, not only because of the huge population, there is a huge market available and here both skilled and unskilled laborers are available at low cost. Other multinational companies like Ford Motors have also taken advantage of these facilities in India.

Question.4. Why do you think the company wants to develop India as a base for manufacturing car components for its global operations? Discuss the following factors:
(a) cost of labour and other resources in India
(b) the presence of several local manufacturers who supply auto parts to Ford Motors
(c) closeness to a large number of buyers in India and China
Answer. India is a developing country where the demand for cars can increase tremendously in the coming times due to which Ford Motors can get a decent market. That’s why Ford Company wants to develop India as a manufacturing hub of car parts to expand its business globally.

1. Due to the huge population in India, unemployment and under-employment are very high. Sufficient skilled and unskilled laborers are available here at very low wages. Apart from this, the cost of other resources is also less in India.
2. A number of small scale local industrial units in India supply components to Ford Motors as manufacturers who have sufficient ability to determine the price, quality and labor conditions.
3. Both India and China are neighboring countries of each other. The company has proximity to the customers of both the countries and they can provide a huge market to the Ford Company.

Question.5. In what ways will the production of cars by Ford Motors in India lead to interlinking of production?
Answer. Production of cars by Ford Motors in India will be related in such a way that many small companies of India will be able to jointly operate manufacturing centers with Ford Motors Company.

Question.6. In what ways is a MNC different from other companies?
Answer. MNCs are different from other companies in the following ways :

1. Multinational companies establish their industrial units/offices in more than one country, whereas local companies have industrial units/offices established in a single country.
2. Capital investment of multinational companies is high as compared to local companies.
3. The production of multinational companies is demanded and supplied on a large scale, while the units of other companies have small investment, less labor, less raw material, often from local sources and the sale of products is limited to a few countries or supplies of multinational corporations.

Question.7. Nearly all major multinationals are American, Japanese or European, such as Nike, Coca-Cola, Pepsi, Honda, Nokia. Can you guess why?
Answer. The reason why these multinational companies are related to America, Japan or Europe is that all these three areas are fully developed. The concerned companies have excellent technology, efficient management, high level of enterprise capability, immense capital and ability and efficiency to buy all kinds of resources, invest them and enter into business agreements with the governments of various nations.

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Question.1. What was the main channel connecting countries in the past? How is it different now?
Answer. In the past, trade was the main medium connecting countries. Now and earlier business is different from the following points of view-

1. Earlier traders were paid the value of goods in the form of gold and silver, now they are paid by imports or exports.
2. Earlier the size or area of business was limited, now it has expanded widely.
3. Earlier only essential commodities were imported and exported. But now its form has changed and there is diversity in the items to be imported and exported.

Question.2. Distinguish between foreign trade and foreign investment.
Answer. Exchange of goods and services in two or more countries is called foreign trade. This includes imports and exports (including re-exports). Foreign investment means capital investment made by a country or a multinational corporation on industrial or other services such as land, buildings, machines and other equipment in one or several countries. Its objective is to get more dividends.

Question.3. In recent years China has been importing steel from India. Explain how the import of steel by China will affect.
(a) steel companies in China.
(b) steel companies in India.
(c) industries buying steel for production of other industrial goods in China.
Answer. (a) Good quality steel from India will be readily available to Chinese steel companies as soon as there is sufficient demand. Secondly, due to its proximity to China, the transportation cost will also come down.
(b) Due to the increase in demand for steel abroad, its supply in the country will decrease. Secondly, India will have to make continuous efforts to increase capital investment in the steel sector, modernize technology level, increase labor force, improve quality and reduce production cost.
(c) The raw material will be readily and easily available in China to the industries purchasing steel for the production of other industrial goods in China. This will increase the total industrial production of China.

Question.4. How will the import of steel from India into the Chinese markets lead to integration of markets for steel in the two countries? Explain.
Answer. Import of steel from India to the Chinese market will facilitate integration of the steel markets of the two countries. As a result, the movement of steel traders and company representatives of both countries will increase, China will import raw steel and India will import manufactured goods. Both countries can also establish mutual joint ventures together. There will also be an exchange of the latest technology between India and China.

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Question.1. What is the role of MNCs in the globalisation process?
Answer. Globalization has been born due to foreign trade and foreign investment. Both these activities are mainly performed by multinational companies. Multinational companies have been playing a major role in the process of globalization. These companies are expanding their production in other countries. More and more goods and services, investment and technology are being exchanged between different countries. Most of the countries of the world have come in contact with each other more than in the last few years.

Question.2. What are the various ways in which countries can be linked?
Answer. Countries can be related to each other through the following different methods :
(i) By foreign trade between countries.
(ii) By increasing the number of multinational companies.
(iii) Movement of latest and advanced technology.
(iv) Movement of people between countries
(v) Movement of goods and services between countries

Question.3. Choose the correct option.
Globalisation, by connecting countries, shall result in

(a) lesser competition among producers.
(b) greater competition among producers.
(c) no change in competition among producers.

Answer. (b)greater competition among producers.

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Question.1. In the above example, underline the words describing the use of technology in production.
Answer. Designing & Printing, Internet, Telecom Facilities, Computers, E-Banking.

Question.2. How is information technology connected with globalisation? Would globalisation have been possible without expansion of IT?
Answer. Information technology plays a major role in globalization. Internet, computer and mobile play an important role in modern information technology. Through the internet, we can know information from any corner of the world and can get it with the help of computers and printers. Knowledge of international ups and downs has become possible only through information technology.

It is impossible to know about social upheavals, cultural exchange, political upheaval, economic upheaval, mobility of labor and capital etc. without information technology.

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Question.1. What do you understand by liberalisation of foreign trade?
Answer. The process of removing barriers and restrictions imposed by the government on foreign trade and foreign investment is called liberalization of foreign trade.

Question.2. Tax on imports is one type of trade barrier. The government could also place a limit on the number of goods that can be imported. This is known as quotas. Can you explain, using the example of Chinese toys, how quotas can be used as trade barriers? Do you think this should be used? Discuss.
Answer. If the Indian government sets a cap on the number of toys imported from China, the supply of Chinese toys in the Indian market will reduce. Due to the lack of Chinese toys in the market, Indian buyers will also have less option to buy Chinese made toys at lower prices. Gradually the demand for Indian toys will increase and Indian toy manufacturers will get profit. Simultaneously, the unemployed laborers of the country will also get employment. In this way the quota system can be used as a trade barrier. In my opinion it should be used in a limited way in India. This will provide protection to some industries and will also help in ending unemployment.

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Question.1. Fill in the blanks.
WTO was started at the initiative of ____(i)______ countries. The aim of the WTO is to ___(ii)_____. WTO establishes rules regarding _____(iii)______ for all countries, and sees that _____(iv)_______. In practice, trade between countries is not ______(v)_______. Developing countries like India have _____(vi)______, whereas developed countries, in many cases, have continued to provide protection to their producers.
Answer. (i) Developed
(ii) Liberalized in international trade
(iii) International trade
(iv)These rules are followed
(v) Totally free
(vi) So trade barriers are forced to be removed.

Question.2. What do you think can be done so that trade between countries is more fair?
Answer. Liberalization policy should be adopted to make trade more and more equitable among different countries of the world. Trade barriers should be removed from all countries whether they are developing or developed.

Question.3. In the above example, we saw that the US government gives massive sums of money to farmers for production. At times, governments also give support to promote production of certain types of goods, such as those which are environmentally friendly. Discuss whether these are fair or not.
Answer. A large amount of money is provided as a grant by the US government to the farmers for production. Apart from this, it also provides assistance to promote the production of certain types of products such as environment-friendly items.

This is not justified because America wants to establish its control over the entire international market with this help. The major result of this aid is that American farmers are able to sell their agricultural products in the international market at exceptionally low prices. This has an adverse effect on the farmers of developing countries like India.

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Question.1. How has competition benefited people in India?
Answer. Competition has benefited the people of India in the following ways:

1. Some Indian companies have successfully collaborated with foreign companies and gained benefits.
2. Many large Indian companies have raised their production standards by investing in advanced technology and production systems.
3. Some big Indian companies have established themselves as multinational companies by expanding their operations all over the world, examples are Tata Motors, Infosys, Ranbaxy etc.
4. Various opportunities have been created for Indian companies providing various services and companies with information and communication technology.
5. Due to competition, people can now buy good quality goods at low prices.
6. More options are available to the consumers, especially the rich class consumers living in the peripheral areas. They are now taking advantage of the excellence, quality and low prices of many items.
7. The standard of living of the people has now improved as compared to earlier. Now they are enjoying a relatively higher standard of living.
8. Multinational companies have invested in goods like cellphones, automobiles, electronic products, cold drinks and banking facilities, which has created new employment opportunities in these industries.

Question.2. Should more Indian companies emerge as MNCs? How would it benefit the people in the country?
Answer. Most of the Indian companies should be converted into multinational companies. This will benefit the people of the country in the following ways:

1. These Indian companies will bring new technology from abroad and increase the standards of production.
2. When Indian companies work as multinational companies in other countries of the world, foreign exchange will be received for the country, which will strengthen the economy.
3. This will provide more employment opportunities to the people of the country.
4. Due to the competition among different countries, good things will be available to the people at low prices.

Question.3. Why do governments try to attract more foreign investment?
Answer. Governments try to attract more foreign investment because of the following reasons-

1. for technological development,
2. for agricultural development,
3. To increase the possibility of employment in the country,
4. for the development of infrastructure in the country,
5. To promote industrial development.

Question.4. In Chapter 1, we saw what may be development for one may be destructive for others. The setting of SEZs has been opposed by some people in India. Find out who these people are and why they are opposing it.
Answer. For the last few years, the Government of India and the State Governments have made strong efforts to attract foreign investment in India, in which the establishment of the Special Economic Zone (SEZ) is the main one. Some people in India have opposed the establishment of Special Economic Zones.

These people include farmers and tribal people. These people are opposing the establishment of Special Economic Zones because they are afraid that with the establishment of SEZ, their land will be taken away by the government and their life will become dangerous.

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Question.1. What are the ways in which Ravi’s small production unit was affected by rising competition?
Answer. In 1992, Ravi took a bank loan to start his company manufacturing capacitors in Hosur, an industrial town in Tamil Nadu. Within three years he was able to expand his production. The government removed restrictions on the import of capacitors in 2001 as per the WTO agreement. Now its competition has started with the brands of multinational companies. This competition forced the Indian television companies to do the co-production work for multinational companies. These companies now started importing goods from abroad at low cost. Due to this, a crisis appeared in front of Ravi’s company.

Question.2. Should producers such as Ravi stop production because their cost of production is higher compared to producers in other countries? What do you think?
Answer. Due to high cost of production, giving up on the competition and stopping the production is not a reasonable option. Apart from stopping the production, Ravi should do the following things to stay in the international competition:

1. To work harder himself and to motivate his employees to work harder.
2. To improve the quality of our production and reduce the cost of production by using best grade raw material and latest technology,
3. To expand your industrial unit by taking loan at low interest rate,
4. entering into partnership with multinational companies and
5. To expand our market by adopting the latest techniques of sales promotion.

Question.3. Recent studies point out that small producers in India need three things to compete better in the market
(a) better roads, power, water, raw materials, marketing and information network,
(b) improvements and modernisation of technology,
(c) timely availability of credit at reasonable interest rates.
(i) Can you explain how these three things would help Indian producers?
(ii) Do you think MNCs will be interested in investing in these? Why?
(iii) Do you think the government has a role in making these facilities available? Why?
(iv) Can you think of any other step that the government could take? Discuss.
Answer. (a) All these three things (i) better roads, power, water, raw material, marketing and information system, (ii) improvement and modernization in technology and (iii) timely availability of credit at reasonable rate of interest can lead to small scale By improving the quality of production of the producers and reducing the cost of production, the competitiveness of small scale industries will be increased.
(b) On proper implementation of liberalization policies, multinational companies are willing to invest in all sectors like roads, water, raw material, marketing, information system, technology, key, modernization and banking etc. Their aim is to earn money and by providing these facilities to industrialists they can earn a substantial amount of money.
(c) Government definitely has an important role in providing these facilities. For the development of all these facilities, a huge amount of investment is required, that is, the returns of its investment are delayed. On the one hand, the government can expand these facilities by investing on its own, and on the other hand, by providing financial assistance, it can encourage private investment to expand these facilities.
(d) The government should invite foreign Indians to invest in the country, adopt a liberal policy for investment in these areas and promote the private sector.

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Question.1. In what ways has competition affected workers, Indian exporters and foreign MNCs in the garment industry?
Answer. The competition has affected the textile workers, Indian exporters and foreign multinational companies in the following ways:

1. Effect on workers of textile industry: Competition in textile industries has adversely affected their pay scales, working hours, transport, education, nature and housing facilities. The fear of retrenchment of workers has increased.
2. Effect on Indian exporters: Indian exporters are getting benefited due to increase in demand for good quality and design garments. Along with this, to remain in international competition, they have to increase investment on skilled labor and technology.
3. Impact on Foreign MNCs: They have to partner with local companies and have to spend more to increase investment, adopt latest technology and hire skilled and trained labour.

Question.2. What can be done by each of the following so that the workers can get a fair share of benefits brought by globalisation?
(a) government
(b) employers at the exporting factories
(c) MNCs
(d) workers
Answer. In order that workers can get an equitable share in the benefits received from globalization, the following measures can be adopted by the relevant sections :

1. Government : The government should make and implement such rules/acts which protect the interests of the workers and protect them from exploitation by the unorganized sector and multinational corporations.
2. Employers of exporting factories : They should improve the quality of goods, reduce the cost of production and while employing skilled and trained labor, link their pay scales with productivity and provide necessary facilities to the workers.
3. Multinational companies : Adopt a liberal policy towards these small units, which are labor intensive.
4. Workers : Workers should show loyalty to the company, should not go on strike again and again and leave the path of violence and struggle.

Question.3. One of the present debates in India is whether companies should have flexible policies for employment. Based on what you have read in the chapter, summarise the point of view of the employers and workers.
Answer. Companies in India should adopt a flexible approach on the subject of employment policies. As far as possible, research on increasing production by adopting labor intensive policies. They should adopt an unemployment removal policy and try to make the labor management relationship sweet.

TEXTBOOK EXERCISE

Question.1. What do you understand by globalisation? Explain in your own words.
Answer. Globalization refers to a system in which the economy of any country is linked to other economies of the world through foreign trade and foreign investment. Due to globalization, at present there is exchange of goods, services, technology and labor between different countries in the world.

Multinational companies play a very important role in this work when they establish their units in different countries of the world and supply their goods in the market of other countries.

Question.2. What were the reasons for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?
Answer. After independence, the Government of India had banned foreign trade and foreign investment. This was necessary to protect the country’s producers from foreign competition. Industries were set up in the 1950s and 1960s and at this stage industries were not allowed to compete with imports. Therefore, India allowed the import of only essential items, such as machinery, fertilizers and petroleum.

In the year 1991 the economic policy was changed. The government decided that the Indian producers would have to compete with the world’s producers so that the country’s producers would improve their performance and improve their quality. Therefore, barriers to foreign trade and investment were removed to a large extent. This means that goods can be easily imported and foreign companies can set up their offices and factories here. The process of removing barriers and restrictions by the government is called liberalization.

Question.3. How would flexibility in labour laws help companies?
Answer. Flexibility in labor laws helps companies in the following ways :
(i) The owner of the company hires laborers or workers temporarily, so that he is not required to pay the workers for the whole year.
(ii) Flexibility in labor laws reduces the cost for the employer as he has to pay less to the workers.

Question.4. What are the various ways in which MNCs set up, control or produce in other countries?
Answer. MNCs MNCs are companies that own or control production in more than one country. These companies set up their factories in countries where they can get cheap labor and other resources. Where government policies are also favorable to them. MNCs produce jointly with local companies in these countries, but mostly MNCs expand production by buying local companies. MNCs control production in various ways. In developed countries, large multinational companies order production from small producers. Clothing, footwear and sporting goods are industries that are produced by a large number of small producers around the world. These are supplied to multinational companies, who sell them to customers under their own brand names.

Question.5. Why do developed countries want developing countries to liberalise their trade and investment? What do you think the developing countries should demand in return?
Answer. Developed countries want liberalization of their trade and investment from developing countries for various reasons. They make such demands in order to get raw material and workers on their terms and to earn maximum profit by investing their surplus money in the entire material.

Developing countries should also demand for just globalization because only by doing this all sections of society in developing countries will get opportunities for progress. There should be a better sharing of the benefits of globalization and there should be proper and equitable implementation of the labor laws of the whole world. Adequate rights should be given to all workers, they can discuss in WTO to make just rules. All the developing countries can unite and raise their voice against the discrimination done towards the developed countries in the World Trade Organisation.

Question.6. “The impact of globalisation has not been uniform.” Explain this statement.
Answer. The process of mutual relations and rapid integration between different countries of the world is called the process of globalization. Globalization has had a wide impact on all the countries of the world, but this effect is not uniform everywhere. The consumers of the affluent class have benefited from the competition between local and foreign producers. These consumers have more choices than ever before and are benefiting from the excellence, quality and low prices of a range of products. As a result these people are measuring a higher standard of living than before.

Globalization has brought many challenges to a large number of small producers and workers. Battery, plastics, toys, tyres, dairy products and edible oil industries are some examples where competition has prevented small manufacturers from surviving. Many such units were closed due to which many workers became unemployed. The pressure of globalization and competition has affected the lives of workers in a big way. Due to increasing competition, the employment of workers was not assured for a long time.

The workers did not get their fair share in the benefits due to globalization. It is clear from all these things that globalization has not been beneficial for all. Educated, skilled and affluent people have made the best use of the new opportunities brought about by globalization. On the other hand, many people have not got any share in the profit.

Question.7. How has liberalisation of trade and investment policies helped the globalisation process?
Answer. Liberalization of trade and investment policies helps in the globalization process in the following ways, which are as follows:

1. Liberalization gives opportunities to the industries to expand according to the market. This helps globalization.
2. Liberalization of investment helps in setting up new businesses, which is a part of globalization.
3. Liberalization of trade means removal of unnecessary trade restrictions due to which import-export between countries has become easier.

Globalization has been born out of this process.

Question.8. How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.
Answer. Foreign trade helps in the integration of the markets of different countries in many ways. Information technology and telecommunication have made the information about things or products made in all the countries of the world universal or common. Today even a person living in a remote area of Kashmir knows what things are produced in western countries. Different types of advertisements and markets of foreign goods have become an important part of every country today. For example, India’s cotton clothes, woolen clothes, computer equipment, iron and steel etc. have started being exported to almost all the countries of the world and crude oil (petroleum), natural oil and medicines are being imported into India from every corner of the world. is done. The demand and supply forces of the market are determining the price, human labor etc. everything has remained only as a commodity. All living and non-living things have become a commodity. Therefore, integration of markets has become a common phenomenon.

Question.9. Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.
Answer. If this globalization limited to the economy continues with the same symptoms in the future and the globalization of human conscience. If there is no war (feeling of universal brotherhood etc.) then I can guess that after twenty years only those people will be able to survive in the world who will be successful in killing, oppressing and exploiting others. This is Darwin’s theory which will be fully proved in the event of the supremacy of America and the continuation of capitalism. The developed countries will set up their new type of colonies like in the seventeenth and eighteenth centuries as is evident from the current cunning policies of the multinational companies and their pressure and influence on the governments of the developing countries. I would like to support my guess on the basis of the following facts-

1. Globally every government is trying to liberalize and adopt new international economic and market policies.
2. Within twenty years multinational companies will be established by world’s superpowers, third world countries also.
3. All developing countries will start giving special place to foreign capital investment.
4. Intellectual property (experts, scholars, technocrats) and labor of third world countries will migrate to western countries.
5. There will also be cultural exchange between all countries and people’s demand will increase in the direction of getting new food items, clothes, excellent means of transport and communication and information technology and music etc.
6. As a result of all these physical or material development, occult crimes, espionage and illegal activities will increase to the extreme extent, but parallel to these preventive measures will automatically start developing in the form of psychiatric mania and psychosomatic diseases. In this way, it is clear that with every crime, a gland of feeling of guilt starts forming in the subtle mind of the criminal, and by generating it over time, it automatically destroys it.

Question.10. Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments?
Answer. Globalization has had a profound impact on the Indian economy. This effect has been positive as well as negative. That’s why some people believe that globalization has helped India’s development and some people
believe that globalization has harmed India’s development. People have got new and advanced technology items and better employment opportunities. The standard of living of the people has improved, but this development has remained uneven, that is, it has benefited big industrialists, educated and rich producers and rich consumers, but has harmed small industrialists, workers like Sushila and developing countries. Increasing competition due to
globalization has almost destroyed many small scale and cottage industries in India. In labor laws, there has been a lot of flexibility due to globalization which has made employment of people uncertain.

Now that globalization is a mandatory option, there is a need for the government to make globalization more equitable and universal so that its benefits are not limited to a few. The government should make small
industrialists capable of foreign competition by giving loans at cheap rates and better electricity facilities. Developing countries should also put pressure on developed countries to liberalize their trade and investment.

Question.11. Fill in the blanks.
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of ______________. Markets in India are selling goods produced in many other countries. This means there is increasing ______________ 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 _____________
_________________________________________ . While consumers have more choices in the market, the effect of rising _____________ and ____________has meant greater _________________among the producers.
Answer. Globalization, foreign trade, here they are getting proper conditions, big markets like them, cheap labor etc., exports, liberalisation, competition.

Question.12. Match the following.
Answer. (i)- (b), (ii)- (e), (iii)- (d), (iv)- (c), (v)- (a)

Question.13. Choose the most appropriate option.
(i) The past two decades of globalisation has 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.

(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.

(iii) Globalisation 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

Answer. (i)- (c), (ii)- (a), (iii)- (a)