Tag: civics

India's telecommunication network is the second largest in the world by number of telephone users (both fixed and mobile phone) with 1.053 billion subscribers as on 31 August 2016. It has one of the lowest call tariffs in the world enabled by mega telecom operators and hyper-competition among them. India has the world's second-largest Internet user-base. As on 31 March 2016, there were 342.65 million internet subscribers in the country.

Globalisation refers to the integration of markets in the global economy.  Markets where globalisation is particularly common include financial markets, such as capital markets, mone and credit markets, and insurance markets, commodity markets, such as markets for oil, coffee, tin, and gold, and product markets, such as markets for motor vehicles and consumer electronics.

Nationalisation was not included in the Industrial Policy of 1991. The policy envisaged disinvestment of government equity in public sector to mutual funds, financial institutions, the general public, and workers.

Agriculture is subject to the Law of Diminishing Returns. 

As we know that, when we employ more and more variable factors with the fixed factors, it results in a lower marginal product, thus leading to the Law of Diminishing Returns. In agriculture, the land is a fixed factor as it cannot be increased or decreased as per the choice of an agriculturist. When factors of production which are variable in nature are employed, Law of Diminishing Returns apply.

Thus, the correct answer is A.

The basic purpose of human development is to improve the well-being of people. Human development is the science that seeks to understand how and why the people of all ages and circumstances change or remain the same over time

In India, strategic aspects like Arms and Ammunition, Atomic Energy, etc. belong to public sector. Only the public sector have the power to intervene in the above mentioned sectors since these sectors are reserved only within the purview of the public sector.

Government of India constituted a Tax Reforms Committee (TRC) in August, 1991. Tax Reform Committee is also known as Raj Chelliah Committee. It is formed in order to reform direct and indirect taxes prevailing in India.

After economic reform industrial licensing was abolished for all industries, except 18 industries.Economic reforms aims to create a more freer economy and uphold the liberalization, privatization and globalization. Economic reforms helps to promote economic growth and development.

Economic reform is required to overcome the problem of:
(i)  Excess consumption and expenditure over revenue
(ii) Over protection to industry and heavy losses in public sector
(iii) Mismanagement of firm, economy and poor technological development