Why was it necessary for a developing country like India to follow self-reliance as a planning objective?
Self-reliance implies discouraging the imports of those goods that could be produced domestically. Achieving self-reliance is of prime importance for a developing country like India as otherwise, it would increase the country's dependence on foreign products. Dependence on foreign goods and services can promote economic growth of India but this would not contribute to the development of domestic productive resources. Dependence on foreign goods and services provides impetus to foreign country's industries at the cost of domestic infant industries. Further, imports drain away the scarce foreign reserves that are of prime importance to any developing and underdeveloped economy. Therefore, achieving self-reliance is an important objective for developing countries in order to avoid themselves from being acquiescent to the developed nations.
Match the following:
|
1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
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Self-reliance implies discouraging the imports of those goods that could be produced domestically. Achieving self-reliance is of prime importance for a developing country like India as otherwise, it would increase the co...
Step-by-step explanation:
• Self-reliance implies discouraging the imports of those goods that could be produced domestically
• Achieving self-reliance is of prime importance for a developing country like India as otherwise, it would increase the country's dependence on foreign products
• Dependence on foreign goods and services can promote economic growth of India but this would not contribute to the development of domestic productive resources
• Dependence on foreign goods and services provides impetus to foreign country's industries at the cost of domestic infant industries
• Further, imports drain away the scarce foreign reserves that are of prime importance to any developing and underdeveloped economy
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
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