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Social Science · 2022 · 5 marks
Globalisation and the Indian EconomyLiberalisation of Foreign Trade and Foreign Investment Policy5 marks
CBSE 2022 · Region 4 · Set 2 · Q10
(a) "Barriers on foreign trade and foreign investment were removed to a large extent in 1991." Analyse the statement in the context of India.
(a)
"Barriers on foreign trade and foreign investment were removed to a large extent in 1991." Analyse the statement in the context of India.
OR
(b)
"Foreign trade has been the main channel of connecting countries for a long time." Analyse the statement.
Marking-scheme solution
(i) In $\displaystyle 1991$, Barriers on foreign trade and foreign investment were removed.
(ii) Liberalized policies were adopted by Indian government.
(iii) Businesses were allowed to make decision freely about import and export.
(iv) Indian producers were allowed to compete with producers around the globe.
(v) Foreign companies were allowed to set up factories in India.
(vi) International organizations like WTO was supported.
(vii) Newer technology were adopted.
(viii) Restrictions on foreign trade were removed to a large extent.
Or “Foreign trade has been the main channel of connecting countries for a long time.” Analyse the Statement.
(i) ―Foreign trade has been the main channel connecting countries for a long times.‖
(ii) Since long the trade routes of India and South Asia well connected to East and West.
(iii) Foreign trade creates an opportunity to reach beyond domestic market.
(iv) Producers can compete with foreign markets.
(v) It has expanded choices of good beyond domestic market.
(vi) Goods are also sold in foreign markets.
(vii) Choice of goods in the market rises due to foreign trade.
(viii) Foreign trade integrates markets of different countries.
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CBSE Class 10 Social Science past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.