Samacheer Kalvi 8th Social Science Economics Solutions Term 3 Chapter 1 Public and Private Sectors

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Tamilnadu Samacheer Kalvi 8th Social Science Economics Solutions Term 3 Chapter 1 Public and Private Sectors

Samacheer Kalvi 8th Social Science Economics Public and Private Sectors Textual Evaluation

I. Choose the best answer:

Question 1.
The public sector in India owes its origin in the ………… Industrial policy resolution of the Government of India.
(a) 1957
(b) 1958
(c) 1966
(d) 1956
Answer:
(d) 1956

Question 2.
Mixed economy is the mixture of merits of both …………
(a) Capitalism
(b) Socialism
(c) a & b are correct
(d) A & B are incorrect
Answer:
(c) a & b are correct

Question 3.
………… is governed by a company law and controlled by the Government as principal major share holders.
(a) Private Sector
(b) Joint Sector
(c) Public Sector
(d) None of these
Answer:
(b) Joint Sector

Question 4.
Steel Authority of India Ltd (SAIL) is a ………… Industry.
(a) Miniratna Industry
(b) Maharatna Industry
(c) Navaratna Industry
(d) None of these
Answer:
(b) Maharatna Industry

Question 5.
Public sector is on ………… motive.
(a) Profit Motive
(b) Service Motive
(c) Speculative Motive
(d) None of these
Answer:
(b) Service

II. Fill in the Blanks:

1. The ………… and are allotted their respective roles in promoting the economic welfare of all sections of the community.
2. The private sector is on ………… motive.
3. ………… is the process of social and economic development in a society.
4. The main function of private sector is to create ………… and …………
5. The government is committed to strengthening ………… and co-operation among the citizens.

Answer:

1. Public sector and Private sector
2. profit
3. Socio Economic Development
4. Innovation and Moderisation
5. understanding

III. Match the following:

1. Think Tank – Primary Sector
2. Agriculture – Gross Domestic Product
3. Industries – NITI Aayog
4. GDP – Navaratna Industry
5. BHEL – Secondary Sector

Answer:

1. Think Tank – NITI Aayog
2. Agriculture – Primary Sector
3. Industries – Secondary Sector
4. GDP – Gross Domestic Product
5. BHEL – Navaratna Industry

IV. Which is the Odd one:

Question 1.
Which one of the following is not the indicator of Socio-Economic Development.
(a) Black Money
(b) Life Expectancy
(c) Gross Domestic Product (GDP)
(d) Employment
Answer:
(a) Black Money

V. Which of the following is a correct answer:

Question 1.
(i) The Industries which would be exclusively owned by the state are referred to as Schedule-A
(ii) The industries in which the private sector could supplement the efforts of the state sector, with the state taking the sole responsibility for starting new units which are specific in Schedule-B.
(iii) The remaining industries which were in the private sector are not mentioned in Schedule,

(a) All are Correct
(b) (i) and (iii) are correct
(c) (i) and (ii) are correct
(d) None of these
Answer:
(c) (i) and (ii) are correct

VI. Short Answer:

Question 1.
Write a short note on public sectors.
Answer:
The sector which is engaged in the activities of providing government goods and services to the general public is called the public sector.

Question 2.
What does society want?
Answer:
The society wants rapid industrialization of the economy as the main key to economic development, improving living standards and
economic sovereignty.

Question 3.
Write the objectives of the Public sector.
Answer:

• To promote rapid economic development through the creation and expansion of infrastructure.
• To generate financial resources for development.
• To promote redistribution of income and wealth.
• To create employment opportunities.
• To promote balanced regional growth.
• To encourage the development of small scale and ancillary industries and to accelerate export promotion and import substitution.

Question 4.
What are the three organs of public sectors?
Answer:
The three organs of the public sector are:

1. Administration by a Government Department
2. The Joint sector companies
3. Public Corporation

Question 5.
Name some indicators that measure socioeconomic development.
Answer:
The indicators that measure socio-economic development are

• Gross Domestic Product (GDP)
• Life Expectancy
• Literacy
• Employment
• Provision of house, clean drinking water and sanitation.

Question 6.
Write short note on Private sector.
Answer:

1. The segment of a national economy that is owned, controlled and managed by private individuals or enterprises is known as Private sector.
2. The private sector companies are divided on the basis of sizes.
3. They can be created in two ways, i.e. either by the formation of a new enterprise or by the privatization of any public sector enterprise.

Question 7.
Name any three Maratha Industries.
Answer:

• Infosys
• WIPRO Limited
• ICICI Bank Limited

Question 8.
Name any three Major Private Sector industries.
Answer:

1. Infernos
2. Aditya Birla Company
3. Tata Group of Companies

VII. Brief Answer:

Question 1.
Explain the organs of public sector.
Answer:
1. Administration by a Government Department:

• It is very common almost in all countries.
• Example: Post and Telegraph, Railways, Port Trust, Irrigation Projects on India etc.,

2. The Joint sector companies:

• It is governed by a company law and controlled by the Government as principal major share holders.
• Example – Indian Oil Personas pvt ltd, Indian Oil Sky tanking Limited. Ratting Gas and Power Private Limited Indian Synthetic Rubber Limited.

3. Public Corporation:

• This type of organization is the establishment of public corporation by the state of the parliament of legislature.
• Example – LIC, Air India, The Reserve bank of India, Electricity Board.

Question 2.
Write briefly explain the history of public sector.
Answer:

• When India achieved independence in 1947, it was primarily an agricultural country with weak industrial base.
• There were only 18 Indian ordinaries factories in the country which the British had established for their own economic interest.
• The first Industrial Policy Resolution announced in 1948 laid down broad contours of the strategy of industrial development.
• The Planning commission was formed by a cabinet resolution in March 1950 and the Industrial Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industrial development.
• India’s second five year plan (1956-60) and the Industrial policy Resolution of 1956 emphasised the development public sector enterprises to meet Nehru’s national Industrialisation policy.

Question 3.
Explain any five measured indicators of socioeconomic development.
Answer:
1. Gross Domestic Product (GDP):

• GDP supports in developing socio – Economic Development.
• The proportion of GDP by the industrial sector both private and public sector has been increased.
• It results in increasing government funds and increase public spending.

2. Life Expectancy:

• The life expectancy in India is 65.80 years for men and 68.33 years for women.
• Government provides high degree of health measures through National Health Production Scheme and serves poor and vulnerable families.

3. Literacy:

• Sarva Siksha Abhiyan(SSA) implemented for making free and Compulsory Education to the children of 6-14 years with life skills.
• The Government also introduced RMSA, Smart class, Fleming, free computer skill classes and Digital India for increasing the level of quality in education.

4. Employment:

• A growing number of people moved urban areas in search of employment.
• Hence Government started the Smart city with many facilities to encourage people to take up employment in these places.
• The Government encourages private sectors to start an industry in backward areas by providing tax benefit electricity at a lower tariff, etc.,
• Provision of House, Clean Drinking Water and Sanitation – Government sector provides housing facilities, clean drinking water facilities and sanitary facilities under clean India Planning.

Question 4.
What are the importance of public sector?
Answer:
The importance of public sector are:

• Public Sector and Capital formation:
  The role of public sector in collecting saving and investing them during the planning period has been very important.
• Economic Development:
  Economic development mainly depends upon industrial development.
• Balanced Regional Development:
  The areas which lacked basic industrial and civic facilities like electricity, water supply, township and manpower should be developed by bringing complete transformation.
• Employment generation:
  Public sector has also contributed a lot towards the improvement of working and living condition of workers by serving as a model employer.
• Export promotion and Foreign Exchange Earnings:
  Some public enterprises have done much to promote India’s export. Many companies have done very well in export promotion.
• Protection to sick Industries:
  Public sector to prevent sick unit closing down takes over their responsibility and prevent many people from getting unemployed.
• Import Substitution:
  Some public sector enterprises were started specifically to produce goods which were formerly imported and thus to save foreign exchange.

Question 5.
Write the Differences between public and private sector.
Answer:
Public Sector:

1. Ownership of industries is with government
2. Public Revenue Depends upon levy of taxes, on income and commodities and services
3. Public sector ensures the proper wage
4. It does not allow to concentrate huge wealth in few hands or rich people Eg – NLC, SAIL, BSNL.
5. No tax evasion
6. It is service oriented
7. Reservations are implemented. Priority is given to the socially backward people

Private Sector:

1. Ownership of industries is with private individuals
2. Issuing shares and debentures or by taking loan
3. Private sector exploits the workers.
4. It allows concentrate of huge wealth in few hands or rich people Eg-TVS Motors, Ashok Leyland, TATA Steel.
5. Tax evasion is possible
6. It is purely profit oriented
7. It does not care the socially backward class, Reservation is not followed.

Question 6.
Write the functions of the private sector.
Answer:

• The main function of the private sector is to create innovation and modernization.
• The profit motive drives them to invent, innovate new techniques of production, and manage the productive activities in a scientific manner.
• Develop and maintain infrastructure and services.
• Promote and expand existing businesses.
• Promote human capital development to help vulnerable groups especially to participate in the labour market and encourage community business and cooperation, local exchange system.
• Promote small, micro, and medium enterprises through supply-side measures and demand-side measures
  and attract investment in the city.

VIII. Activity:
Question 1.
Life expectancy – ability to lead a long and healthy life. Explain your reasons for the classification.
Answer:
Activity to be done by the students themselves

IX. Life Skills:

Question 1.
Teacher and students discuss Socio-Economic Development and industrial growth and development in that locality.
Answer:
Activity to be done by the students themselves

Samacheer Kalvi 8th Social Science Economics Public and Private Sectors Additional Questions

I. Choose the correct answer:

Question 1.
The public sector enables the full growth in ………………..
(a) Politics
(b) Education
(c) An Economy
(d) None of the above
Answer:
(c) An Economy

Question 2.
The Planning Commission was formed in ………………..
(a) 1950
(b) 1947
(c) 1951
(d) 1949
Answer:
(a) 1950

Question 3.
‘The Father of Public sector undertakings in India’ denotes to ………………..
(a) Dr. V. Krishnamurthy
(b) Jawaharlal Nehru
(c) Rajaji
(d) None of the above
Answer:
(a) Dr. V. Krishnamurthy

Question 4.
Which of the following does/do come under administration by a Government Department?
(a) Port and Telegraph
(b) Railways
(c) Irrigation projects
(d) All of the above
Answer:
(d) All of the above

Question 5.
Indian Synthetic Rubber Ltd comes under …………………
(a) Joint sector
(b) Private sector
(c) Public sector
(d) Public Corporation
Answer:
(a) Joint sector

Question 6.
National Health Production Scheme serves ………………..
(a) poor
(b) vulnerable families, none of the above
(c) both (a) and (b)
(d) none of the above
Answer:
(c) both (a) and (b)

Question 7.
The life cycle of the people increases due to ………………..
(a) Housing facilities
(b) Clean drinking water facilities
(c) Sanitary facilities
(d) All of the above
Answer:
(d) All of the above

Question 8.
Heavy and basic industries refer to ………………..
(a) Iron and Steel
(b) Shipping
(c) Mining
(d) All of the above
Answer:
(d) All of the above

II. Fill in the blanks:

1. A mixture of capitation and socialism is called …………….
2. The sector, which is engaged in the activities of providing government goods and services to the general public is …………….
3. In 1947, India was primarily an ……………. country.
4. The first Industrial Policy resolution was announced in …………….
5. Indian statistician ……………. was instrumental to the formulation of public sector undertakings in India.
6. The 1991 industrial policy gave more freedom to the ……………. sector.
7. LIC, Air India, The Reserve Bank of India, Electricity Board come under the ……………. type of organisation.
8. NITI Aayog refers to …………….
9.  ……………. is the government of India’s flagship program.
10. National Gas Commission (ONGC) has saved foreign exchange by way of …………….
11. The largest public sector employer in India is …………….
12. Though the public sector and private sector work together for developing the country, they have ……………. goals and motives.
13. Tata group of companies come under ……………. sector.

Answer:

1. Mixed economy
2. Public sector
3. Agricultural
4. 1948
5. P.C. Mahalanobis
6. Private
7. Public Corporation
8. National Institution for Transforming India
9. Sarva Siksha Abhiyan(SSA)
10. Import Substitution
11. Indian Railways
12. different
13. Private

III. Match the following:

1. FCI – (a) Sarva Siksha Abhiyan
2. NHPS – (b) State Trading Corporation
3. SSA – (c) National Aluminium Company
4. STC – (d) Food Corporation of India
5. NALCO – (e) National Health Production Scheme

Answer:

1. d
2. e
3. a
4. b
5. c

IV. Which is the Odd one:

Question 1.
(a) SAIL
(b) BHEL
(c) GAIL
(d) EIL
Answer:
(d) EIL

V. Which of the following is a correct answer:

(i) Public sector and capital formation are very important during the planning period.
(ii) Public sector undertaking have located their plants in well-developed areas.
(iii) Public sector has created millions of jobs to tackle the unemployment problem in the country.

(a) All are Correct
(b) (i) and (iii) are Correct
(c) (i) and (ii) are Correct
(d) None of these
Answer:
(b) (i) and (iii) are Correct]Answer in one or two sentences:

VI. Answer in one or two sentences:

Question 1.
What type of economy was promoted by Jawaharlal Nehru?
Answer:
Prime Minister Jawaharlal Nehru promoted an economic policy based on import substitution industrialisation and advocated a mixed economic system.

Question 2.
What is Schedule – A?
Answer:

1. The public sector in India owes its origin in the 1956 Industrial policy resolution of the Government of India.
2. It classified the industries into three categories.
3. The Industries which would be exclusively owned by the state are referred to as Schedule-A.

Question 3.
What is Schedule – B?
Answer:

1. The industries in which the private sector could supplement the efforts of the state sector.
2. The state taking the sole responsibility for starting new units which are specific in Schedule-B.

Question 4.
Explain Term NITI Aayog.
Answer:

1. NITI Aayog (National Institution for Transforming India) replaced 65 years old planning commission.
2. NITI Aayog is essentially a“Think Tank” and a truly advisory body.

Question 5.
What do you mean by the term ‘Smart City’?
Answer:

1. A growing number of people moved to urban areas in search of employment.
2. Hence the Government started the ‘Smart city’ Scheme which provides the city with many facilities like hospitals, schools, housing facilities, and shopping centers.

Question 6.
Explain the term ‘Navaratna’.
Answer:

1. The term Navaratna meant a talisman composed of nine precious gems.
2. Later, this term was adopted in the courts of Gupta emperor Vikramaditya and Mughal emperor Akbar as the collective name for nine extraordinary courtiers at their respective courts.

VII. Answer the following in detail:

Question 1.
Write about the categories of the public sector.
Answer.
Public Sector is divided into the following nine categories:

1. Public sector enterprises must supply essential infrastructure for economic development which are known as primary public utilities which include the following: Airlines, Shipping, Railways, Power Generation, telecommunications etc.
2. Public sector enterprises also have control of the commanding heights of the economy e.g. Defence, Banks, Coalmines, Oil, Steel, etc.
3. They are to play an entrepreneurial role called capital intensive industries such as Iron ore, Petro-Chemicals, Fertilizer, Mining etc.
4. Public sector enterprises under Government monopoly which includes: Telecommunication equipment, Defence production etc.
5. Public sector enterprises exclusively meant for High Technology like Atomic energy.
6. Consumer-oriented public sector undertakings like Drugs, Paper, Hotels, etc. Public Sector enterprise which is set up in order to take sick private units like Textile, Engineering, etc.
7. Public sector enterprises set up as Trade Corporation such as FCI, CCI, etc.
8. Public sector enterprises which serve as a consultancy and engineering service etc. Eg. MECON.