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Which of the following statements is correct?
- a)The public sector was given a dominant position in the newly Independent India
- b)The foreign trade policy post Independence allowed free trade of all goods and services
- c)Monetary policy post Independence was the responsibility of SBI
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Which of the following statements is correct?a)The public sector was g...
Opt a is the correct. Since after independence public sector plays dominant role than the private sector.
Foriegn trade policy in post independent period allowed free trade of certain goods
only, but not all goods and services.
In post independence monetary policy was the responsibility of RBI.
So the correct option is A(The public sector was given a dominant position in newly independent India)
Foriegn trade policy in post independent period allowed free trade of certain goods
only, but not all goods and services.
In post independence monetary policy was the responsibility of RBI.
So the correct option is A(The public sector was given a dominant position in newly independent India)
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Which of the following statements is correct?a)The public sector was g...
The Dominance of the Public Sector in Post-Independence India
After gaining independence in 1947, India faced the challenge of building its economy. The government adopted a mixed economy model, but the public sector was prioritized for several reasons.
Key Reasons for Public Sector Dominance:
- Economic Reconstruction: The newly independent nation aimed to rebuild and stabilize its economy, which necessitated substantial government intervention.
- Strategic Industries: The government focused on key sectors such as steel, coal, and infrastructure, believing that these industries were vital for national development and security.
- Employment Generation: The establishment of public enterprises was seen as a way to create jobs and reduce poverty, which was rampant in the country.
- Preventing Monopoly: By promoting public sector units, the government aimed to prevent private monopolies and ensure equitable distribution of resources.
- Social Justice: The public sector approach was aligned with the goals of social justice and inclusive growth, targeting the upliftment of marginalized sections of society.
Contrasting Foreign Trade and Monetary Policies:
- Foreign Trade Policy: Contrary to option B, post-independence trade policies were protectionist, imposing restrictions and tariffs rather than allowing free trade.
- Monetary Policy: Regarding option C, the Reserve Bank of India (RBI), not the State Bank of India (SBI), is responsible for monetary policy in India. The RBI manages monetary stability and regulates the banking sector.
In conclusion, option A is correct as the public sector was indeed given a dominant position in newly independent India, aligning with the government's vision of economic development and social equity.
After gaining independence in 1947, India faced the challenge of building its economy. The government adopted a mixed economy model, but the public sector was prioritized for several reasons.
Key Reasons for Public Sector Dominance:
- Economic Reconstruction: The newly independent nation aimed to rebuild and stabilize its economy, which necessitated substantial government intervention.
- Strategic Industries: The government focused on key sectors such as steel, coal, and infrastructure, believing that these industries were vital for national development and security.
- Employment Generation: The establishment of public enterprises was seen as a way to create jobs and reduce poverty, which was rampant in the country.
- Preventing Monopoly: By promoting public sector units, the government aimed to prevent private monopolies and ensure equitable distribution of resources.
- Social Justice: The public sector approach was aligned with the goals of social justice and inclusive growth, targeting the upliftment of marginalized sections of society.
Contrasting Foreign Trade and Monetary Policies:
- Foreign Trade Policy: Contrary to option B, post-independence trade policies were protectionist, imposing restrictions and tariffs rather than allowing free trade.
- Monetary Policy: Regarding option C, the Reserve Bank of India (RBI), not the State Bank of India (SBI), is responsible for monetary policy in India. The RBI manages monetary stability and regulates the banking sector.
In conclusion, option A is correct as the public sector was indeed given a dominant position in newly independent India, aligning with the government's vision of economic development and social equity.
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Which of the following statements is correct?a)The public sector was given a dominant position in the newly Independent Indiab)The foreign trade policy post Independence allowed free trade of all goods and servicesc)Monetary policy post Independence was the responsibility of SBId)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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