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Class 12 Exam  >  Class 12 Questions  >  Progress that meets the needs of the present ... Start Learning for Free
Progress that meets the needs of the present without compromising the ability of future generations to meet their own needs is:​
  • a)
    The tragedy of global commons.
  • b)
    Sustainable development.
  • c)
    Development without Destruction.
  • d)
    The politics of the developed nations.
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Progress that meets the needs of the present without compromising the ...
Sustainable development can be defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It is interlinked with the concept of sustainability.
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The advice of the expert committee to review the Fiscal Responsibility and Budget Management (FRBM) Act of 2003 requires attention, given Indias track record.Excessive and unsustainable borrowing by the government is obviously perverse as it entails a cost on future generations while crowding out private investment.In the past, fiscal irresponsibility has cost jobs, spiked inflation, put the currency in a tailspin and even brought the country to the brink of a default. The possibility of default may have resulted in the liberalisation of the economy in 1991, but the key trigger was irrational public spending on borrowed money in the late-1980s. Less than a decade later, with fiscal discipline faltering and the deficit shooting up to 10% of GDP, the FRBM law was enacted to limit the governments borrowing authority under Article 268 of the Constitution. But the target to limit the fiscal deficit to 3% of GDP (by 2009) was breached after the 2008 global financial crisis as a liberal stimulus reversed the gains in the fiscal space, creating fresh macro-level instability. The FRBM Acts deficit target is now only likely to be met next year.Such damage transmissions from the political economy to the real economy need to be checked forthwith. The committees proposal to maintain the 3% target till 2019-20 before aiming for further reduction is pragmatic, as the extraordinary and unanticipated domestic development of demonetisation happened during its tenure. Such an event, the committee has said, could trigger an escape clause from fixed fiscal targets in its proposed rule-based framework.Q. Recently, FRBM is amended to remove the bar of 3% of Fiscal Deficit. In such a situation, based only on the authors reasoning in the given passage, would the removal of bar from the FRBM be held valid?

The advice of the expert committee to review the Fiscal Responsibility and Budget Management (FRBM) Act of 2003 requires attention, given Indias track record.Excessive and unsustainable borrowing by the government is obviously perverse as it entails a cost on future generations while crowding out private investment.In the past, fiscal irresponsibility has cost jobs, spiked inflation, put the currency in a tailspin and even brought the country to the brink of a default. The possibility of default may have resulted in the liberalisation of the economy in 1991, but the key trigger was irrational public spending on borrowed money in the late-1980s. Less than a decade later, with fiscal discipline faltering and the deficit shooting up to 10% of GDP, the FRBM law was enacted to limit the governments borrowing authority under Article 268 of the Constitution. But the target to limit the fiscal deficit to 3% of GDP (by 2009) was breached after the 2008 global financial crisis as a liberal stimulus reversed the gains in the fiscal space, creating fresh macro-level instability. The FRBM Acts deficit target is now only likely to be met next year.Such damage transmissions from the political economy to the real economy need to be checked forthwith. The committees proposal to maintain the 3% target till 2019-20 before aiming for further reduction is pragmatic, as the extraordinary and unanticipated domestic development of demonetisation happened during its tenure. Such an event, the committee has said, could trigger an escape clause from fixed fiscal targets in its proposed rule-based framework.Q. Which of the following is the plausible inference, in determining the causes of fiscal irresponsibility, can be attributed to the author of the above passage? Opening up of the market and liberalisation of the Indian economy in the 1990s. Destruction of jobs and employment. Spike in the Deflation. Currency Stabilisation.Select the correct answer from the code given below

Progress that meets the needs of the present without compromising the ability of future generations to meet their own needs is:a)The tragedy of global commons.b)Sustainable development.c)Development without Destruction.d)The politics of the developed nations.Correct answer is option 'B'. Can you explain this answer?
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