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Consider the following statements :
1. Capital-intensive industries will help to achieve inclusive growth in India.
2. Leapfrogging of the Indian economy from agriculture to services is one of the reasons for an increase in unemployment in India.
Which of the statements given above is/are correct ?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements :1. Capital-intensive industries wil...
Capital intensive refers to a productive process that requires a high percentage of investment in fixed assets (machines, capital, plant) to produce. In recent years, technological development has enabled increased capital intensity in many industries. New technology such as Artificial Intelligence, micro-computers and the internet have enabled previously labor-intensive industries (taxi’s, delivery to become more capital intensive – e.g., with the rise of self- driving cars. Increased capital intensity can cause some workers to lose their jobs because they are no longer needed. This can lead to structural unemployment – at least in the short-term. Moreover, capital- intensive industries may also have negative environmental and social impacts, such as pollution, resource depletion, and displacement of local communities. Thus, the Capital-intensive industries will not necessarily helps achieve inclusive growth in India So, Statement 1 is not correct.
Leapfrogging occurs when a nation bypasses traditional stages of development to either jump directly to the latest technologies (stage-skipping) or explore an alternative path of technological development involving emerging technologies with new benefits and new opportunities (path-creating). The leapfrogging of the Indian economy from agriculture to services has contributed to structural changes in the economy, leading to significant shifts in employment patterns. While it is true that the growth of the services sector has resulted in an increase in unemployment in some sectors, particularly in agriculture, it is important to consider the broader trends and factors that contribute to employment patterns in India. Thus, Leapfrogging of Indian economy from agriculture to services resulted in increase of unemployment in India.
So, Statement 2 is correct.
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Consider the following statements :1. Capital-intensive industries wil...
Statement Analysis:
1. Capital-intensive industries will help to achieve inclusive growth in India.
- Capital-intensive industries typically require a significant amount of investment in machinery and technology, leading to higher productivity levels.
- This increased productivity can potentially result in higher wages for workers and overall economic growth.
- However, capital-intensive industries may not necessarily create enough job opportunities for the vast population in India, especially those with lower levels of education and skills.
- While these industries can contribute to economic growth, they may not directly address the issue of income inequality and poverty, which are key components of inclusive growth.
2. Leapfrogging of the Indian economy from agriculture to services is one of the reasons for an increase in unemployment in India.
- Leapfrogging refers to the rapid transition from one stage of development to another, skipping intermediate stages.
- In the case of India, the shift from agriculture to services has been significant, with services becoming a dominant sector in the economy.
- While this transition has led to overall economic growth, it has also resulted in structural unemployment as many workers in the agriculture sector may not have the necessary skills to transition to the service sector.
- Additionally, the service sector may not be able to absorb the large number of individuals entering the workforce, leading to unemployment and underemployment.
Conclusion:
The correct statement among the given options is '2 only'. The leapfrogging of the Indian economy from agriculture to services has indeed contributed to an increase in unemployment due to structural shifts and mismatch of skills in the labor market. While capital-intensive industries can drive economic growth, they may not necessarily lead to inclusive growth that addresses income inequality and poverty in the country.
1. Capital-intensive industries will help to achieve inclusive growth in India.
- Capital-intensive industries typically require a significant amount of investment in machinery and technology, leading to higher productivity levels.
- This increased productivity can potentially result in higher wages for workers and overall economic growth.
- However, capital-intensive industries may not necessarily create enough job opportunities for the vast population in India, especially those with lower levels of education and skills.
- While these industries can contribute to economic growth, they may not directly address the issue of income inequality and poverty, which are key components of inclusive growth.
2. Leapfrogging of the Indian economy from agriculture to services is one of the reasons for an increase in unemployment in India.
- Leapfrogging refers to the rapid transition from one stage of development to another, skipping intermediate stages.
- In the case of India, the shift from agriculture to services has been significant, with services becoming a dominant sector in the economy.
- While this transition has led to overall economic growth, it has also resulted in structural unemployment as many workers in the agriculture sector may not have the necessary skills to transition to the service sector.
- Additionally, the service sector may not be able to absorb the large number of individuals entering the workforce, leading to unemployment and underemployment.
Conclusion:
The correct statement among the given options is '2 only'. The leapfrogging of the Indian economy from agriculture to services has indeed contributed to an increase in unemployment due to structural shifts and mismatch of skills in the labor market. While capital-intensive industries can drive economic growth, they may not necessarily lead to inclusive growth that addresses income inequality and poverty in the country.
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Consider the following statements :1. Capital-intensive industries will help to achieve inclusive growth in India.2. Leapfrogging of the Indian economy from agriculture to services is one of the reasons for an increase in unemployment in India.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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