10 Most VSAQ’s of Industrial Sector Chapter in Inter 2nd Year Commerce (TS/AP)

2 Marks

VSAQ-1 : Index of Industrial production.

The Index of Industrial Production (IIP) serves as a critical economic gauge, tracking manufacturing activity across diverse sectors of the economy. It quantifies the production levels of industries within a defined timeframe, allowing for comparisons with a reference or base period to assess industrial growth.

VSAQ-2 : Extractive Industry.

The extractive industry comprises operations involved in extracting natural resources from the Earth’s surface, water bodies, or the atmosphere. It encompasses sectors like oil and gas extraction, coal mining, iron ore mining, mineral extraction, timber harvesting, and rubber production from forests, among others.

VSAQ-3 : Liberalization.

refers to the process of removing constraints, regulations, and restrictions on trade and industry to promote economic freedom and growth. Its primary objective is to eliminate unnecessary controls and regulations in various sectors, including the industrial sector, to encourage economic development and increase market competitiveness.

VSAQ-4 : Industrial policy Resolution, 1956 (OR) Write about the industrial policy Resolution – 1956.

The Industrial Policy Resolution of 1956, introduced on April 30, 1956, marked a departure from the 1948 policy. It aimed to establish a socialistic pattern of society, emphasizing public sector expansion while acknowledging the role of the private sector. The government would regulate key industries to ensure efficient resource utilization and inclusive development.

VSAQ-5 : Make in India.

The Make in India program aims to boost India’s economic growth by encouraging both domestic and foreign companies to establish and expand their industries within the country rather than overseas.

VSAQ-6 : Industrial finance.

Industrial finance refers to the funds or financial resources needed by industries to carry out their production operations.

VSAQ-7 : What are the major objectives of industrial policy resolution, 1991? Critically analyse it. (OR) What are the major objectives of 1991 New Industrial policy?

The major objectives of the 1991 Industrial Policy Resolution were to build on existing progress, correct weaknesses, promote sustainable growth, and achieve international competitiveness. It aimed to liberalize and open up the Indian economy. Critics argue it favored larger corporations, had social implications, and required ongoing reforms.

VSAQ-8 : What is privatization? (OR) Privatisation. (OR) Define Privatisation.

Privatization, or privatisation, is the transfer of assets or service functions from the government sector to the private sector. It promotes competition and can create job opportunities.

VSAQ-9 : Globalisation (OR) Define Globalization.

Globalization is the process of integrating a country’s economy with the global economy, involving increased cross-border trade in goods and services, international capital flows, and the widespread diffusion of technology.

VSAQ-10 : Global Market.

A global market refers to the integration of a domestic economy into the world economy, facilitating the movement of goods, services, people, ideas, technology, and more across international borders. It involves opening up an economy to global competition and trade.