Read the given passage and answer the questions :The Government of India and various agencies continuously monitor and calculate the National Income using different methods such as output, income and expenditure methods, etc. These methods help in pr…

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Q.5 (iii) Read the given passage and answer the questions : The Government of India and various agencies continuously monitor and calculate the National Income using different methods such as output, income and expenditure methods, etc. These methods help in providing a comprehensive picture of India’s economic performance. From 2001 to 2021, India’s GDP grew at an average annual rate of around 6 to 7%. The country saw a significant shift from primarily agriculture-based to a more diverse economy with services and industrial sectors playing a more prominent role in GDP composition. However it is important to note that there were fluctuations and challenges along the way, including the global financial crisis in 2008 and the COVID-19 pandemic in 2020 which temporarily disrupted growth trends. In recent years, India has aimed for sustainable economic development, focusing on information technology. The initiatives such as “Make in India” and “Digital India” have been launched to boost economic activities and create employment opportunities which in turn impact the National Income positively. Questions : (1) What is the average annual growth rate of India for the period from 2001 to 2021? (1) (2) Which factors disrupted the growth trends of India’s National Income? (1) (3) Express your opinion about the given passage. (2)

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Answer: (1) Around 6 to 7% per year; (2) the global financial crisis of 2008 and the COVID-19 pandemic of 2020; (3) opinion below. (1) From 2001 to 2021 India’s GDP grew at an average annual rate of around 6 to 7%. (2) The global financial crisis in 2008 and the COVID-19 pandemic in 2020 temporarily disrupted the growth of India’s National Income. (3) Opinion: The passage rightly shows that measuring national income by the output, income and expenditure methods gives a clear picture of the economy’s performance and helps in planning. India’s steady growth of 6 to 7% and the shift from agriculture to industry and services show structural change and development. At the same time, shocks like the 2008 crisis and COVID-19 show that growth can be disrupted, so the economy needs strong policies to withstand them. Initiatives such as Make in India and Digital India, and the focus on information technology, can raise production and employment and so increase national income. In my opinion, growth must also be sustainable and inclusive, so that the benefits reach agriculture, rural areas and the unemployed.

Read the given passage and answer the questions :The Government of India and various agencies continuously monitor and calculate the National Income using different methods such as output, income and expenditure methods, etc. These methods help in pr…

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