(i) Describe in detail the various functions of a commercial bank. Or Describe in detail the various functions of a central bank.
ii) What are the various features of New Economic Policy of 1991? What are the various causes of unemployment in India?
(iii) What is the importance of sustainable development? Explain. What are the problems of industrial development in India?
Answers
Answer:
✨1) Eight major functions of central bank in an economy are as follows:
(1) Bank of Issue
(2) Banker Agent and Advisor to Government
(3) Custodian of Cash Reserves
(4) Custodian of Foreign Balances
(5) Lender of Last Resort
(6) Clearing House
(7) Controller of Credit
(8) Protection of Depositor's Interest.
✨2) (1) Import Liberalisation.
(2)Government removed many restrictions from import of capital goods.
(3)Abolition of Export duty.
(4) Reduction of Import duty.
Main Causes of Unemployment in India
(i) Caste System:
(ii) Slow Economic Growth:
(iii) Increase in Population:
(iv) Agriculture is a Seasonal Occupation:
(v) Joint Family System:
(vi) Fall of Cottage and Small industries:
(vii) Slow Growth of Industrialisation:
(ix) Causes of Under Employment
✨3) The goal of sustainable development is to meet the needs of today, without compromising the needs of tomorrow. This means we cannot continue using current levels of resources as this will not leave enough for future generations. Stabilising and reducing carbon emissions is key to living within environmental limits.
Concentration of economic power in the hands of few, regional imbalances, sickness of industries, loss in public sector industries, unsatisfactory labour relations, lack of capital and industrial raw materials, changing policy of the government.
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