HISTORY
MISCELLENOUS QUESTIONS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
High taxation
|
|
|
Insufficient growth of modern industries
|
|
|
Decay of Agricultural production and indigenous industries
|
|
|
Investment of foreign capital in India
|
Detailed explanation-1: -Lack of positive political inclination is not a cause of poverty. The government has been running targeted anti-poverty campaigns and has taken measures to uplift economic growth.
Detailed explanation-2: -Under British rule, India’s share of the world economy declined from 23% at the beginning of the 18th century down to just over 3% when India gained independence. In 1700, that figure had been 27%.
Detailed explanation-3: -Economic Impact: India became an economic colony of industrial England. Indian handloom weaving industry was hit by the industrialization in England and eventually collapsed. Indian handicrafts lost both domestic and foreign market.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.