Set – 1

Q1. Briefly explain the determinants of Economic Development?           10       

Ans 1.

Determinants of Economic Development

Economic Development

Economic development refers to the process by which a country improves the economic, political, and social well-being of its people. It goes beyond simple economic growth and includes improvements in living standards, reduction in poverty, better health and education services, and technological advancements. Economic development is a multifaceted concept influenced by various interrelated factors.

Natural Resources and Geography

One of the primary determinants of economic development is the availability of natural

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Q2. Explain the significance and process of Capital Formation?

Ans 2.

Significance and Process of Capital Formation

Significance of Capital Formation

Capital formation is a vital process in the economic development of a country. It refers to the accumulation of physical capital such as machinery, tools, factories, buildings, and infrastructure that are used to produce goods and services. Capital formation increases the productive capacity of an economy and leads to higher output, employment generation, and income levels. In developing countries like India, where labor is abundant but capital is

Q3. Explain the structure and activities of NITI Aayog?  10       

Ans 3.

Structure and Activities of NITI Aayog

NITI Aayog

NITI Aayog, or the National Institution for Transforming India, was established on January 1, 2015, replacing the Planning Commission. It was created to provide directional and policy inputs to the Government of India by fostering cooperative federalism and enabling participatory governance. Unlike the centralized planning model of the Planning Commission, NITI Aayog acts as a think tank that emphasizes bottom-up planning, evidence-

Set – 2

Q1 Discuss the role of the public sector in Economic Development?       10

Ans 1.

Role of the Public Sector in Economic Development

Public Sector

The public sector refers to government-owned institutions, enterprises, and organizations that operate with the aim of serving the public interest. In developing economies like India, the public sector plays a crucial role in promoting economic development by mobilizing resources, providing infrastructure, and reducing regional disparities. It acts as a catalyst for growth in areas where the private sector may be unwilling or unable to invest due to low

Q2 Explain the different modes of Transportation?         10

Ans 2.

Different Modes of Transportation

Transportation in Economic Systems

Transportation plays a vital role in the economic development of a country. It facilitates the movement of goods and people, enables trade, supports industrial growth, and connects markets. An efficient transportation system reduces costs, saves time, and boosts productivity. India has a diverse transportation network that includes roadways, railways, airways, waterways, and pipelines, each with its own significance.

Road Transportation

Road transport is the most widely used mode in India. It connects urban and rural areas and

to sustain India’s developmental momentum.

Q3 Discuss the roles and responsibilities of Banks in Economic Development?  10

Ans 3.

Roles and Responsibilities of Banks in Economic Development

Banking and Development

Banks are vital institutions in any economy. They not only provide a safe place for people to save money but also play a key role in allocating capital to productive sectors. In developing countries like India, banks serve as engines of growth by mobilizing savings, facilitating investment, offering credit, and supporting government policies. Their role extends beyond financial services to contributing significantly to the nation’s economic development.

Mobilization of Savings

One of the primary responsibilities of banks is to mobilize savings from individuals and