Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Indian Economy:1950-1990

Question:

Why is equity important in addition to growth, modernization, and self-reliance?

Options:

It ensures economic prosperity for all sections of society.

It reduces inequality in the distribution of wealth.

It addresses the basic needs of every individual.

All of the above

Correct Answer:

All of the above

Explanation:

Merely having economic growth, modernization, and self-reliance may not necessarily lead to an improved quality of life for people. It is possible for a country to experience high growth, develop advanced technology within its borders, and still have a significant portion of its population living in poverty. It is crucial to ensure that the benefits of economic prosperity are not limited to the wealthy few but also reach the impoverished sections of society.

In addition to pursuing growth, modernization, and self-reliance, it is essential to prioritize equity. It is important that every Indian is able to fulfill their basic needs, including access to food, decent housing, education, and healthcare. Furthermore, efforts should be made to reduce wealth inequality and ensure a more equitable distribution of resources and opportunities.

By focusing on equity alongside economic progress, a nation can strive to improve the lives of all its citizens and create a more inclusive society where basic necessities are accessible to everyone, regardless of their socio-economic background.