In NCERT Class 12 Economics Chapter 10, titled "New Economic Policy," students study the landmark economic reforms introduced in India in 1991. The chapter covers the major components of the policy, including liberalization, privatization, and globalization (LPG), and their impact on the Indian economy. It also explores structural changes, policy measures, and challenges associated with implementing these reforms.
This article serves as a comprehensive resource for exam preparation. It includes sample MCQs and subjective questions for CBSE and CUET, along with downloadable PDFs of Class 12 Economics Chapter 10 MCQs and previous year questions for detailed practice of NCERT Class 12 New Economic Policy.
|
NCERT Class 12 Economics Chapters
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CUET Free Master Classes:
Class 12 Economics Chapter 10 MCQs
This question bank includes previous years' CUET and CBSE MCQs, along with questions curated by subject experts. Below are 5 sample multiple-choice questions (MCQs) for Class 12 Economics Chapter 10: New Economic Policy. For the full set of 50 questions, download the PDF using the link provided below.
1- Select the correct sequence that lead to the need for the introduction of New Economic policy 1991 in India :
A. Foreign exchange reserves dropped
B. World Bank gave loan to manage crisis
C. New economic policy 1991 announced
D. India met with an economic crisis related external debt
Choose the correct answer from the options given below :
(a) A, D, B, C (b) D, A, B, C (c) A, B, D, C (d) B, A, D, C
2. Liberation of trade and investment regime was initiated in the Indian Economy in 1991 to provide for:
A. International competitiveness of industrial production.
B. Promotion of competitiveness of local industries.
C. Collection of higher tariffs.
D. Adoption of modern technologies
E. Control over imports.
Choose the correct answer from the options given below:
(a) A, B and C (b) B, D and E (c) A, B and D (d) C, D and E
3. _________ and _________ currency notes of old Mahatma Gandhi series were banned as legal tender money on 8th November, 2016.
(a) Rs. 50 and Rs. 100 (b) Rs. 500 and Rs. 1000
(c) Rs.500 and Rs.2000 (d) Rs.500 and Rs.200
4. Chronologically arrange the following events.
A. Announcement of Demonetisation B. Circulation of Fake Currency
C. Rs 500 and 1000 Notes lost legal tender D. Impact on Economic Activities
E. New Rs. 2000 Currency Note in the circulation
Choose the correct answer from the options given below:
(a) B, D, A, C, E (b) C, D, B, A, E (c) B, C, D, A, E (d) A, E, B, C, D
5. Sunil Kumar went to his bank to deposit Rs.10,00,000. On acceptance of this deposit by the ICICI Bank, RBI asked the ICICI bank to keep Rs.2,00,000 as reserves. The amount of Rs.2,00,000 represents
(a) Statutory Liquidity Ratio (SLR) (b) Internal Rate of Return (IRR)
(c) Cash Reserve Ratio (CRR) (d) Legal Reserve Requirements (LRR)
Class 12 Economics Chapter 10 Subjective Questions Without Solutions
This question bank includes previous years' CBSE subjective questions (2 marks and above) without solutions, along with expert-curated questions. Below are 5 sample subjective questions for Class 12 Economics Chapter 10: New Economic Policy. To access all questions, download the PDF from the link provided below.
- Discuss briefly any two major steps taken by the Government of India on "Financial Sector" front under the Economic Reforms of 1991.
(CBSE 2020, 3M)
|
- Many economists believe that the economic reforms process of 1991 had adversely affected the agricultural sector. Do you agree with the given statement? Quote valid arguments in favour of your answer.
(CBSE 2023, 4M)
|
- Agriculture sector appears to be adversely affected by the economic reform process. Explain the given statement.
(CBSE 2020, 4M)
|
- Recently the Government of India has decided to merge MTNL and BSNL on account of rising losses. Justify the steps taken by the Government of India.
(CBSE 2020, 3M)
|
-
(i) State the meaning of "Privatisation".
(ii) "Agriculture sector has been adversely affected by the Economic reform process." Comment.
(CBSE 2023, 4M)
|
Sub Areas of Chapter 10: New Economic Policy
|
Chapter Name
|
Sub Topics
|
|
New Economic Policy
|
10.1 Introduction to Economic Reforms
|
|
10.2 Liberalization
|
|
10.3 Privatization
|
|
10.4 Globalization
|
|
10.5 Impact of LPG on the Indian Economy
|
|
10.6 Challenges and Future Prospects
|
Review of NCERT Class 12 Economics Chapter 10
In NCERT Class 12 Economics Chapter 10, "New Economic Policy," students explore the transformative changes brought about by economic reforms. The chapter provides an in-depth understanding of the LPG model and its influence on India's integration with the global economy. It also examines the challenges faced in balancing growth with equity.
Mastering this chapter is essential for understanding India’s economic reforms and preparing for exams like CBSE, CUET, and other competitive exams.