NCERT for Important Questions Class 10 Social Science Chapter 1
Important NCERT Extra Questions
Chapter 1 The Rise of Nationalism in Europe
NCERT Book Extra Questions for Session 2022-2023
CBSE Board and UP Board Others state Board
What is meant try the term globalisation? Describe three types of movements or
flows within international economic exchange.
India’s engagement in international economic exchange exhibits various types of flows. Trade flows historically involved India’s trade in spices, such as pepper and cloves, with ancient Rome and medieval Europe. This exchange shaped global trade routes, showcasing India’s rich heritage in commerce.
Capital flows include substantial Foreign Direct Investment (FDI) in India’s technology sector. Cities like Bangalore attracted multinational tech companies, fostering economic growth and technological advancements.
Human capital flows are evident in the migration of skilled Indian professionals, notably to the United States. The Indian diaspora’s migration, especially in fields like IT and medicine, not only enriched the U.S. workforce but also contributed to India’s economy through remittances.
These flows demonstrate India’s role in global trade, technology, and skilled labor markets, shaping its economic connections and positioning it as a key player in international economic exchanges.
(a) Globalisation generally refers to an economic system that has emerged since the last 50 years or so
(b) Three types of movements or flows within international economic exchange are as given below :(i) Flow of trade i.e., trade in goods e.g., cloth or wheat.
(ii) Flow of labour i.e., the migration of people in search of employment.
(iii) Flow or movement of capital for short-term or long-term investments over long distances.
(c) India and Indians were involved in above types of flow or movements within international economic exchange. Firstly, a network of irrigation canals was set up in India to transform semi-desert wastes into fertile agricultural lands. Thus, more wheat and cotton were grown for export. Secondly, there was flow of labour in search of employment. In India, indentured migrants were hired under contracts which promised return travel to India after they had worked for five years on their employer’s plantation. Thirdly, in case of flow or movement of capital for short-term or long-term investments over long distances the Indians such as Shikaripuri Shroffs and Nattukottai Chettiars were amongst the many groups of bankers and traders who financed export agriculture in Central and Southeast Asia.
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