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1. Ownership with the private sector
2. Formation of a trust
3. Ownership with the public sector.

Being responsible for one’s life, as well as for the life of the neighbour’.

Important aspects of Gandhiji’s doctrine of trusteeship:

(a) Convincing the rich (Change of heart)
(b) Duty instead of right
(c) Awareness, referendum and social change
(d) Importance to the interest of the whole society
(e) Compensation to the trustee
(f) Opposition to nationalization
(g) Appointing the successor
(h) State control

Gandhiji’s thoughts related to use of machinery:

• According to Gandhiji the ‘Era of Machines’ was called so because machines dominated the production during that era.
• Some critics considered him as a person who opposes machines however, he was not against the machines but against inappropriate use of machines.
• He was against the thoughtless use of machines which replaced human labour and made labourers unemployed.

Gandhiji’s views regarding use of machines:
(A) Gandhiji recommended that such basic and simple machines should be used which could be owned and used by poor producers.

(B) According to him, those machines which facilitate the work of labour must be employed but those which replace labour and make labourers unemployed should not be used widely.

(C) Gandhiji did not oppose machines which were used for welfare of the poor.

(D) Machinery which reduce physical labour and saves time and funds should be widely employed. But at the same time he asked the society to beware against the use of machines which enhanced profits of a single individual or few individuals. As per him machines must be used for benefitting the society as a whole.

(E) He was against the use of machines which led to concentration of economic / power in the hands of a few people. He believed such machines become a means of exploitation of the poor by a few profit motivated rich people.
He asserted that machines are for human beings and human beings are not for machines and hence machines must not be used so widely that human beings become highly dependent on machines.

• Gandhiji was of a belief that that neither capitalist nor socialist economic approach would be able to solve the economic problems of India.
• So he gave such alternative economic ideas which contradicted with western capitalist production policies, excessive use of machinery and materialist philosophy.

Gandhiji gave the following main economic thoughts:

• Sarvodaya
• Importance of labour
• Use of machinery
• Decentralized economy
• Simplicity and non-possession
• Doctrine of Trusteeship

Important aspects of Gandhiji’s doctrine of trusteeship:

(a) Convincing the rich (Change of heart)
(b) Duty instead of right
(c) Awareness, referendum and social change
(d) Importance to the interest of the whole society
(e) Compensation to the trustee
(f) Opposition to nationalization
(g) Appointing the successor
(h) State control

Correct option is (C) Prof. Keynes

• Arth means purpose or goals. Another meaning of arth is land. As per Kautilya, the key to governance and authority lies in ‘arth’.
• According to Kautilya, a person who does not have resources can also manage to obtain ‘arth’ by doing labour. Kautilya considers land i.e. arth as an asset for livelihood and settlement of humankind.
• As the productivity of labour increases, the means of production also increase.
• So, Kautilya calls manual labour as the true ‘arth’.

Charges or taxes on goods produced within state or its capital are called ……

The financial resources of a state is called state treasury; A state collects funds for development functions, welfare functions, defence, creating employment, creating , infrastructure, etc.

In one of the shlokas in the 3rd chapter of Hindu scripture, the ‘Bhagwad Gita’.