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To solve the constitutional obstructions in the then Indian conditions.

RBI is the central government institution that controls all formal sector loans. All the commercial banks and many other financial institutions are supervised under RBI. RBI is the central bank of India, and it is the apex bank in the country. One of the main function of the central bank is to supervise all the commercial banks. It is important to have control because

• When commercial banks advance the credit without any ratios and then loans will become cheaper which will lead increase in the borrowers, and that will increase the credit in the economy which in turn will lead to inflation. Therefore mere control over credit is essential for the economy.
• To control the credit, the central bank increases or decreases the cash reserve ratio (CRR) which is kept as a reserve by all commercial banks in the central bank. When the economy is in inflation (continuous rise in the price level), then the central bank will increase the CRR which will reduce the lending capacity of the commercial bank and the process is reversed when there is deflation.
• The control of the central bank also reduces the exploitation. When it is not monitored by any authority, then start exploiting by charging a higher interest rate, advancing less value for the mortgage, etc. as the exploitation done by the informal sector.

In formal sector, the rate of interest is low. It is fixed by the Reserve Bank of India, who supervises the functioning of formal sources of loan. 

In informal sector, the rate of interest is very high as there is no organisation to supervise the functioning of informal sources of loan. 

(b) rope of ashes

Using the clever idea of his mother, the farmer made a rope of ashes. He made this by making a rope of twisted straw and burning it on a windless night.

Correct option is (c) Captain Alexander Read

Meaning of the contract system is the system of giving land on contract. This system was introduced by Warren Hastings. According to this system, land was given for contract of 5 years. Higher bidder was given the contract of land for collection of land revenue for 5 years. Later on in 1777 A.D., this term of 5 years was reduced to 1 year. But this system was very defective. Zamindars or contractors used to collect lot of tax from the farmers. It lead to deterioration of economic condition of farmers.

I will think. I will think : Widowed mother

The truth must be told : Poor farmer

The Governor was pleased at the wit of the youth. So he demanded to know where he had obtained his wisdom. The farmer related the true story to him. He listened and meditated in silence. He realized his mistake and abolished his cruel law.

The farmer hid his mother in a walled closet beneath the kitchen floor.

Together we will follow the path, together we will die : Poor farmer

Contract system was introduced by Lord Warren Hastings. Its meaning was the system of giving land on contract.

He listened and meditated in silence : The Governor

Correct answer is (c) Obatsuyama

He took a quantity of unwhitened rice. He cooked and dried it. He tied it in a square cloth and swung it in a bundle around his neck. He also took a gourd filled with cool sweet water.

She dropped a pile of twigs along the way.

The farmer’s burden seemed to be light on his way back because he was happy to take his mother back to his home.

The country Shining was governed by a cruel leader. He was a warrior. But he had a great and cowardly shrinking from anything suggestive of failing health and strength. This caused him to send out a cruel announcement. The entire province was given strict orders to immediately put to death all aged people. Those were harsh days and the custom of abandoning old people to die was common.

The poor farmer loved his aged mother with tender respect. This order filled his heart with sorrow. But no one ever thought twice about it. So with many deep and hopeless sighs, the farmer prepared to give his mother the kindest mode of death. He decided to take her to the summit of the Obatsuyama mountain and leave her there.

The aged mother of the poor farmer

(i) hid his mother 

(ii) Time passed 

(iii) sent forth heralds

The British got Diwani rights of Bengal, Bihar and Orissa in 1765 A.D. The work of collection of revenue was given to Aamils.

The Governor

(d) unwhitened rice

In the saying “With the crown of snow, there cometh wisdom” – the crown of snow is pertaining to the elders. It underlines the importance of the elders in shaping our society. The word, “there cometh wisdom” explains that as we get old our everyday experiences make us to be intelligent. 

Theoretical knowledge is always superficial. The impact is made only by experienced persons. The wisdom one gets from experience can never be compared to one who is learned theoretically. A person leams from Mistakes. Elders are generally optimistic and are ready to learn from their mistakes.

They also remember it for their lifetime and never repeat them. The elders who have faced different challenges in life and had survived them braving all storm serve as our guiding path because their varied experiences teach us to become wise. They are wise enough to know what is right from wrong. ‘There is a wisdom of the head and a wisdom of the heart.’

Correct answer is (b) square

(i) (d)

(ii) (e)

(iii) (b)

(iv) (c)

(v) (a).

(a) hunters and woodcutters

The mother became anxious as they climbed up the mountain because her son did not know the mountains many paths and his return might be one of the dangers.

(i) was governed by a despotic leader 

(ii) of failing health and strength 

(iii) to send out 

(iv) all aged people 

(v)of abandoning old people to die

The aged mother of the poor farmer

Correct answer is (a) closet

Permanent Settlement was a type of land settlement. It was introduced by Lord Cornwallis in Bengal in 1793 A.D. Later on it was also introduced in Bihar, Orissa, Benaras and Northern India. According to this system, zamindars were made the owners of the land. Government fixed the land revenue given by them. They deposited the fixed amount in government treasury. But they collected tax from the farmers according to their wish. If any zamindar was unable to pay the land revenue then government sold some part of his land to complete the amount of fixed revenue.

Economic Impact: Income of government was fixed with this system but it left a very bad impact on farmers. Zamindars started to exploit them. Zamindars were not paying any attention on land reforms. That’s why production of farmers started to reduce day by day.

To collect more and more money from India.

The Governor

(c) unwhitened rice

The cruel announcement was to put to death all the aged people.

The Governor who is the despotic leader

(b) windless

b, d, c, e, a 

b. The poor farmer loved his aged mother with tender reverence. 

d. But no one ever thought twice about obeying the mandate of the governor. 

c. So with hopeless sighs, the youth prepared for the kindest mode of death. 

e. At sundown, he took some cooked food with some sweet water. 

a. Then he lifted his helpless old mother to his back and started on his painful journey up the mountain.

Some new industries were established by the British. Their main aim was to fulfill the British interests. As a result, Indian industries were destroyed.

Despotic leader of Shining

Correct answer is (c) crue

d, a, e, b, c 

d. ‘The Story of the Aged Mother’ , by Matsuo Baasho is a Japanese folklore.

a. It describes the love and affection a son and his mother have for one another. 

e. The country Shining was governed by a despotic leader who sent out a cruel proclamation. 

b. Strict orders were given in the province to put to death all aged people at once. 

c. The custom of abandoning old people to die was not uncommon, then.

Matsuo Basho was born in 1644 in Iga Provence and died on 28th November, 1694 in Osaka, Japan. Matsuo Basho’s poetry is internationally renowned; and, in Japan, many of his poems are reproduced on monuments and traditional sites. Basho was introduced to poetry at a ‘young age, and after integrating himself into the intellectual scene of Edo which is modem Tokyo, he quickly became well known throughout Japan. He made a living as a teacher; but then renounced the social, urban life of the literary circles and was inclined to wander throughout the country, heading west, east, and far into the northern wilderness to gain inspiration for his writing.

 Correct answer is (a) aged

Following are the various means by which countries are trying to strengthen their own domestic economics.

1. They are forming regional and economic grouping.

2. There is an increasing awareness on the parts of various nations to join hands together and understand the developmental processes pursued by their neighbouring nations at it, allows them to bettler comprehed their own strengths and weaknesses vis – vis their neighbours.

3. By trying to understand the neighbouring economies, as all major common economic activities in the region, have an impact on overall human development in a shared, environment.

Pakistan and India have followed, the mixed economy, model with co-existence of public and private sectors. The introduction of green revolution led to mechanisation and increase in public in infrastructure in select areas.

Which finally led to rise in the production of food grains and agriculture is the mainstay of both the countries. They have almost equal per capital income and both have succeeded in their per capital income.

The various factors that led to the rapid growth in economic development in China are:

1. The establishment of infrastructure in the areas of education and health,

2. Land reforms

3. Long existence of small enterprises and.

4. Decentralised planning.

These had helped positively in improving the social and income indicators in the post reform period. In agriculture, by handling over plots of land, to individuals for cultivation, has brought property to a vast number of poor people. It created conditions for the subsequent phenomenal growth in rural industries and built up a strong base for more reforms.

The Great Leap Forward (GLF) Campaign initiated in 1958 aimed at industrialing the country on a massive scale. People were encouraged to set up industries, in their backyards. In rural areas commune system, people collectively cultivated lands. In 1958, there were 26,000 communes covering almost all the farm population.