What is Equity?

It means social justice and fairness to all sectors of society

It means being fair and impartial and providing opportunities to all sectors of economy

How is Equity different from Equality?

Equity - Goal of 5 Year Plans - Teachoo.JPG

Why is Goal of Equity Important to India?

Reduce Inequality

In India, there was high inequality

Some people were very rich while vast majority was very poor

Goal of Equity was necessary so that benefit of economic prosperity reach all sections of society

To Meet Basic Needs of people

Every Indian should be able to meet his basic needs

Example

Have a decent house,good eduation and health care facility etc

All these are required for survival

Why is Goal of Equity Important for India - Teachoo.JPG

 

NCERT Questions

Q8

Explain ‘growth with equity’ as a planning objective.

View Answer

MCQ Other Books

Q1

In the following questions, select the correct answers:

1 Equity means:

A Helping people meet their basic needs

B Increasing GDP of a country

C Reducing inequality

D Social Justice and fairness to all sectors

View Answer
  1. Class 12 NCERT
  2. Indian Economic Development

Transcript

Equity - Goal of 5 Year Plans DIFFERENCE EQUALITY What is Equality It means Treating Everyone Equally (Whether Rich or Poor) EQUITY What is Equity It means social justice and fairness to all sectors of society (Providing opportunities to all sectors of economy as per their need) Why is Goal of Equity Important for India Inequality in India Few People very Rich Majority Very Poor Benefit of Economic Growth doesn’t reach all Rich get Majority Economic Benefit Poor get very less and remain poor Basic needs of Poor Not Fulfilled Of Many People not fulfilled Importance of Equity Equity Required to Reduce Inequality Meet Basic Needs of People Ensure Benefit of Economic Growth Reach all sections of Society

About the Author

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.