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?
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 education and health care facility etc
All these are required for survival
NCERT Questions
Question 8
Explain ‘growth with equity’ as a planning objective.
View answer
Growth means increase in capacity of a country to produce goods and service
Example
Increase in Industrial Production
It is measured with help of GDP (Gross Domestic Product)
GDP is the market value of goods and service produced in a year
Higher the GDP, more rich the country as people are able to enjoy a large variety of goods and services
Equity means social justice and fairness to all sectors of society
It means being fair and impartial and providing opportunities to all sectors of economy
So, 'growth with equity' helps to achieve planning objectives.
MCQ Other Books
Question 1
In the following questions, select the correct answers:
Equity means:
- Helping people meet their basic needs
- Increasing GDP of a country
- Reducing inequality
- Social Justice and fairness to all sectors
View answer
A. Helping people meet their basic needs
C. Reducing inequality
D. Social Justice and fairness to all sectors
Explanation
Equity means social justice and fairness to all sectors of society
It means being fair and impartial and providing opportunities to all sectors of economy
Why is Goal of Equity Important to India?
1. 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
2. To Meet Basic Needs of people
Every Indian should be able to meet his basic needs
Example
Have a decent house, good education and health care facility etc
All these are required for survival