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IGNOU BECE 146 Solved Assignment 2022-23

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IGNOU BECE 146 Solved Assignment 2022-23

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Submission Date :

  • 31st March 2033 (if enrolled in the July 2033 Session)
  • 30th Sept, 2033 (if enrolled in the January 2033 session).

Answer all the questions.


A. Long Answer Questions (word limit-500 words)

1) Explain the different instruments of Monetary Policy.

The monetary policy refers to a regulatory policy whereby the central bank maintains its control over the supply of money to achieve the general economic goals. The main instruments of the monetary policy are Cash Reserve Ratio, Statutory Liquidity Ratio, Bank Rate, Repo Rate, Reverse Repo Rate, and Open Market Operations.

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What is RBI Monetary Policy: Objectives and InstrumentsThe monetary policy refers to a regulatory policy whereby the central bank maintains its control over the supply of money to achieve the general economic goals. The main instruments of the monetary policy are Cash Reserve Ratio, Statutory Liquidity Ratio, Bank Rate, Repo Rate, Reverse Repo Rate, and Open Market Operations.

Instruments of Monetary PolicyThe instruments of monetary policy are of two types:
1. Quantitative: General or indirect (CRR, SLR, Open Market Operations, Bank Rate, Repo Rate, Reverse Repo Rate)
2. Qualitative: Selective or direct (change in the margin money, direct action, moral suasion)Both methods affect the level of aggregate demand through the supply of money, cost of money and availability of credit. Of the two types of instruments, the first category includes bank rate variations, open market operations and changing reserve requirements (cash reserve ratio, statutory reserve ratio).Policy instruments are meant to regulate the overall level of credit in the economy through commercial banks. The selective credit controls aim at controlling specific types of credit. They include changing margin requirements and regulation of consumer credit.
Monetary Policy is discussed under:1. General Credit Controls: These are designed to control and adjust the size of a volume of deposits created and the cost of bank credit in general without regard to the particular field of an enterprise or economic activity in which the credit is used.
a. Bank Rate Policy:The bank rate is the minimum lending rate of the central bank at which it rediscounts first-class bills of exchange and government securities held by the commercial banks. When the central bank finds that inflation has been increasing continuously, it raises the bank rate so borrowing from the central bank becomes costly and commercial banks borrow less money from it (RBI).The commercial banks, in reaction, raise their lending rates to the business community and borrowers who further borrow less from the commercial banks. There is a contraction of credit and prices are checked from rising further. On the contrary, when prices are depressed, the central bank lowers the bank rate.It is cheap to borrow from the central bank on the part of commercial banks. The latter also lower their lending rates. Businessmen are encouraged to borrow more. Investment is encouraged and followed by rising output, employment, income and demand and the downward movement of prices is checked.

b. Open Market Operations:Open market operations refer to the sale and purchase of securities in the money market by the central bank of the country. When prices start rising and there is a need to control them, the central bank sells securities. The reserves of commercial banks are reduced and they are not in a position to lend more to the business community or general public.

Further investment is discouraged and the rise in prices is checked. Contrariwise, when recessionary forces start in the economy, the central bank buys securities. The reserves of commercial banks are raised so they lend more to the business community and the general public. It further raises Investment, output, employment, income and demand in the economy hence the fall in price is checked.

c. Changes in Reserve Ratios:Under this method, CRR and SLR are two main deposit ratios, which reduce or increase the idle cash balance of commercial banks. Every bank is required by law to keep a certain percentage of its total deposits in the form of a reserve fund in its vaults and also a certain percentage with the central bank.When prices are rising, the central bank raises the reserve ratio. Banks are required to keep more with the central bank. Their reserves are reduced and they lend less. The volume of investment, output and employment are adversely affected. In the opposite case, when the reserve ratio is lowered, the reserves of commercial banks are raised. They lend more and the economic activity is favourably affected.
2. Selective Credit Controls:Selective credit controls are used to influence specific types of credit for particular purposes. They usually take the form of changing margin requirements to control speculative activities within the economy. When there is a brisk speculative activity in the economy or in particular sectors in certain commodities and prices start rising, the central bank raises the margin requirement on them.
Structure of Banking Sector in India
a. Change in Margin Money:The result is that the borrowers are given less money in loans against specified securities. For instance, raising the margin requirement to 70% means that the pledger of securities of the value of Rs 10,000 will be given 30% of their value, i.e. Rs 3,000 as a loan. In case of a recession in a particular sector, the central bank encourages borrowing by lowering margin requirements.
b. Moral Suasion: Under this method, RBI urges commercial banks to help in controlling the supply of money in the economy.

2) Discuss the impact of recent domestic policies and continued constraints faced by
services sector in India.

Much has been written about how COVID-19 is affecting people in rich countries but less has been reported on what is happening in poor countries. Paradoxically, the first images of COVID-19 that India associates with are not ventilators or medical professionals in ICUs but of migrant laborers trudging back to their villages hundreds of miles away, lugging their belongings. With most of the economy shut down, the fragility of India’s labor market was patent. It is estimated that in the first wave, almost 10 million people returned to their villages, half a million of them walking or bicycling. After the economic stoppage, the International Labor Organization has projected that 400 million people in India risk falling into poverty.

Agriculture is the largest employer, at 42 percent of the workforce, but produces just 18 percent of GDP. Over 86 percent of all agricultural holdings have inefficient scale (below 2 hectares). Suppressed incomes due to low agricultural productivity prompt rural-urban migration. Migration is circular, as workers return for some seasons, such as harvesting.

Evidence of Indian labor market segmentation is widely available—with a small percentage of workers being employed formally, while the lion’s share of households relies on income from self-employment or precarious jobs without recourse to rights stipulated by labor regulations. Only about 10 percent of the workforce is formal with safe working conditions and social security. Perversely, modern-sector employment is becoming “informalized,” through outsourcing or hiring without direct contracts. The share of formal employment in the modern sector fell from 52 percent in 2005 to 45 percent in 2012. During this period, formal employment went up from 33.41 million to 38.56 million (about 15 percent), while nonagricultural informal employment increased from 160.83 million to 204.03 million (about 25 percent).

Most informal workers labor for micro, small, and medium-sized enterprises (MSMEs) that emerged as intermediate inputs and services suppliers to the modern sector. However, workers struggle to get paid, which the government identifies as great challenge. Payroll and other taxes, as well as limited access to subsidized credit for large firms, are disincentives to MSME growth. Although over half of India has smartphone access, relatively few can telework. Retail and manufacturing jobs require physical presence involving direct client interaction. Indeed, income for families unable to telework has fallen faster.

The government’s crisis response has mitigated damage, with a fiscal stimulus of 20 trillion rupees, almost 10 percent of GDP. Also, the Reserve Bank of India enacted decisive expansionary monetary policy. Yet, banks accessed only 520 billion rupees out of the emergency guaranteed credit window of 3 trillion rupees. In fact, corporate credit in June is lower than June last year by a wide margin after bank lending’s fall. S&P has estimated the nonperforming loans would increase by 14 percent this fiscal year. Corporations have deleveraged retiring old debts and hoarding cash, as have households. Recovery through investment and consumption has stalled. These trends are exacerbated due to the pandemic. The manufacturing Purchasing Managers Index (PMI) recovered 50 percent since May but at 47.2 it remains in negative territory. Services contribute over half of GDP but its PMI, even after bouncing back, remains low at 33.7 in June. Consumption of electricity, petrol, and diesel have regained from the lockdown lows but are still 10-18 percent below June 2019 levels. Agriculture has been the bright spot, with 50 percent higher monsoon crop sowing and fertilizer consumption up 100 percent. Unemployment levels had spiked to 23.5 percent but with a mid-June recovery to 8.5 percent—and then crept up again marginally.

The National Rural Employment Guarantee Scheme (MNREGA) and supply of subsidized food grains have acted as useful buffers keeping unemployment down and ensuring social stability. Thirty-six million people sought work in May 2020 (25 million in May 2019). This went up to 40 million in June 2020 (average of 23.6 million during 2013-2019 period). The government has ramped up allocation to the highest level ever, totaling 1 trillion rupees. Similarly, in addition to a heavily subsidized supply of rice and wheat, a special scheme of free supply of 5 kilograms of wheat/rice per person for three months was started and since extended by another three months, covering 800 million people. There have also been cash transfers of 500 billion rupees to women and farmers.

However, MNREGA has an upper bound of 100 days guaranteed employment and it also does not cover urban areas. Agriculture cannot absorb more labor, with massive underlying disguised unemployment. A post-pandemic survey shows that the MSME sector expects earnings to fall up to 50 percent this year. Critically, the larger firms are perceived healthier. However, small and micro enterprises, who have minimal access to formal credit, constitute 99.2 percent of all MSMEs. These are the largest source of employment outside agriculture. Their inability to bounce back could see India face further economic and also social tensions. The economy is withstanding both supply and demand shocks, with the wholesale prices index declining sharply.

We identified labor market pressures toward increased poverty, both in the extensive margin (headcount) and intensive margin (deprivation depth). India needs to ramp up MNREGA, introduce a guaranteed urban employment scheme, and boost further cash transfers to poor households. Government efforts have been enormous in macroeconomic policy (fiscal stimulus and monetary loosening) to mitigate adversity but fiscal space is narrowing, requiring the World Bank and other international financial institutions to step up and help avert even greater hardship. Also, ongoing advances towards structural economic policy reforms have to continue.


B. Medium Answer Questions (word limit-250 words) 

3) Outline the two major types of fiscal policy along with its implications.
4) Indicate the importance of agricultural sector in stimulating the overall economic growth of an economy.
5) Analyse the trend in the industrial performance of India during the post-1991 phase.


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C. Short Answer Questions (word limit 100 words) 

6) Differentiate between:
(a) Micro & Tiny Enterprises and Small Enterprises.
(b) Repo Rate and Reverse Repo Rate.
(c) Fiscal Deficit and Revenue Deficit.

7) Write short notes on the following.
(a) Intermediate Services Sector.
(b) Priority Lending Sector.
(c) Small Holders Aggregation.


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IGNOU BECE 146 Solved Assignment 2022-2023 Download Free  Before attempting the assignment, please read the following instructions carefully.

  1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
  2. Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
  3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
  4. Use only foolscap size paperfor your response and tag all the pages carefully
  5. Write the relevant question number with each answer.
  6. You should write in your own handwriting.



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IGNOU BECE 146 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:

  1. Planning: Read the questions carefully. IGNOU BECE 146 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
  2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU BECE 146 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
  3. Presentation: IGNOU BECE 146 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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