Responsibility of the Government
There are different ways that are primarily the responsibility of the government:
- Security of private property/safety of the nation: The investment climate and standard of living in a country would suffer if the crime is widespread. Maintaining the rule of law is one of the government’s primary responsibilities.
- Increasing levies: Governments require tax revenue to finance the provision of public goods and services. This can be accomplished through the imposition of various taxes, such as those on wares (customs duties), earnings, citizens (poll tax), and real estate. The government should think about the most efficient means of generating revenue.
- Performing a public function: The free-rider problem makes it such that public goods are rarely delivered in a free market. Therefore, the government should supply these necessities. Street lights, highways, and police protection are all examples of public goods.
- Cutting back on poverty and disparity: It’s possible that poverty and inequality would increase in a capitalist economy. This is often the result of fortunate family connections. Sometimes monopoly is to blame. The government may feel compelled to provide educational opportunities to all citizens, including those from economically disadvantaged backgrounds.
Right to Work (MGNREGA, 2005)
Services like tourism, craft, small-scale industries, stores, etc. have the potential to increase revenue and employment in every state or region in India, but it will take a long time for these plans to be put into action.
- The Right to Work was temporarily legislated by the Indian federal government and is now in effect in roughly 625 Indian districts. MGNREGA 2005 stands for the Mahatma Gandhi National Rural Employment Guarantee Act.
- The primary goals of MGNREGA 2005 are as follows:
- To ensure that all rural residents who want and need work will be employed for at least 100 days a year. In the event of a government failure, unemployment benefits are provided.
- The goal is to prioritize initiatives that will boost agricultural output.
Related Links
- Sectors of Economic Activities
- Comparing The Three Sectors of the Economy
- Primary, Secondary, and Tertiary Sectors
- Division of Sectors as Organised and Unorganised
- Sectors in Terms of Ownership: Public and Private Sectors
- Gross Domestic Product
- How to Create More Employment
- Responsibility of the Government
CBSE Notes Class 10 Economics Chapter 2 : Sectors of the Indian Economy
An economy is understood better when we study its components or sectors. So, in the CBSE Notes Class 10 Economics Chapter 2- Sectors of the Indian Economy, we will learn important aspects of the 3 types of classification of the economy; primary, secondary, and tertiary, organized/unorganized, and public/private sectors. To understand this chapter better, we will relate the topics to daily life and these topics will help us to familiarise ourselves with some fundamental concepts like employment, Gross Domestic Product, and so forth.