Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsIndian Economy 1950-19903 Marks
Question
Differentiate between Self Reliance and Self Sufficiency.
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Answer
Difference between Self reliance and Self Sufficiency can be summarised as below:
An economy must have enough resources or foreign exchange to purchase all inputs required for production, if they are not available within the country. If it has enough resources to buy these resources it is said to be self-reliant. On the contrary, when a country can produce everything within its domestic territory, it is said to be self-sufficient.
It is possible to be self-reliant but it is not possible for an economy to be self sufficient.
Self-sufficiency is also not desirable economically because it may be cheaper and better to buy certain inputs from other countries. For that a country needs foreign exchange. If a country has foreign exchange, it is self-reliant.
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