Question | Briefly discuss the concept of economic and social infrastructure. |
Chapter | Infrastructure |
Class | Class 12 |
Subject | Economics (Indian Economic Development) |
Category | Indian Economic Development Class 12 Sandeep Garg Solutions |
Question – Briefly discuss the concept of economic and social infrastructure.
Answer –
(1) Economic infrastructure
Economic infrastructure refers to all such services, facilities, or activities that serve as a supporting system to the process of economic growth i.e., production and trade of goods and services.
It includes transportation, communication, energy/ power, banking facilities, irrigation facilities
Features
- It supports the economic system directly.
- It enhances the quality of economic resources and increases the efficiency of physical capital. Thus, raises productivity and reduces the cost of production.
- It increases the stock of physical capital assets.
- It promotes economic development.
- It increases the standard of life.
(2) Social infrastructure
Social infrastructure refers to all such services, facilities, or activities that serve as a foundation/ supporting system to process social growth or development.
It includes education, health, housing, sanitation and drinking facilities, etc.
Features
- It enhances the quality of human resources and increases the productivity and efficiency of human capital.
- It increases the stock of human capital.
- It promotes economic development indirectly.
- It supports the economic system indirectly.
- It increases the quality of life
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