August 15, 2018

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Indian Economy 1950 – 1990

Indian Economy 1950 – 1990

    

Indian Economy 1950 – 1990

          Economic System refers to an organised way in which a state or nation allocates its resources and apportions goods and services to the national community.




  • Different types of Economic System

 

  1. Capitalism
  2. Socialism
  3. Mixed

 

  • Questions that every Economy has to answer

 

  1. What to produce
  2. How to produce
  3. For whom to produce

 

 

  1. Set up – 1950.
  2. Chairman – Prime Minister.
  3. Architect – Mahalanobis.
  4. First five year plan was started in 1951.
  5. Eleventh five year plan is going on.

 

  • Goals of Five-year plans

 

  1. Growth
  2. Modernisation
  3. Self – Reliance
  4. Equity

 

  • Factors behind Green Revolution

 

  1. HYV seeds
  2. Chemical fertilizers
  3. Multiple Cropping
  4. Pesticides
  5. Modern technology

 

  • Disadvantages of Green Revolution
  1. Soil Erosion
  2. Less fertility
  3. Deterioration in land
  4. Regional Inequality
  5. Production of few crops only

 

  • Reasons behind importance given to industries

 

  1. Employment oriented
  2. Promote modernisation
  3. Source of Prosperity

 

  • IPR 1956 – Industrial Policy Resolution

 

  1. Second Five year plan as its basis
  2. Built socialist pattern of society
  3. Classified industries into three categories
  4. Industries owned by the state
  5. Control of state through license
  6. Promote regional equality
  7. Tax benefits and electricity at lower rates to the industries in economic backward areas

 

  • Small Scale Industries

 

  1. Made for rural development.
  2. In 1950, investment limit was maximum five lakhs.
  3. Present investment limit is one crore.
  4. Concessions like lower excise duty and bank loans at lower interest rates.
  5. Labour Intensive – A myth about Small scale industries.

 

  • Effects of policies on industrial development

 

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