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INDIAN ECONOMY (1950-1990 )

  • Types of economy
  • Central problems of an economy
  • Foal of five year plan
  • Agriculture
  • Industrial development
  • Industrial policy resolution 1956
  • Foreign trade

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Types of economy

  • Capitalist economy

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Socialist economy

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Mixed economy

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Central problems of an economy

1- what to produce

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2- How to produce

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3- For whom to produce

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Goals of five year plan

1- Growth

Growth = Growth in GDP

2- Modernization

3- Self reliance

4- Equity

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Agriculture

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Problems of agriculture

  • Low productivity
  • Disguised unemployment
  • High dependency on rainfall
  • Outdated technology

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Measures to promote growth in agricultural sector

Land reforms

Green revolution

Involves change in ownership of land holding though abolition of intermediaries and land celling .

Refers to large increase in production of food grains due to use of HYV seeds

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Green revolution

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Industrial development

Problems of industrial development

1- shortage of capital with private sector

2- lack of incentive for private sector

3- objective of social welfare

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Foreign trade

  • Trade policy----

Imports substitution ---

imports substitution refers to a policy of replacement or substitution of imports by domestic production.

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Imports substitution

  • Protection
  • Tariffs
  • Quotas

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Conclusion

  • Indian became self sufficient in food production due to the green revolution and the industries for more diversified compared to the situation at independence.

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