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C H A P T E R  : 9      INDIAN ECONOMY (1950-1990)

                                                   STUDY-NOTES

Economy: An economy is an organization of economic activities which provide people with the means to work and earn a living.

Types of Economy:

1. Capitalist

2. Socialist

3. Mixed

 

Capitalist Economy: In which major economic decisions (what to produce, how to produce and for whom to produce) are left to the free play of the market forces.

 

Socialist Economy: In which major economic decisions are taken by the Government keeping in view the collective interest of the society as a whole.

 

Mixed Economy: In which major economic decisions are taken by the central Government authority as well as are left to the free play of the market forces.

 

Economic Planning: Economic Planning means utilization of a country's resources in different development activities in accordance with national priorities.

Economic Planning is a system under which a set of targets is defined by the Government and these targets are to be achieved within a specified period of time, taking resources of the country in consideration.

 

Goals of Planning in India:

Short-term and Long-term Objectives/Goals: Short-term goals are plan specific and are to be achieved over a period of 5 years. Long-term objectives are common to all plans and are to be achieved over a period of 20

years.

 

Long-term Goals of Planning in India:

  • Modernization: Adoption of new technology.
  • Self-reliance: Reducing dependence on imports.
  • Economic Growth: Increase in the aggregate output of Goods & services.
  • Equity: Reduction inequality of income or wealth.
  • Full employment: Refers to a situation when all the people in the working age group are actually engaged in some gainful employment.

Short-term Goals of Planning in India: 

Short term objectives vary from plan to plan depending on the current needs of the country. For example, the first plan (1951-56) focused on higher agricultural production while the second plan (1956-61) shifted the focus from agriculture to Industry. In India growth and equity are the objectives of all the five year plans. The goal of the current five year plan (11th, 2007-2012) is faster, broad-based and inclusive growth. 

Conditions of Agriculture (1950-1990): Main Features of Indian Agriculture:

1. Low productivity

3. Dependence on rainfall

2. Disguised unemployment.

4. Subsistence farming objective of farmer is to secure subsistence for his family not to earn profit.

5. Traditional inputs

7. Backward technology.

6. Small holdings

8. Landlord tenant conflict. Problems of Indian Agriculture:

 Institutional Problems:

1.Small and scattered holdings.

2. Poor implementation of land reforms.

3. Lack of credit and marketing facilities.

Technical Problems:

1. Lack of irrigation facilities.

2. Wrong cropping pattern.

3. Outdated technique of production.

General Problems:

1.Pressure of population on land.

2. Land degradation.

3. Subsistence farming

4. Social environment.

5. Crop losses- by pest, insect, flood, draught etc.

 Reforms in Indian Agriculture: Institutional Reforms/ Land reforms:

  1. Abolition of intermediaries.
  2. Ceiling on land holdings.
  3. Regulation of rent.
  4. Consolidation of holdings.

General Reforms:

  1. Expansion of irrigation facilities.
  2. Provision of credit.
  3. Regulated markets and co-operative marketing societies.
  4. Price support policy.

Technical Reforms/ Green Revolution:

1.Use of HYV seeds.

2.Use of domical fertilizers.

3.Use of insecticides and pesticides for cmp protection.

4.Scientific rotation of crops.5.Modernized means of cultivation.

Achievements Of Green Revolution:

1.Rise in production and productivity.

2. Increase in income.

3.Rise in commercial farming.

4.Impact on social revolution - use of new technology HYV seeds, fertilizers etc.

5.Increase in employment.

Failures Of Green Revolution:

1.Restricted to limited crops and areas such as two wheat & rice growing states like Punjab, Haryana, U.P and Andhra Pradesh.

2.Partial removal of poverty.

3. Neglected land reforms.

4. Rise in un- employment.

5. Ecological degradation.

 

 

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