Indian Economy 1950-1990
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Questions and Answers

What were the goals of India's five year plans?

To raise living standards and create new opportunities for a richer life.

Which economic system appealed to Jawaharlal Nehru the most?

  • Socialism (correct)
  • Mixed Economy
  • Feudalism
  • Capitalism
  • Nehru favored extreme versions of capitalism.

    False

    On _____, India woke to a new dawn of freedom.

    <p>15 August 1947</p> Signup and view all the answers

    Match the following types of economic systems with their characteristics:

    <p>Capitalism = Dependent on market forces of supply and demand Socialism = Strong public sector and limited private property Mixed Economy = Combination of public and private sectors Feudalism = Based on land ownership and duties</p> Signup and view all the answers

    What are the three main questions every society must answer regarding their economy?

    <p>What goods and services to produce, how to produce them, and how to distribute them.</p> Signup and view all the answers

    Study Notes

    Indian Economy: 1950–1990 Overview

    • Central objective of India's Planning: raise living standards and create varied opportunities for citizens.
    • First Five Year Plan: Launched to stimulate development.

    Historical Context

    • India gained independence on August 15, 1947, ending approximately 200 years of British rule.
    • Leaders focused on nation building and determining an appropriate economic system for development.
    • Preference for socialism, particularly influenced by Jawaharlal Nehru, aiming for a system promoting welfare for all.

    Economic Systems

    • Different economic systems compared: socialism, capitalism, and mixed economy.
    • Nehru opposed extreme forms of socialism, exemplified by the Soviet Union's total government ownership of production.
    • India sought a blend of socialism with a significant public sector while allowing private property and maintaining democracy.

    Key Economic Questions

    • Each society faces three critical economic questions:
      • What goods and services should be produced?
      • How should these goods and services be produced? (Human labor vs. capital)
      • How should goods and services be distributed among the population?

    Market Economy Characteristics

    • In a capitalism or market economy:
      • Goods are produced based on consumer demand and profitability in domestic or foreign markets.
      • Production methods may vary based on cost-effectiveness, favoring labor or capital depending on their relative costs.
    • Distribution of goods is typically based on market dynamics rather than individual needs.

    Learning Activities

    • Suggested activities include creating charts to categorize countries based on economic systems and planning educational trips to agricultural farms with specific project goals.

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    Description

    This quiz explores India's economic development from 1950 to 1990, focusing on the goals of the five-year plans and development policies in agriculture and industry. Learners will analyze the merits and limitations of a regulated economy during this period.

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