4 Questions
Which economic model did India adopt after gaining independence?
Socialist
In which year did India adopt the new economic policy through liberalization?
1991
When did India become a member of the World Trade Organisation (WTO)?
2001
What was the focus of the First Five Year Plan in India?
Heavy industries
Study Notes
Economic Model and Reforms in India
- India adopted a mixed economy model after gaining independence, blending elements of socialism and capitalism.
Economic Liberalization
- India adopted a new economic policy through liberalization in 1991.
- The economic liberalization aimed to increase economic growth, promote foreign investment, and reduce government control.
International Trade
- India became a member of the World Trade Organisation (WTO) in 1995.
First Five Year Plan
- The focus of the First Five Year Plan in India was on agriculture and irrigation, aiming to increase food production and reduce dependence on food imports.
Test your knowledge on the economy of India post-independence with questions about economic models, Five Year Plans, and the focus areas of the First Five Year Plan.
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