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Questions and Answers
Which economic model did India adopt after gaining independence?
Which economic model did India adopt after gaining independence?
- Communist
- Mixed
- Capitalist
- Socialist (correct)
In which year did India adopt the new economic policy through liberalization?
In which year did India adopt the new economic policy through liberalization?
- 1991 (correct)
- 1971
- 1961
- 1981
When did India become a member of the World Trade Organisation (WTO)?
When did India become a member of the World Trade Organisation (WTO)?
- 1991
- 1955
- 2001 (correct)
- 1971
What was the focus of the First Five Year Plan in India?
What was the focus of the First Five Year Plan in India?
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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.
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