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India's Economic System Choice Post-Independence

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India's Economic System Choice Post-Independence

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Questions and Answers

What did Jawaharlal Nehru find appealing in terms of economic system for India?

Extreme capitalism

Extreme socialism like the former Soviet Union

Socialism without government ownership of all means of production (correct)

Capitalism

Which aspect of the former Soviet Union's socialism did Nehru not favor for India?

No private property

Government ownership of all means of production (correct)

Extreme capitalism

Government control over all citizens' properties

What was one of the challenges in implementing the Soviet model of socialism in India, according to the text?

Lack of democratic structure in India

Excessive governmental control

Lack of skilled labor in India

Ownership pattern of land and other properties by citizens (correct)

What did Nehru and other leaders of independent India aim for in terms of an economic system?

An alternative to extreme versions of capitalism and socialism Signup and view all the answers

Why could India not implement the same kind of ownership pattern seen in the former Soviet Union?

Not feasible in a democratic nation like India Signup and view all the answers

What did Nehru and other thinkers seek when they found an alternative to extreme versions of capitalism and socialism?

A mix of socialism without drawbacks Signup and view all the answers

What are the goals of the five year plans discussed in the text?

Growth, modernisation, self-reliance, and equity Signup and view all the answers

What does 'GDP' stand for in the context of the text?

Gross Domestic Product Signup and view all the answers

How is 'growth' defined in the context of the text?

Increase in the country's capacity to produce goods and services Signup and view all the answers

What is 'modernisation' in the context of the text?

Adoption of new technology to increase production Signup and view all the answers

Which sector contributes to the GDP growth according to the text?

Agricultural sector Signup and view all the answers

Who was set up as the Chairperson of the Planning Commission in 1950?

The Prime Minister Signup and view all the answers