Indian Economy 1950-1990 PDF

2 - come to know the goals of India's five year plans - know about the development policies in different sectors such as agriculture and industry from 1950-1990 - learn to think about the merits and limitations of a regulated economy. [Introduction]{.smallcaps} ====================...

2 - come to know the goals of India's five year plans - know about the development policies in different sectors such as agriculture and industry from 1950-1990 - learn to think about the merits and limitations of a regulated economy. [Introduction]{.smallcaps} ========================== - What goods and services should be produced in the country? - How should the goods and services be produced? Should producers use more human labour or more capital (machines) for producing things? - How should the goods and services be distributed among people? [The]{.smallcaps} [Goals]{.smallcaps} [of]{.smallcaps} [Five]{.smallcaps} [Year]{.smallcaps} [Plans]{.smallcaps} ================================================================================================================ [Agriculture]{.smallcaps} ========================= [Industry]{.smallcaps} [and]{.smallcaps} [Trade]{.smallcaps} ============================================================ - A group of students may visit an agricultural farm, prepare a case study on the method of farming used, that is, types of seeds, fertilisers, machines, means of irrigation, cost involved, marketable surplus and income earned. It will be beneficial if the changes in cultivation methods could be collected from an elderly member of the farming family a. Discuss the findings in your class. b. The different groups can then prepare a chart showing variations in cost of production, productivity, use of seeds, fertilisers, means of irrigation, time taken, marketable surplus and income of the family. - Collect newspaper cuttings related to the World Bank, International Monetary Fund, World Trade Organisation (and meets of G7, G8, G10 countries). Discuss the views shared by the developed and developing countries on farm subsidies. - Prepare pie charts on the occupational structure of the Indian economy available in the following table. Discuss the possible reasons for the change in the shape of pies. *1950--51* -- ------------ ------ 66.8 12.7 20.5 - Study the arguments for and against agricultural subsidies. What is your view on this issue? - Some economists argue that farmers in other countries, particularly [Trade]{.smallcaps} [Policy:]{.smallcaps} [Import]{.smallcaps} [Substitution]{.smallcaps} ========================================================================================= *Sector* *1990-91* ---------- -- ----------- [Conclusion]{.smallcaps} ========================  - After independence, India envisaged an economic system which combines the best features of socialism and capitalism--- this culminated in the mixed economy model. - All the economic planning has been formulated through five year plans. - Common goals of five year plans are growth, modernisation, self-sufficiency and equity. - The major policy initiatives in agriculture sector were land reforms and green revolution. These initiatives helped India to become self-sufficient in food grains production. - The proportion of people depending on agriculture did not decline as expected. - Import substitution policy initiatives in the industrial sector raised its contribution to GDP. - One of the major drawbacks in the industrial sector was the inefficient functioning of the public sector as it started incurring losses leading to drain on the nation's limited resources. 1. Define a plan. 2. Why did India opt for planning? 3. Why should plans have goals? 4. What are High Yielding Variety (HYV) seeds? 5. What is marketable surplus? 6. Explain the need and type of land reforms implemented in the agriculture sector. 7. What is Green Revolution? Why was it implemented and how did it benefit the farmers? Explain in brief. 8. Explain 'growth with equity' as a planning objective. 9. Does modernisation as a planning objective create contradiction in the light of employment generation? Explain. 10. Why was it necessary for a developing country like India to follow self-reliance as a planning objective? 11. What is sectoral composition of an economy? Is it necessary that the service sector should contribute maximum to GDP of an economy? Comment. 12. Why was public sector given a leading role in industrial development during the planning period? 13. Explain the statement that green revolution enabled the government to procure sufficient food grains to build its stocks that could be used during times of shortage. 14. While subsidies encourage farmers to use new technology, they are a huge burden on government finances. Discuss the usefulness of subsidies in the light of this fact. 15. Why, despite the implementation of green revolution, 65 per cent of India's population continued to be engaged in the agriculture sector till 1990? 16. Though public sector is very essential for industries, many public sector undertakings incur huge losses and are a drain on the economy's resources. Discuss the usefulness of public sector undertakings in the light of this fact. 17. Explain how import substitution can protect domestic industry. 18. Why and how was private sector regulated under the IPR 1956? 19. Match the following: