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2. INDIAN ECONOMY 1950–1990

India's economic journey between 1950 and 1990 is underscored by a strategic blend of socialism and capitalism through five-year plans targeting growth, modernization, self-reliance, and equity. Notable developments in agriculture, particularly the Green Revolution, sought to boost food production while reforms aimed at improving land distribution were introduced. Despite these achievements, challenges remained, including persistent poverty among a large agrarian population and inefficiencies in the public sector.

Sections

  • 2

    Indian Economy 1950–1990

    This section discusses the goals and development policies of India's economy from 1950 to 1990, focusing on the contributions and challenges of five-year plans along with the pros and cons of a regulated economy.

    Learning Practice

  • 2.1

    Introduction

    This section introduces the goals and economic plans for India from 1950 to 1990, focusing on the mixed economic model aimed at promoting widespread social welfare.

    Learning Practice

  • 2.2

    The Goals Of Five Year Plans

    The section discusses the primary goals of India's Five Year Plans, which include growth, modernization, self-reliance, and equity.

    Learning Practice

  • 2.2.1

    Growth

    This section explores India's economic growth from 1950 to 1990, focusing on the goals of five-year plans and their implementation in various sectors.

    Learning Practice

  • 2.2.2

    Modernisation

    This section explores the goals of India's Five-Year Plans, particularly focusing on modernisation in agriculture and industry from 1950 to 1990.

    Learning Practice

  • 2.2.3

    Self-Reliance

    This section discusses the goals of India’s five-year plans, emphasizing growth, modernisation, self-reliance, and equity through planned economic policies.

    Learning Practice

  • 2.2.4

    Equity

    This section explores the importance of equity in India's economic planning, emphasizing the balance between growth, modernization, self-reliance, and social justice.

    Learning Practice

  • 2.3

    Agriculture

    This section discusses the significant changes in the Indian agricultural sector after independence, focusing on land reforms and the Green Revolution.

    Learning Practice

  • 2.3.1

    Land Reforms

    This section discusses the significance of land reforms in India post-independence, highlighting changes in land ownership aimed to improve agricultural productivity and equity.

    Learning Practice

  • 2.3.2

    The Green Revolution

    The Green Revolution transformed India's agricultural landscape through the adoption of high-yield variety seeds, significantly increasing food production and achieving self-sufficiency.

    Learning Practice

  • 2.3.3

    The Debate Over Subsidies

    This section highlights the ongoing debate around agricultural subsidies in India, addressing their necessity and implications on farmer equity and government finances.

    Learning Practice

  • 2.4

    Industry And Trade

    This section explores the significance of industrial development in India's economy between 1950 and 1990, detailing the role of public and private sectors, key policies, and achievements.

    Learning Practice

  • 2.4.1

    Public And Private Sectors In Indian Industrial Development

    This section discusses India's economic planning post-independence, focusing on five-year plans and the roles of public and private sectors in industrial development.

    Learning Practice

  • 2.4.2

    Industrial Policy Resolution 1956 (Ipr 1956)

    The Industrial Policy Resolution 1956 aimed to provide a framework for industry development in India, categorizing industries and emphasizing government control while also allowing a role for the private sector.

    Learning Practice

  • 2.4.3

    Small-Scale Industry

    Small-scale industries play a vital role in India's economy, focusing on labor intensity and regional development while facing competition from larger firms.

    Learning Practice

  • 2.5

    Trade Policy: Import Substitution

    India's trade policy during the early years post-independence emphasized import substitution to protect domestic industries.

    Learning Practice

  • 2.6

    Conclusion

    The conclusion summarizes the significant achievements and shortcomings of India's economic policies between 1950 and 1990.

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  • 2.7

    Exercises

    This section presents exercises aimed at reinforcing learners' understanding of India's economic planning from 1950 to 1990.

    Learning Practice

References

NCERT Study Material

Class Notes

Memorization

What we have learnt

  • The goals of India's five-y...
  • Land reforms and the Green ...
  • The industrial sector saw g...

Final Test

Revision Tests

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