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Indian Economy 1950-1990

CBSE · Class 11 · Economics

Quick revision notes for Indian Economy 1950-1990 — CBSE Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.

115 questions80 flashcards5 concepts

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Key Topics to Revise

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1. Economic System and Planning

  • India became independent on 15 August 1947.
  • Jawaharlal Nehru preferred socialism, but not the Soviet type where all means of production were owned by the government and there was no private property.
  • India adopted a mixed economy, which combines public sector planning with private property and democracy.
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2. Goals of Five Year Plans

  • The main goals of five year plans were growth, modernisation, self-reliance, and equity.
  • Growth means increase in the country's capacity to produce goods and services.
  • Modernisation means using new technology and also bringing social change, such as greater recognition of women at work.
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3. Agriculture: Land Reforms and Green Revolution

  • At independence, about 75 per cent of the population depended on agriculture.
  • Agriculture had low productivity because of old technology and lack of infrastructure.
  • Land reforms aimed at changing ownership of landholdings and improving equity in agriculture.
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4. Industry, Public Sector, and Trade Policy

  • At independence, India had a narrow industrial base mainly in cotton textiles and jute.
  • There were two well-managed iron and steel firms, one in Jamshedpur and the other in Kolkata.
  • The role of the public sector became important because private industrialists did not have enough capital for large projects and markets were limited.

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Key Concepts

India chose an economic system combiningThese were fiveThe four goals were growthPrasanta Chandra Mahalanobis was the architectLand reforms focused on abolishing intermediaries

Frequently Asked Questions

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Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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