Indian Economy 1950-1990
Madhya Pradesh Board · Class 11 · Economics
Summary of Indian Economy 1950-1990 for Madhya Pradesh Board Class 11 Economics. Key concepts, important points, and chapter overview.
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Overview
India’s economy after independence was shaped by planning, a mixed economic system, and major policy choices in agriculture, industry, and trade. The central aim of planning was to raise living standards and create more opportunities for a richer and varied life. The chapter also shows how the first
Key Concepts
India chose an economic system combining
India chose an economic system combining public sector planning with private property and democracy. The market and the government both play roles in
These were five
These were five-year development plans borrowed from the Soviet model. India’s plans also included long-term perspective planning, and the Planning Co
The four goals were growth
The four goals were growth, modernisation, self-reliance, and equity. Growth meant larger output, modernisation meant new technology and social change
Prasanta Chandra Mahalanobis was the architect
Prasanta Chandra Mahalanobis was the architect of Indian planning because the Second Five Year Plan was based on his ideas. He was born in 1893 in Cal
Land reforms focused on abolishing intermediaries
Land reforms focused on abolishing intermediaries, bringing tenants into direct contact with the government, and introducing land ceiling to reduce co
Learning Objectives
- Understand why India adopted a mixed economy after independence.
- Explain the role of five year plans and the Planning Commission.
- Identify the four main goals of planning: growth, modernisation, self-reliance, and equity.
- Describe the main agricultural changes, especially land reforms and the green revolution.
- Explain industrial policy, public sector expansion, licensing, and import substitution.
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