Indian Economy 1950-1990

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The four main goals were: 1) Growth - increasing the country's capacity to produce goods and services, 2) Modernisation - adopting new technology and social changes, 3) Self-reliance - avoiding import…

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GDP (Gross Domestic Product) is the market value of all final goods and services produced in a country during one year. It serves as a key indicator of economic growth - when GDP increases steadily, i…

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India adopted a mixed economy that combined features of both socialism and capitalism. It included: a strong public sector alongside private property and democracy, government planning for the economy…

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P.C. Mahalanobis was a statistician who formulated the Second Five Year Plan (1956-61). He is called the 'Architect of Indian Planning' because the Second Plan laid down the basic ideas and goals of I…

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Land reforms aimed to change the ownership pattern of agricultural land. Main components: 1) Abolition of intermediaries (zamindars, jagirdars) to make tillers the owners, 2) Land ceiling - fixing max…

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The Green Revolution was a large increase in food grain production using High Yielding Variety (HYV) seeds, especially for wheat and rice. Key features: required fertilizers, pesticides, and regular w…

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The government prevented inequality by: 1) Providing loans at low interest rates to small farmers, 2) Subsidizing fertilizers so small farmers could afford inputs, 3) Establishing research institutes …

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Marketed surplus is the portion of agricultural produce that farmers sell in the market (rather than consuming themselves). During the Green Revolution, a good proportion of increased rice and wheat p…