chapter 2 - Indian Economy Flashcards
define planning
planning is an economic activity that guides us on how the resources of a nation should be put to use.
what do you mean by land reforms?
it refers to changes made in the ownership of land holdings, it can include sealing of land holdings, abolishing of intermediaries
mention any one public sector industry
HAL - Hindustan Aeronautic Ltd
give the meaning of GDP
GDP is the total money value of all the final goods and services produced within a country during a year
what is market surplus
market surplus is the portion of agricultural goods sold in the market by the farmers after keeping for domestic consumption.
what are the goals of the 5 year plan?
Modernisation
growth
equity
self reliance
two advantages of small scale industries
> requires more labour - more employment
less capital needed
what is green revolution
green revolution refers to increase in production of food grains with the use of HYV seeds
why did the state play an important role in promoting the industrial sectors
during the time of independence, india did not have much capital to start up new industries, hence the gov. played an important role in promoting the industrial sector
give the meaning of tariffs and quotas
tariffs are taxes imposed on imported goods by the gov.
quotas are quantitative restrictions on the number of goods that can be imported at a time.
why did the farmers need subsidiaries and what was its purpose?
the farmers needed subsidiaries to buy new technology for production as they were very poor.
its purpose was to improve the agricultural production by adopting new technology
give the meaning of modernisation
it refers to adopting new technologies and innovation for the process of production
write a short note on land reforms in india.
land reforms - changes in the ownership of land reforms. before independence, the land was under the tenure system that is controlled by zamindars who were indulged in only collecting rent from cultivators without contributing. this is why india has import food from America.
after they started land reform system, they abolished the intermediataries and made farmers the owners of the land which helped improve the agricultural sector
give the meaning and importance of small scale industries
small scale industries are those industries who’s investment is less that 1 crore.
- created employment - requires large amount of labour
- require less capital - uses less machine and more labour
growth with equity. explain
growth with equity is an objective of planning. a country could have lots of modern technology and economic growth, but could still be living in poverty. the country should grow in such a way that the economic prosperity should also reach the poorest sections of society and not only the rich. they should ensure that everyone has access to basic needs, inequality distribution of wealth should be reduced.
write a short note on green revolution
green revolution refers to spectacular increase in agricultural production in 1960s. there was large scale production using HYV seeds. using these seeds, farmers needed good pesticides and fertilisers in correct quantities as well as supply of water. the farmers also needed new technology and financial support. as a result, these seeds were restricted to places like punjab, andhra pradesh and tamil nadu. but was later on introduced in wheat producing countries. with this, india gained self sufficiency in food grains and no longer needed to rely on america.
briefly explain the goals of the five year plan
growth - refers to increasing GDP or increasing the countries ability to produce
modernisation - improving the technology for production
self reliance - reducing india’s dependance on foreign goods that can be produced in india
equity - higher economic growth without poverty.
