Indian Economy 1950 to 1990 Flashcards
What are the central problems of economy
What to produce
How to produce
Forwhom to produce
Define economic system
Refers to an arrangement by which central problems of an economy are solved
What do you mean by capitalist economy
Means of production are owned and controlled by the Private sector.
Production is done mainly for earning profits
WHAT- goods that are profitable both domestically and in foreign
HOW- Cheaper techniques and labour intensive methods
WHOM- Distributed according to people’s income
What is a socialist economy
Means of production are owned and controlled by the Government.
WHAT- the govt decides according to the need of the citizens
HOW- Decided by the govt
WHOM- Based on people’s need and noot what they can afford
Mixed economy in short?
Public and private sector together solve the central problems of the economy.
Govt and market come together.
What are the goals of 5 year plans
To ensure that the weaker section of the population benefits from economic development
Growth
Modernization
Self reliance/ development through domestic resources
Equity / Reducing inequality
What were the problems of agriculture?
Low productivity
Disguised unemployment
High dependency on rainfall
Subsistence farming
Outdated technology
Conflicts between tenants and landlords
Small land holdings
What were the policies for growth and agriculture?
LAND REFORMS- change in ownership of land holdings
Needed to achieve the objective of equity in agriculture
GREEN REVOLUTION-Increase in food grain production due to hyv seeds.
Explain land ceiling
Refers to fixing the specified limit of the land
Beyond the specified limit the land will be taken by the government and will be alloted to the landless cultivators or small farmers
Promotes equity
Successful in Kerela and west bengal
Write a short note on green revolution
This was adopted during the 3rd five year plan. In the 1960s.
Traditional methods slowly being replaced by modern and advanced technology.
India’s agriculture was dependent upon rainfall and monsoon only.
Stagnation broken by green revolution.
Refers to large increase in production of food grains due to use of high yielding variety seeds HYV SEEDS.
Dr. Norman E Borlaung is known as the Father of green revolution.
Define HYV seeds
Agricultural revolution occurred primarily because of these seeds.
These can be used in places where there are adequate irrigation facilities.
These need heavy doses of chemical fertilizers
Farmers should have Financial resources.
2 Phases of the Green revolution
1- mid 60s to mid 70s
Restricted to affluent states like punjab, Andhra pradesh, Tamil nadu. Wheat growing regions only.
2- mid 70s to mid 80s
Spread to more states and more variety of crops.
