Indian_Economy_1950_1990 (1)hsusbdjdkehrhrur

It is for Indian

1. Indian Economy (1950-1990) Evolution, Planning, and Policy Decisions Prepared by: [Your Name]

2. Introduction • India gained independence on August 15, 1947 • Leaders had to decide on an economic system • Mixed economy chosen: - Public Sector for key industries - Private Sector for consumer goods

3. Economic Systems • Capitalist Economy – Market-driven, private ownership • Socialist Economy – Government controls all production • Mixed Economy – Combination of both (India's choice)

4. Five-Year Plans • Introduced in 1951 by the Planning Commission • Goals of five-year plans: 1. Growth – Increase in GDP 2. Modernization – Adoption of new technology 3. Self-reliance – Reducing dependence on imports 4. Equity – Reducing economic inequalities

5. Agriculture Sector Policies • Land Reforms - Abolition of zamindari system - Land ceiling to prevent concentration of land ownership • Green Revolution (1960s-80s) - High-Yielding Variety (HYV) seeds - Increased food grain production - India became self-sufficient in food

6. Industrial Sector Policies • Industrial Policy Resolution (1956) - Categorized industries: 1. Public sector – Key industries (iron, steel, coal, etc.) 2. Private sector – Supplementary role 3. Small-scale industries – Encouraged for employment • Public Sector Enterprises - Controlled major industries - Many became inefficient and unprofitable

7. Trade Policy – Import Substitution • Aim: Reduce reliance on foreign goods • Protectionism - High tariffs on imports - Quotas restricting import quantities • Impact - Helped local industries grow - But led to inefficiency due to lack of competition

8. Challenges and Criticism • Agriculture - Land reforms not fully effective - 65% population still dependent on agriculture by 1990 • Industry - Public sector monopolies led to inefficiencies - Licensing system (License Raj) restricted private growth • Trade - Lack of competition led to poor quality goods

9. Conclusion • Progress between 1950-1990: - Increased agricultural and industrial output - India became self-sufficient in food • Problems that led to reforms in 1991: - Bureaucratic inefficiency - Poor quality of goods - High government expenditure on subsidies

10. Discussion & Questions • Was the mixed economy model successful? • Should the government have focused more on privatization earlier? • How did the Green Revolution change India’s economy?