All questions of Economic Development for UPSC CSE Exam

The correct answer is option 'D' - Basic/Key Industries (Public-cum-Private Sector).

Explanation:
The Industrial Policy of 1956 was formulated by the Government of India with the aim of promoting industrial development and economic growth in the country. This policy categorized industries into different groups based on their importance and role in the country's economy.

The category designated as "Key Industries" or "Basic Industries" was considered crucial for the overall industrial development of the country. These industries were given special attention and priority in terms of government support, investment, and regulation.

Key Industries (Public-cum-Private Sector):
Under the Industrial Policy of 1956, the Basic/Key Industries category included industries that were considered strategically important for the nation's economic growth. These industries were characterized by significant capital requirements, long gestation periods, and high social returns. They were deemed essential for the development of other industries and had a multiplier effect on the economy.

Examples of Basic/Key Industries included steel, coal, iron, petroleum, and heavy machinery. These industries were crucial for infrastructural development and provided inputs to various other sectors. The government recognized that the private sector alone may not be able to adequately invest in and develop these industries due to their capital-intensive nature and long-term gestation periods. Therefore, the policy allowed for a combination of public and private sector participation in these industries.

By designating these industries as Basic/Key Industries, the government aimed to ensure their sustained growth and development by providing financial support, infrastructure, and regulatory frameworks. This approach was intended to create a strong industrial base in the country, promote self-sufficiency, and reduce dependence on imports.

The Industrial Policy of 1956 played a significant role in shaping India's industrial landscape and laid the foundation for the country's industrial development in subsequent years. The categorization of industries into Basic/Key Industries highlighted the government's commitment to promoting economic growth and achieving industrialization through a planned and regulated approach.

Socialism emphasized the importance of cottage and small-scale industries in India's economic development as they provided local resources and employment opportunities.

The Second Five-Year Plan (1956-61) is also known as the "Mahalanobis Plan." This plan focused on rapid industrialization and laid emphasis on heavy and basic industries.

The primary objective of the National Development Council in India is to provide final approval to the 5-year plans of India, making it the apex body for decision-making and deliberations on development matters.

In the context of India's economic history, "PL-480" stands for Public Law 480, also known as 'Food for Peace.' It was a U.S. funding program for providing food aid to countries.

The element of India's economic development strategy that focused on reducing the concentration of wealth and promoting equity was "Growth with equity," which aimed for a fair distribution of economic prosperity.

The main thrust of the Industrial Policy of 1977 in India was to promote cottage and small industries, especially those dispersed in rural areas and small towns.

The Planning Commission in India plays a significant role in formulating 5-year plans and setting development priorities for the country.

The main objective of the Indian Parliament when it accepted 'the socialist pattern of society' in December 1954 was to establish a mixed economy for the country. This decision was influenced by several factors, including the prevailing socio-economic conditions in India at that time and the ideological orientation of the ruling government.

Background:
- After gaining independence from British colonial rule in 1947, India faced numerous challenges in terms of poverty, inequality, and underdevelopment.
- The Indian National Congress, which led the freedom struggle, had a strong socialist leaning and advocated for a more equitable society.

Objectives of the Socialist Pattern of Society:
1. Reduction of Poverty and Inequality:
- The acceptance of the socialist pattern of society aimed to address the high levels of poverty and inequality prevalent in India.
- By establishing a mixed economy, the government aimed to ensure a more equitable distribution of wealth and resources.

2. Economic Planning and State Intervention:
- The socialist pattern of society emphasized economic planning and greater state intervention in key sectors of the economy.
- The government aimed to play a proactive role in guiding economic development and ensuring social welfare.

3. Public Sector Dominance:
- Another objective was to promote the growth of the public sector and reduce the dominance of the private sector.
- The government believed that public ownership of key industries and resources would help in achieving the goals of social justice and economic development.

4. Social Welfare Measures:
- The acceptance of the socialist pattern of society was also aimed at promoting social welfare measures.
- This included initiatives such as land reforms, provision of basic amenities, and the establishment of a comprehensive social security system.

Impact and Implementation:
- The acceptance of the socialist pattern of society led to the formulation of various policies and programs to promote economic growth, social welfare, and reduce inequality.
- The government undertook initiatives such as the Five-Year Plans, which focused on industrialization, agriculture, and infrastructure development.
- Public sector enterprises were established in sectors such as steel, coal, oil, and banking.
- Land reforms were implemented to redistribute land to the landless and promote agricultural productivity.

In conclusion, the main objective of the Indian Parliament when it accepted 'the socialist pattern of society' in December 1954 was to establish a mixed economy that aimed to address poverty, inequality, and promote social welfare. The government sought to achieve these objectives through economic planning, state intervention, and the growth of the public sector. These policies and measures were implemented to bring about a more equitable and inclusive society.

At the time of independence, one of the key challenges faced by the Indian economy was the lack of financial resources. This limited financial base hindered investment in capital industries and development.

The Indian government chose a mixed economy because socialism advocated for equality, which was seen as necessary for the welfare and sustained growth of the country. It aimed to balance profit-driven capitalism with socialist principles.

The core idea of Sir M. Visvesvaraya's ten-year plan was to double the per capita income of India in ten years, focusing on economic growth and development.

The abolition of Privy Purse in India was based on the rationale to promote equality and social justice, as it was seen as a privilege that contradicted these principles laid down in the Indian Constitution.

The Tenth Five-Year Plan (2002-07) aimed to double India's per capita income in the next 10 years and reduce the poverty ratio by 15% by 2012.

Niti Ayog's (2017-2032) primary objective is to achieve sustainable development goals and enhance cooperative federalism with a 'bottom to top' approach.

The New Economic Policy introduced in 1991 focused on liberalization, privatization, and globalization (LPG) to open up the Indian economy, reduce government intervention, and promote economic growth.

The primary slogan of Indira Gandhi's campaign during the 1971 elections was "Garibi Hatao Desh Bachao," which translates to "Remove Poverty, Save the Nation." It was aimed at reaching out to the poor and marginalized sections of society.

The primary focus of India's First Five-Year Plan (1951-56) was on agriculture, price stability, and infrastructure. This plan aimed to boost agricultural productivity, stabilize prices, and develop essential infrastructure for economic growth.

India experienced the "Plan Holiday" during the annual plans of 1966-67, 1967-68, and 1968-69. These plans were primarily focused on agriculture due to the prevailing food crisis.

The objective of India's Fourth Five-Year Plan (1969-74) was to achieve self-sufficiency in food production. It aimed at improving domestic food production and reducing reliance on food imports.