What economic system did India adopt after independence to balance capitalism and socialism?

India adopted a mixed economy system that combined the best aspects of both capitalism and socialism.

The Planning Commission was established to oversee India's development plans, but it was replaced by ___ in 2014.

NITI Aayog

True or False: Jawaharlal Nehru wanted to adopt the Soviet Union's version of socialism for India.

False. Nehru was drawn towards socialism but did not want to adopt the Soviet model due to its excessive government control.

Fill in the blank: The 'Industrial Policy Resolution' of 1948 reflects India's choice of a ___ economy.

Mixed

Who is considered one of the key architects and formulators of Indian planning?

Prasanta Chandra Mahalanobis

Riddle: I outline the vision for the next 20 years in India and focus on goals to be achieved within a specific time frame. What am I?

A five-year plan

What was the main concern for Indian planners when designing development plans?

Balancing development goals to avoid conflicts, especially in the context of modern technology reducing labor employment.

What are the primary goals of the Five-Year Plans in India?

The primary goals are Growth, Modernization, Self-Reliance, and Equity.

Fill in the blank: The emphasis on ___ in the Five-Year Plans led to the Green Revolution in India.

Self-sufficiency

True or False: The Five-Year Plans aimed to equally prioritize all economic goals without any trade-offs.

False. Planners must make choices and prioritize certain goals over others due to limited resources.

Riddle: I am crucial for ensuring everyone shares the benefits of development fairly, reducing poverty and inequality. What am I?

Equity

What strategy was recommended to decrease reliance on foreign goods in India?

Refrain from importing items that can be produced domestically.

Fill in the blank: The initial Five-Year Plans in India particularly emphasized self-sufficiency in the ___ sector.

Food

Short Answer: Why was modernization emphasized in the context of India's economic development?

Modernization was emphasized to reduce reliance on foreign goods and ensure independence from external pressures.

What sector of the economy is primarily reliant on natural resources during the initial stages of development?

The primary sector.

Fill in the blanks: As farming techniques improved, individuals transitioned from agriculture to becoming ___, ___, and ___ of their products.

Artisans, soldiers, and traders.

True or False: The secondary sector became important due to a decrease in factory jobs.

False. The secondary sector became important due to an increase in factory jobs.

What has led to the majority of individuals in developed nations being employed in the service sector?

Advancements in technology resulting in the creation of new jobs.

Riddle: I am the stage where people first relied on nature's gifts, but as skills grew, I turned into crafts and trades. What am I?

The primary sector.

Fill in the blank: The development of high-yield varieties of seeds has led to an increase in ___ in the primary sector.

Production.

What role did the Industrial Revolution play in the evolution of economic sectors?

It caused an increase in factory jobs, making the secondary sector important.

True or False: Over the last century, the primary sector has remained the largest employer in developed nations.

False. The service sector is now the largest employer in developed nations.

What were the main objectives of the land reforms implemented in India?

The main objectives included eliminating intermediaries, changing land ownership to the tiller to incentivize agricultural investment, and imposing land ceilings to promote equitable distribution of land.

Fill in the blanks: The success of land reforms in states such as ___ and ___ can be attributed to strong governmental commitment to land redistribution.

Kerala and West Bengal