True or False: The British colonial policies aimed to enhance India's industrial capabilities and self-sufficiency.

False. The British colonial policies aimed to extract resources and limit India's industrial development.

What was the primary vision of the colonial government regarding India's economy?

To increase India's ability to export raw materials while importing British manufactured goods.

Fill in the blank: In 2002, the Indian government declared ___ as the new Prime Mover Factor (PMF) for the economy.

Agriculture

True or False: The literacy rate in India at the time of independence was above 50%.

False. The literacy rate was only 17%.

What were the three major challenges identified by the Indian government to emphasize agriculture in 2002?

Food security, poverty alleviation, and the timeliness of recognizing agriculture's importance.

Fill in the blank: The basic industries that are part of the core of the Indian economy include iron and steel, coal, and ___.

Crude oil

What role did Public Sector Undertakings (PSUs) play in post-independence India?

They were established to create a strong industrial base, generate employment, and provide resources for social welfare.

Fill in the blank: The Indian government's approach to economic planning emphasized a ___ economy to address regional disparities.

Mixed

What key factor contributed to the decision for India to adopt a planned economy after independence?

The need to address regional and inter-regional disparities and the dire poverty of the masses.

What was the role of the Planning Commission in post-independence India?

To direct and regulate economic activities and ensure the mobilization of resources for development.

What challenges did the Indian government face in setting up PSUs?

They faced challenges like capital intensity, reliance on taxation and borrowing, and managing high public indebtedness.

True or False: The focus on private sector growth in India emerged immediately after independence.

False. The focus on private sector growth developed later after establishing a foundation with PSUs.

What was the reason behind promoting corporate investment in agriculture in India?

To stimulate growth and modernization in the agricultural sector, making it attractive for investment.

What shift in perspective regarding agriculture occurred in the 1990s?

Emphasizing agriculture was no longer viewed as a sign of backwardness but as essential for development.

What were the core basic industries identified by the Indian government essential for industrialization?

Iron and steel, coal, cement, crude oil, and electricity.