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FAQs on PPT - Indian Economy 1950-1990 - Economics Class 12 - Commerce
| 1. What were the major economic policies implemented in India between 1950 and 1990? |  |
Ans. The major economic policies implemented in India between 1950 and 1990 were based on the principles of socialism and central planning. The government played a dominant role in the economy, with a focus on import substitution industrialization and the public sector's expansion. The policies included the Five-Year Plans, licensing system, and nationalization of key industries.
| 2. How did the Indian economy perform during the period of 1950-1990? | |
Ans. The performance of the Indian economy during the period of 1950-1990 can be characterized as mixed. On one hand, there was significant industrial growth, particularly in the public sector. The country achieved self-sufficiency in food production and saw improvements in infrastructure and education. However, the economy faced challenges such as low productivity, high inflation, and a large informal sector.
| 3. What were the reasons behind the economic reforms in India in the 1990s? | |
Ans. The economic reforms in India in the 1990s were driven by several factors. The country was facing a severe balance of payments crisis, with mounting external debt and low foreign exchange reserves. The government recognized the need to liberalize the economy and attract foreign investment to address these issues. Additionally, globalization and the changing global economic landscape influenced the decision to undertake reforms.
| 4. How did the economic reforms in the 1990s impact the Indian economy? | |
Ans. The economic reforms in the 1990s had a significant impact on the Indian economy. They led to liberalization, privatization, and globalization, opening up the economy to foreign investment and competition. This resulted in increased foreign direct investment, growth in sectors like information technology and services, and integration with the global economy. However, the reforms also had social implications, such as widening income inequality and regional disparities.
| 5. What were the key sectors of the Indian economy that witnessed growth during the period of 1950-1990? | |
Ans. During the period of 1950-1990, the key sectors of the Indian economy that witnessed growth were agriculture, industries (especially in the public sector), and services. The Green Revolution helped increase agricultural production and achieve self-sufficiency in food. In industries, sectors like steel, heavy machinery, and defense saw significant growth. Services, including banking, education, and healthcare, also expanded during this period.
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