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| 1. What was the state of Indian economy during the time of independence? |  |
Ans. At the time of independence, the Indian economy was predominantly agrarian, with low levels of industrialization and modernization. The country was characterized by widespread poverty, illiteracy, and underdevelopment.
| 2. What were the major challenges faced by the Indian economy after independence? | |
Ans. After independence, the Indian economy faced several challenges, including a lack of infrastructure, inadequate investment, and low productivity. The country also had to deal with the problem of unemployment, inflation, and balance of payments.
| 3. How did the Indian government address the challenges faced by the economy? | |
Ans. The Indian government took several measures to address the challenges faced by the economy. These included the adoption of a mixed economy model, the implementation of land reforms, and the encouragement of private sector participation in the economy. The government also invested heavily in infrastructure development, education, and healthcare.
| 4. What were the major economic policies adopted by the Indian government after independence? | |
Ans. The Indian government adopted several economic policies after independence, including the Five Year Plans, which aimed to promote industrialization and modernization. The government also implemented a system of price controls, subsidies, and import restrictions to protect domestic industries and promote self-sufficiency.
| 5. What has been the impact of economic reforms on the Indian economy? | |
Ans. Economic reforms, which were initiated in the 1990s, have had a significant impact on the Indian economy. These reforms have led to increased competitiveness, higher levels of foreign investment, and greater integration with the global economy. The reforms have also resulted in higher economic growth, lower poverty rates, and improved living standards for many Indians.
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