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Indian Economy: Indian Economy 1950-1990 Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
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FAQs on Indian Economy: Indian Economy 1950-1990 Video Lecture - NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
| 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 included the adoption of a socialist economic model, the establishment of a mixed economy with a focus on public sector dominance, and the implementation of Five-Year Plans to promote industrialization and economic development.
| 2. What were the key challenges faced by the Indian economy during the period of 1950-1990? | |
Ans. The Indian economy faced several challenges during the period of 1950-1990, including low productivity in agriculture, inadequate infrastructure, high population growth, limited access to credit, and a lack of technological advancements. Additionally, the country faced balance of payment crises and inflationary pressures.
| 3. How did the Indian economy perform in terms of GDP growth during the period of 1950-1990? | |
Ans. The Indian economy experienced fluctuating GDP growth rates during the period of 1950-1990. Initially, the growth rate was relatively low, but it gradually improved over time. However, the overall growth rate was lower compared to some other developing countries during the same period.
| 4. What were the major reforms introduced in the Indian economy in the 1990s? | |
Ans. In the 1990s, India implemented significant economic reforms known as the "New Economic Policy" or "Liberalization, Privatization, and Globalization" (LPG). These reforms aimed to liberalize the economy, promote private sector participation, and integrate India with the global economy through trade and investment liberalization.
| 5. How did the Indian economy transition from a closed, planned economy to a more open and market-oriented economy? | |
Ans. The transition of the Indian economy from a closed, planned economy to a more open and market-oriented economy began in the 1990s. It involved the dismantling of trade barriers, reduction in the government's role in economic activities, encouragement of foreign investment, and the adoption of market-friendly policies such as deregulation and privatization. These reforms led to increased competition, modernization, and integration of the Indian economy with the global markets.
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Nov 16, 2024 Last updated |
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