Class 12 Economics Chapter 8 Indian Economy 1950 – 1990

Class 12 Economics Chapter 8 Indian Economy 1950 – 1990 Question answer to each chapter is provided in the list so that you can easily browse through different chapters HS 2nd Year Economics Notes, AHSEC Class 12 Economics Chapter 8 Indian Economy 1950 – 1990, Class 12 Economics Question Answer In English Notes and select needs one.

Class 12 Economics Chapter 8 Indian Economy 1950 – 1990

Join Telegram channel

Follow us:

Also, you can read the NCERT book Notes Class 12 Economics Chapter 8 Indian Economy 1950 – 1990 online in these sections Solutions by Expert Teachers as per SCERT Class 12 Economics Chapter 8 Indian Economy 1950 – 1990 (CBSE) Book guidelines. These solutions are part of AHSEC All Subject Solutions. Here we have given Assam Board Class 12 Economics Chapter 8 Indian Economy 1950 – 1990 Solutions for All Subjects, You can practice these here in Class 12 Economics Chapter 8 Indian Economy 1950 – 1990.

Indian Economy 1950 – 1990

Chapter: 8

PART – B

VERY SHORT TYPE QUESTIONS ANSWERS

1. Name the body which formulates economic plans in India.

Ans : ‘Planning Commission’.

2. When was the planning commission constructer?

Ans : March 15, 1950.

3. Who is the chairman of planning commission?

Ans : The Prime Minister.

4. Name the body which finally approves the draft of plans in India.

Ans : National Development Council.(NDC)

5. What is comprehensive planning?

Ans : It is the planning which covers both economic and social sphere.

6. What do you mean by land reforms?

Ans : All those reforms which are made in land to increase agricultural production are called land reform.

7. What is ‘Green Revolution’?

Ans : It means large increase in agricultural production due to the use of new scientific technology in agriculture.

8. What is ceiling on land holding?

Ans : It means to fix the maximum limit of cultivated land for a person or a family.

9. When was the first industrial policy announced?

Ans : 1948.

10. What is public sector?

Ans : The sector in which there is full control of Government in it and there is no intervention of private sector.

11. What is economic planning?

Ans : It is a technique by which a central authority tries to control economic factors to achieve some predetermined objectives within a specified period of time. Keeping in view the resources of the country.

12. Why did India opt for planning?

Ans : India opted for planning to utilize the resources properly. To attain higher rate of economic growth, various plans have been adopted to develop the crucial sectors of economy such as agriculture, industry and services.

13. Why should plans have goals?

Ans : It should have some goals to achieve the objectives within a specified period. In India plans are prepared for five years. All efforts are made to achieve the objective.

14. What is HYV seeds?

Ans : It means High Yielding seeds. It is also known as “miracle seeds,” because per hectare productivity of land has increased due to these seeds.

15. What is marketable surplus?

Ans : That part of agricultural produce which is sold in the market are known as marketable surplus.

B. SHORT & LONG TYPE QUESTION AND ANSWER:

1. What are the types or measures of land-reform implemented in the agriculture sector?

Ans : Need: It were implemented for equal distribution of land and to provide land to the tenants.

Types : a) Abolition of zamindari System.

b) Ceiling on long holdings.

c) Co-operative Farming

d) Consolidation of Land Holdings.

e) Bhoodan Movement

f) Tenancy Reforms, such as, fixation of rent, compensation to the tenants, exemption from rent, check on gifts etc.

2. Write the benefits of Green Revolution.

Ans : The benefits of Green Revolution are:

a) Development of Agriculture

b) Rural Income Generation

c) Self-Sufficiency

d) Commercialisation de l’agriculture.

3. Explain ‘growth with equity’ as a planning objective.

Ans : Growth means continuous increase in GDP. Equity means that every person must get the basic needs such as food, shelter and cloth. Therefore, the main objectives of economic planning is growth with equity. It means-

a) Reduction in economic inequalities.

b) To curb concentration of economic power.

c) To uplift the weaker sections of the society.

4. Does modernisation as a planning objective create contradiction in the light of employment generation? Explain.

Ans : It means adoption of new technology. It refers to a change in the structural and institutional set-up of the economy, shift in sectorial composition of output, diversification of farm output, advancement of technology etc.

So, sometimes it is seen that as there is changes in social outlook due to modernisation, therefore the employment scenario is also affected Machines takes the place of men-women, Some, it is said that modernization creates contradiction in the light of employment generation.

5. Why was is necessary for a developing country like India to follow self-reliance as a planning objective.

Ans : It was necessary to reduce foreign aid, especially for food. The main objective was to become self dependent and to avoid foreign interferences.

6. What is sectorial composition of an economy? Is it necessary that the service sector should contribute maximum to GDP of an economy? Comment.

Ans : The GDP of a country is derived from the different sectors of the economy. The contribution made by each of these sectors makes up the structural or sectorial composition of an economy.

In some countries, growth in agriculture contributes more to the GDP growth, while in some countries the growth in the service sector contributes more to the GDP growth. However, at higher level of development, the service sector contributes more to the GDP than the other two sectors. So, at certain points it becomes necessary.

7. Why was public sector given a leading role in industrial development during the planning period?

Ans : In industrial development public sector was given due to importance to create economic and regional equality. Public sector sets up the basic, heavy and key industries in the economy. It is also the largest employment opportunity provider. It can correct the unfavourable balance of payment (BOP) position and can foreign exchanges. So it was given a leading role.

8. While subsidies encourage farmers to use new technology, they are a huge burden on government finances, Discuss the usefulness of subsidies in the light of this fact.

Ans : New industries can be installed in agriculture by subsidies. It increases profitability. In fact subsidies helps in industrial development. Therefore, subsidies should not be abolished. But such steps should be taken to ensure that only poor farmer enjoys the benefits. In this way subsidies are useful but not burden on finance.

9. Why despite the implementation of green revolution, 64 percent of our population continued to be engaged in the agriculture sector till 1990.

Ans : Because most of the people in India live in villages. They depend upon agriculture. Due to green revolution the benefits to the farmers increased. Therefore, they continued to engaged in agriculture sector till 1990.

10. Though public sector is very essential for industries, many public sector undertakings, incur huge losses and are a drain on the economy’s resources. Discuss the usefulness of public sector undertakings in the light of this fact.

Ans : In fact the main objective of public sector is not to earn profit but to increase the national welfare. Therefore, public sector must be evaluated on the basis of public welfare but not on the basis of profits.

11. Explain how import substitution can protect domestic industry?

Ans : 1^st paragraph: It means the goods are not imported from the foreign countries but the same type of goods are manufactured in our own country. It can protect domestic industry from the competition of large industries from outsides or from the MNC’s (Multi National COrporation) It also helps the domestic industry by stopping the drain of resources/ wealth from the domestic country to another international country.

2^nd paragraph: There are two types of protection from imports:

a) Tariffs: It is a type of tax on imported goods. As a result imported goods become more costly and their demand falls down.

b) Quotas: It specifies the quantity of goods which can be imported. In this way import substitution can protect the domestic industry.

12. Why and how was private sector regulated under the IPR 1956?

Ans : The objective of the govt. Was to provide development opportunities to private sector. Therefore, some industries were left to the private sector. But no new industry was allowed without license. This policy was used for the promotion of backward industries.

13. Match the following:

Ans:

 14. What is modernisation?

Ans : It means adoption of new technology. It refers to a change in the structural and institutional set-up of the economy, shift in sectorial composition of output, diversification of farm output, advancement of technology etc.

15. What steps were taken by the govt. to achieve economic equality?

Ans : a) Progressive taxation system

b) Expansion of public sector.

c) Control over monopoly

d) New licensing policy

16. Write the short comings of Green Revolution.

Ans : The short comings of Green Revolution are:

a) Rich farmers are benefited only

b) Limited Crops

c) Regional disparities

d) Black Marketing

17. Distinguish between cottage and small scale industries?

Ans : Cottage industries are domestic industries which are run with the help of family members in their own houses. There is on use of machines in these industries whereas machines are used in small industries.

18. What is Import Substitution?

Ans : It means the goods are not imported from the foreign countries but the same type of goods are manufactured in our own country. It can protect domestic industry from the competition of large industries from outsides or from the MNC’s (Multi National Corporation) It also helps the domestic industry by stopping the drain of resources/wealth from the domestic country to another international country.

19. What is Export Promotion?

Ans : It means those measures or policies by which exports of a country can able increased to other nations of the world.

20. Discuss the main elements of green revolution.

Ans : The main elements of green revolution are:

a) High Yielding (HYV) of seeds.

b) Plant Production

c) Facilities of marketing of agricultural goods.

d) Mechanization of Agriculture.

e) Using of Chemical Fertilizers, irrigation facilities etc.

21. Explain the share of different sectors in India’s Export.

Ans : The share of different sectors are as under:

a) The share of agriculture in exports has reduced.

b) The share of manufactured goods in exports has increased.

c) The share of petroleum has stepped up.

d) The of tertiary sector, like, banking insurance transport, communication, trade and commerce etc. has stepped up very fast.

22. Write the role of industrialisation in India’s economic development.

Ans : The role of industrialisation in India’s economic development are:

a) Increase in National Income.

b) Increase in Per-capita Income.

c) Significance in agricultural development.

d) Increase in productivity

e) Improvement in Standard in Living.

f) Increase is Saving and Investment.

g) Balanced Economy 

h) Useful for defence.

Dev Kirtonia

Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.