Indian Economy on the Eve of Independence: Overview
The Basics
Before 1947, India's economy grew for Britain's benefit, not its own.
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Colonial Economy and Planning Era
India's colonial economic legacy and the planned development period 1951-1990
Colonial Agriculture: Stagnation and Causes
The Basics
Colonial rule did not industrialise India.
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The Basics
De-industrialisation means a country's industries shrink and decline.
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The Basics
The 'drain of wealth' means Britain took India's wealth without fair payment.
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The Basics
At independence, most Indian workers were farmers, not factory workers.
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The Basics
The British built railways and ports mainly to help their own trade.
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The Basics
Economic planning means the government decides big economic choices. The market alone does not decide them.
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The Basics
Planning in India did not start in 1950. It grew out of ideas from the freedom struggle.
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The Basics
The Mahalanobis Model is India's growth strategy from the Second Plan. The Second Plan ran from 1956 to 1961.
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The Basics
Every Five Year Plan in India followed four broad goals. These are growth, modernisation, self-reliance, and equity. They were not written once and forgotten. Each plan kept the same four goals but changed how much weight it gave to each one.
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The Basics
The National Development Council (NDC) reviews and approves the Five Year Plans. The Planning Commission drafts these plans. The Council brings the Prime Minister and all Chief Ministers onto one platform.
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The Basics
The Green Revolution introduced new farming methods using High Yielding Variety (HYV) seeds. These needed assured irrigation and heavy use of fertiliser and pesticide. The method raised wheat yields, and later rice yields, by more than two hundred percent.
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The Basics
Industrial Policy Resolution 1948
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The Basics
India once used industrial licences to control factory growth.
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The Basics
Small-scale industries are small factories using little capital or machinery.
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The Basics
Public sector expansion means the government itself owning and running industries. These government-run industries are called public sector undertakings. The idea was that the public sector should hold the "commanding heights" of the economy. This means it controls key basic industries, such as steel, power, coal and heavy machinery.
Sign up free for the full concept, practice MCQs and PYQsCritical Evaluation of the Planning Era
The Basics
India used Five Year Plans from 1951 to guide growth. The state controlled key industries and built public enterprises. This era lasted till about 1990. Planning raised national income. It built a varied industrial base. The Green Revolution was a period of new farming methods that raised crop yields. It helped India grow enough food grain. But experts point out several lasting problems.
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