Chapter Overview
This chapter discusses India’s economic planning and development during the first forty years after independence. It focuses on the rationale behind planning, major policy strategies like the five-year plans, land reforms, public sector enterprises, import substitution, and the challenges faced during the pre-liberalisation era. It highlights how the mixed economy model shaped India's early economic structure.
Important Keywords
- Five Year Plans: Structured economic goals set for five-year periods by the Planning Commission.
- Public Sector: Enterprises owned and operated by the government to promote equitable development.
- Green Revolution: A movement introducing high-yielding crop varieties and modern techniques to increase food production.
- Land Reforms: Changes in the ownership and distribution of land to reduce inequality and increase productivity.
- Import Substitution: A trade policy strategy aimed at reducing foreign dependency by promoting domestic production.
- License Raj: A system of strict government controls and regulations on private industry.
Detailed Notes
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