Class 12 Economics – Indian Economy (1950–1990)

Chapter Overview

This chapter traces India’s economic path from 1950 to 1990, highlighting its socialist‑inspired mixed economy, land and agricultural reforms, public sector expansion, industrial licensing regime, trade strategy, and growth statistics until liberalization's dawn. :contentReference[oaicite:0]{index=0}

Important Keywords

• Mixed Economy: Combines public and private sectors with central planning. :contentReference[oaicite:1]{index=1}
• Five‑Year Plans: Centralised economic blueprints for growth. :contentReference[oaicite:2]{index=2}
• Land Reforms: Abolition of intermediaries & land ceilings to boost equity. :contentReference[oaicite:3]{index=3}
• Green Revolution: HYV seeds spark food grain self‑sufficiency. :contentReference[oaicite:4]{index=4}
• Industrial Policy 1956: Sector-wise public/private roles under licensing. :contentReference[oaicite:5]{index=5}
• Licence Raj: Heavy regulation requiring permits for businesses. :contentReference[oaicite:6]{index=6}
• Import Substitution: Protect domestic industry via tariffs/controls. :contentReference[oaicite:7]{index=7}
• Hindu Rate of Growth: ~4% average GDP growth pre-1991. :contentReference[oaicite:8]{index=8}
• Freight Equalisation: Subsidised rail costs to encourage industrialisation. :contentReference[oaicite:9]{index=9}