Class 11 Economics - HARYANA
Indian Economy 1950-1990
The chapter 'Indian Economy 1950-1990' for Haryana (BSEH) Class 11 students explores India's economic development from the adoption of the Constitution up to the eve of economic reforms in 1991. It covers the choice of an economic system—specifically the mixed economy model—and the formulation of Five Year Plans. Students learn about the achievements and failures of planning in agriculture (like the Green Revolution), industry (Industrial Policy Resolution 1956), and foreign trade through the inward-looking strategy of import substitution. This chapter is vital for board exams as it builds the foundational economic history of modern India.
Start Learning FreeKey Concepts
Mixed Economy
An economic system where both the private sector and the public sector coexist and jointly direct economic development, which was chosen by India after independence.
Five Year Plans
Centralized economic blueprints formulated by the Planning Commission of India outlining the nation's goals and targets for development over consecutive five-year periods.
Green Revolution
A major agricultural strategy implemented in the late 1960s involving the use of High Yielding Variety (HYV) seeds, chemical fertilizers, and modern irrigation that made India self-sufficient in food grains.
Import Substitution
A trade and economic policy adopted during 1950-1990 aimed at replacing foreign imports with domestic production to protect domestic industries from foreign competition.
Industrial Policy Resolution of 1956 (IPR 1956)
A resolution that formed the basis of the Second Five Year Plan, classifying industries into three categories to give the state a dominant role in industrial development.
Important Formulas
Board Exam Info
In the Haryana Board (BSEH) Class 11 Economics exams, this chapter typically carries around 6-8 marks. Questions frequently include objective-type multiple-choice questions, short-answer questions on the goals of Five Year Plans, and long-answer questions detailing the merits and demerits of the Green Revolution or import substitution.
Frequently Asked Questions
Why did India adopt a mixed economy instead of purely capitalist or socialist?
India needed rapid economic growth and poverty alleviation (socialist goal) while also respecting private property and individual initiative (capitalist feature), making a mixed economy the ideal balance.
What was the main drawback of the import substitution policy?
While it protected domestic industries, it created a sheltered market which reduced the incentive for Indian producers to improve the quality of their goods, leading to inefficiency and lack of global competitiveness.
How did the Green Revolution help farmers who were not very wealthy?
Initially, the Green Revolution favored rich farmers who could afford HYV seeds and fertilizers. However, later phases and government subsidies gradually helped small farmers benefit as well, though regional disparities initially remained.
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