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Class 11 Indian Economy 1950–1990: cheat sheet
CBSE Social Science. The economic ideas of 1950–1990: the goals of planning, land reforms and the Green Revolution, marketable surplus, the industrial policy, small-scale industry, and tariffs and quotas.
Key ideas
- A plan sets out how a nation’s resources should be used to reach goals in a fixed period; the five year plans aimed at growth, modernisation, self-reliance and equity.
- Economies can be market (prices decide), centrally planned (the government decides) or mixed (both work side by side).
- Land reforms meant abolishing intermediaries so tillers owned the land, and land ceilings fixing the most land one person could own.
- The Green Revolution raised foodgrain output, especially wheat and rice, with HYV seeds that needed fertiliser, pesticide and assured water.
- Marketable surplus is the part of the harvest farmers sell after keeping what they need.
- The 1956 industrial policy grouped industries into three categories; licences were needed to start or expand a unit, and some goods were reserved for small-scale industry.
- Import substitution meant making at home what was imported, protected by tariffs (taxes on imports) and quotas (limits on quantity).
Remember
| Marketable surplus | output − family use − seed kept |
| Extra output from HYV seeds | area × (new yield − old yield) |
| Land above a ceiling | land owned − ceiling |
| Price with a tariff | world price + tariff % of it = price × (100 + tariff) ÷ 100 |
| Share of GDP | per cent × GDP ÷ 100 (industry about 13% in 1950–51, 24.6% in 1990–91) |
| Key years | Planning Commission 1950; Karve Committee 1955; Industrial Policy Resolution 1956 |
Watch out
- Confusing a tariff (a tax) with a quota (a limit on quantity).
- Forgetting to subtract the seed kept when finding the marketable surplus.
- Adding only the tariff, not the price plus the tariff, for the cost of an import.
Worked example
A land ceiling of 20 hectares is fixed. 5 landowners hold 28, 48, 53, 59 and 52 hectares. How much land in all is above the ceiling, and what is the aim of a ceiling?
Working: (28 − 20) + (48 − 20) + (53 − 20) + (59 − 20) + (52 − 20)
Answer: 140 hectares; to reduce the concentration of land ownership in a few hands
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