Indian Economy After Independence

In Soviet Russia, it was seven-year plan and in India this was adopted as five-year plan in 1950.

It commenced on April 2007. (Five year plans now have been abolished)

Vice-chairman is appointed to coordinate all the duties of the Niti Ayog.

Planning Commission was set up in the year 1950. The function of planning commission is to make policies and execute them.

Mixed economy is one having component and benefits of both socialist and capitalist economy. It’s a mix of two and hence a Mixed economy.

Green Revolution in India was introduced in 1967 in which high yielding variety seeds and farming tools were provided to the farmers at subsidized rates.

It was a land reform movement, in which government helped to redistribute lands help by landlords amongst landless poor.

Various Economic reforms were initiated to decentralize economic growth and development of industrialization. Commonly they were known as LPG policies (Liberalization, Privatization and Globalization).

Indian Space Research Organization is responsible for the task. India is amongst 6 nations capable of satellite launches.

According to the previous census done in 2011 India’s literacy rate was 74.04% which was around 18% at the time of independence.

The objectives of Eleventh Five year plan were as follows:

a. Reducing Poverty

b. Redistribution of wealth amongst citizen

c. Increasing the National Income

d. Streamlining and making agriculture and manufacturing sector more efficient by removing inefficiencies

e. Generating Employment

It was an agricultural reform introduced by ICAR (Indian Council of Agricultural Research). In which with the help of improved irrigation facility and High Yielding Variety (HYV) were used to increase the overall production in agricultural sector, it was launched in 1967.

It is a special kind of economy in which components of both socialist and capitalist economy are present. Both the public sectors as well as private sector work together and sometime compete with each other to outset economic growth.

MNCs are large companies with their business operations running in several countries (Honda, Panasonic, and Royal Enfield) but are centrally managed from a single (home) country.

Cottage industries are generally small-scale household industries, producing goods to fulfill the demand of local community. They use primitive methods of production. Handloom industry in one of the example of cottage industry.

Liberalization is removal of unnecessary restriction, regulations and policies, to encourage private sector into core industries with public sector, it is a movement towards free market economy. (Lassies-Faire).

It refers to setting up private sector in public sector utilities (telecommunication). It refers to transforming economic activities from public sector to private sector.

Globalization refers to linkage of markets of various nations to undertake economic activities. It means that the goods and services produced in an economy can be purchased or sold in any other economy. It is movement of different economy towards each other to increase trade and commerce activities.

The efficient transportation network in Tamil Nadu has boosted economic growth of the state. There are road networks, with rail networks and regular surveys are undertaken to lay new rail networks.

Chennai also has a metro system for transit. There are 3 major ports in Tamil Nadu, located at, Ennore, Chennai and Tuticorin. Apart from these there are various domestic and international airports in Tamil Nadu.

The objectives of Eleventh Five year plan were as follows:

a. Reducing Poverty

b. Redistribution of wealth amongst citizen

c. Increasing the National Income

d. Streamlining and making agriculture and manufacturing sector more efficient by removing inefficiencies

e. Generating Employment

It was an agricultural reform introduced by ICAR (Indian Council of Agricultural Research). In which with the help of improved irrigation facility and High Yielding Variety (HYV) were used to increase the overall production in agricultural sector, it was launched in 1967.

Three major reforms were undertaken to agitate economic growth. They were as following:

a. Liberalization

It is removal of unnecessary restriction, regulations and policies, to encourage private sector into core industries with public sector, it is a movement towards free market economy.

b. Globalization

It refers to linkage of markets of various nations to undertake economic activities. It means that the goods and services produced in an economy can be purchased or sold in any other economy. It is movement of different economy towards each other to increase trade and commerce activities.

c. Privatization

It refers to setting up private sector in public sector utilities (telecommunication). It refers to transforming economic activities from public sector to private sector.

These reforms were aimed at rapid industrialization. It also encouraged foreign investment, opening doors for MNCs. It also led to development of small scale and cottage industries (through Concessions). Steps were taken to encourage private sector and co-existence amongst public and private sector.

Following are the Power Programs:

a. Thermal power

b. Hydel power (Hydro)

c. Nuclear Power (Atomic)

d. Wind power

Following are the major crops of Tamil Nadu:

a. Maize

b. Legumes

c. Rice

d. Finger Millet

e. Pearl Millet

f. Sorghum