By: SACHIN SINGH

Chapter-1

INDIAN ECONOMY ON EVE OF INDEPENDECE

Colonial Rule: It refers to the system between 2 countries under with one country being the ruler and another being the colony
and the ruling country determines the economic policies of the colony (1757-1947).

Stagnant Economy: Refers to the economy which is stuck or very low at its path of development.

Features of Indian economy before colonial rule:

 Agrarian Economy: Agriculture was the main source of employment and livelihood for the people of our country. More
than 72% of the population was engaged in agriculture.
 Focused on Consumption crops: The farmer used to raise only those crops which he needed for his own use and share
the same with village artisan who supplied him with simple manufacture that he needed for his domestic consumption.
 Handicraft Industry: India was famous for its handicraft industry s all over the Globe.
 Self Reliant Economy: India was an independent, Self-reliant and prosperous economy.
 Extensive Trade: India enjoyed extensive trade both within the country and with other countries of Asia and Europe.
Agriculture sector on the eve of Independence:
 Zamindari System: Ownership right of the land was transferred from farmers to Zamindars, who were the nominal
head of the land who collects the revenue from the farmers and deposit it to the colonial government. Regardless to
the economic condition of the cultivator.
 Commercialization of Agriculture: It refers to the production of crops for sale rather than for self consumption (Like
Cotton, Jute, and Indigo). So that they can use them as raw material for British Industries.
 Low Level of Productivity: Productivity refers to the output per hectare of land.(600 kg Wheat per hectare)
Reasons of low productivity:
i. Lack of Irrigation Facility.
ii. Low Level of Technology.
iii. Negligible use of Fertilizers.
1. High Degree of Uncertainty: During colonial period, the main source of irrigation was rainfall which results in high level
of uncertainty. I.e. Good rainfall implied good output whereas poor rainfall will result in low level of Output.

Industrial Sector on the eve of Independence

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1 Decline of Handicraft Industries: During colonial rule, the Britishers systematically destroyed the Indian handicraft
industries and forced the people to indulge into agriculture sector. The basic motive of British rule behind this de-
industrialization was 2- fold
o To convert India into a supplier of raw material for the industries of Britain
o To develop India as a market of British manufactured goods.

2. Discriminatory tariff policy:-

The British Indian government followed
i. Free trade or unrestricted entry of British goods.
ii. Tariff free export of raw material from India to Britain
iii. Heavy duty was placed on the export of Indian handicraft products, due to which the Indian handicraft industry
start losing its pride and place.

3. Competition from machine made products:-

The pride of Indian handicraft industries stated to decline when it faced the competition from machine made products. As they
are of low cost and easily available.
Indian craftsmen are far behind the speed of machines and hence the only alternative available for them is to shut down their
enterprises.

4. Lack of capital goods industries:

Capital goods industry refers to those industries which are capable of producing machine tools.
During colonial period there was no capital goods industry worth the name, moreover Britishers don't pay any attention in
promoting or supporting these industries as they want India to be a supplier of raw materials only.

5. Change in pattern of demand :-

The impact of British culture started to arise in the public, as a results a new class emerged in India which was keen to adopt the
western lifestyle. This changed the pattern of demand against the Indian products.

6. Negative effects of Railways:-

Although introduction of Railways was one of the positive impact of colonial period but at that time, Railways proves to be a
terror for Indian industries.
Britishers use railways for their benefits only as a result, Size of market of low-cost British product started to expand whereas
high-cost handmade products began to shrink.

Foreign trade

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Since ancient period, India has been an important trading nation. India was well known exporter of finished goods like silk, fine
cotton, textiles, ivory work, handicrafts, precious stones etc. but the discriminatory trade and tariff policies of Britishers brought
it to an end.

The condition of foreign trade is explained below:

1. Exporter of primary products and importer of finished goods
During colonial rule, India became the exporter of raw materials (such as raw silk, cotton, indigo, Jute) which are of low cost but
became the importer of the finished goods (Such as capital goods, woollen clothes, Silk clothes and other machine made
products) which are of high cost.
Due to this economic condition our economy started to decline.

2. Monopoly control on trade by britishers :-

During colonial period the British government maintained a monopoly control over Indian trade policies.
o Majority of trade was restricted to Britain (more than %) while the rest was allowed with some other countries only
(such as china, Srilanka (Ceylon) and Iran (Persia).
o Opening of Suez Canal in 1869 provides a direct trade route for ships operating between
Britain and India.
o Tariff free import and export between India and Britain whereas heavy duty was placed on the export of Indian
handicraft products (which increase their price in the market )

3. Economic exploitation:
Due to the exporter of raw material, India has a huge export surplus. But the amount of export surplus does not give any push to
Indian economy as the amount of surplus is used by the government in non developing activities, such as:
o To meet expenses of war fought by the British government.
o To make payment of office setup of colonial government.
o To make trade of invisible items (services).
Suez Canal
It is an artificial waterway running from north to south across the Isthmus of Suez in north - eastern Egypt.
The opening of canal reduced the transportation cost as now there is no need to sail around Africa

Demographic Condition:-

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Demographic refers to the study of various aspects of population, such as age, sex, education level, income level, marital status,
birth rate, death rate etc.

1. High birth rate and death rate:-

Birth rate (48) refers to the number of children born per thousand in a year
Death rate (40) refers to the number of people dying per thousand persons in a year
During colonial period both birth rate and death rate are very high (nearly 48 and 40)

Stages of demographic transition

o First stage - High Birth rate and high death rate (stagnant economy).
o Second stage - High Birth rate and low death rate (initial stage of development).
o Third stage - low Birth rate and low death rate (developing or developed economy).

2. Low literacy rate (16%):-

Literacy rate refers to the number of persons who is 7 or above, who has the ability to read, write and understand and one
language. During colonial period the overall literacy rate of the economy was less than 16 percent. Moreover the female literacy
rate was about 7 percent

3. High Infant mortality rate (218):-

Infant mortality rate refers to the number of infants dying before the age of 1 year per thousand live births annually The IMR
during colonial period was about 218 per thousand before 1921)

4. Poor Health facilities:-

Public health facilities were either unavailable or when available, were higher inadequate.
Due to which, Water and air-borne diseases were widespread and took a huge toll on life.

5. Low life expectancy:-

It refers the average number of years for which a person is expected to live. Due to poor health facilities, the life expectancy
during colonial rule was as low as 32 years, whereas as per the latest WHO data published in 2018, the current overall life
expectancy of India is 69.4 years.

6. High level of poverty:-

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During colonial period, India faced the condition of extensive poverty, per capita consumption was very low. The overall
standard of living of common people of India was very low.

Occupational Structure

It refers to the distribution of working persons across different industries and sectors

1. Predominance of Agriculture
As colonial government aims at making India as an exporter of raw material, as a result about 72.7% of working population was
engaged in agriculture
As the income generation rate of agriculture sector is very low, this predominance reflects backwardness of the economy.

2. Unbalanced growth:-
Growth of an economy is said to be balanced when all the 3 sectors are equally developed but in case of Indian economy, only
primary sector is the main source of employment, whereas secondary and tertiary sector were in their infant stage of growth.

Infrastructure

It refers to the basic physical and organisational structure and facilities (Buildings, roads, power supplies etc) needed for the
operation of an economy.
The state of infrastructure was very poor during colonial period, although some efforts were taken by the British government to
improve the condition of infrastructure in the economy (railways, ports, post and telegrams, roads etc) so that it can serve
economics benefits to them.
The condition of infrastructure was explained here:-

1. Railways:
One of the biggest contributions of colonial rule was the introduction of railways in India in 1850. It helps to remove
geographical and cultural barriers in the economy. Although the benefits of railways was mostly restricted to Britishers during
colonial period but it also helps in developing the Indian economy post colonial period.

2. Roads:-
The construction of roads during colonial rule was very limited (due to scarcity of funds) The roads that were built, primarily
served the interests of mobilising the army and shifting of raw materials so that they can be transported to Britain via ports.

3. Air and water transport:-

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The colonial government took various measures for developing the ports and air transport.
But the development was far from satisfactory measure of development

4. Communication:-
During colonial period, Posts and telegraphs were the most popular means of communication. The system of electric telegraph
was introduced at a high cost to serve the purpose of maintaining law and order.
Despite serving a useful public purpose, the postal service remained all through inadequate

Positive contributions of British rule

As every coin has 2 sides, similarly the colonial rule had some leads some positive impacts on our economy which are as follows

1. Introduction of railways:
The first and the most efficient contribution was the introduction of railways in India.
Britishers introduced railways so that they can transport their products and the raw materials easily from one place to another
but in post colonial period railways turned out to be the key factor for the economy

2. Commercialization of agriculture:-
Under pre- colonial period, farmers grow crops just to sustain themselves and other people of the village. But forced
commercialization of agriculture under colonial rule brings new opportunities for farmers in the market

3. Monetary system of exchange:-

Barter system of exchange was no longer effective in the economy. Britishers brings a new
Barter system of exchange was no longer effective in the economy. Britishers brings a new system of exchange popularly known
as monetary system of exchange (Introduction of money)

4. Effective system of administration:-

The colonial government in India left a legacy of an efficient system of administration, which serve to be a readymade reference
for our economic and political planners

:: Did you know::

•The first official census of India was conducted in 1881
*1921, is the year of great divide, as the first stage of demographic transition has ended and India has entered into its second
stage of demographic transition

Summary

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o Colonial Rule.
o Stagnant economy.
o Features of Indian economy before colonial rule.
o Agricultural sector at the eve of independence Zamindari system.
o Commercialization of Agriculture.
o Low level of productivity.
o High degree of uncertainty.
o Industrial sector on the eve of independence.
o Decline of handicraft industries.
o Discriminatory tariff policy.
o Competition from machine made products.
o Lack of capital goods industries.
o Change in pattern of demand.
o Negative effects of Railways.
o Foreign trade.
o Exporter of primary products and importer of finished goods.
o Monopoly control on trade by Britishers.
o Economic exploitation.
o Demographic Condition.
o High birth rate and death rate.
o Low literacy rate.
o High Infant mortality rate.
o Poor Health facilities.
o Low life expectancy.
o High level of poverty.
o Occupational Structure.
o Infrastructure.
o Positive contributions of British rule.

Questions according to the examination

Short answer type questions (1 Mark)

1. Define colonial rule.
2. What do you understand by the term 'Stagnant economy?
3. What do you understand by 'Infant mortality rate’?

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4. Explain birth rate.

5. Define the term 'Commercialization of agriculture'
6. State the life expectancy in India during British rule
7. Name the sector in which is treated as the primary occupational sector of India.
8. Name the most important infrastructure that is developed during the colonial period
9. In which year the first census of India takes place
10. State the reasons of backwardness of Indian agriculture during colonial rule

Long answer type questions (3 - 6 Marks)

1. State the features of Indian economy in pre-colonial period
2. Explain 'land tenure system'
3. What do you understand by the drain of Indian wealth during the colonial period
4. What are the main causes of stagnation of Indian agriculture during colonial period
5. Explain the Discriminatory tariff policy of colonial government.
6. Explain the condition of 'Industrial sector' under British rule
7. Explain the condition of foreign trade under colonial period
8. Define the state of Birth rate and death rate at the eve of Independence
9. Define agriculture as the main source of occupation for Indian economy
10. What are the positive contributions made of the British government?

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Chapter-2

Indian Economy (1950-1990)

o Before independence, Indian economy was stagnant in nature

o India was an under- developed country
o Hence to eliminate the existing problems and to promote economic development the first and foremost task of the
government was to decide the most feasible 'Economic system' for the economy
o In order to remove the problems and to grow the economy, the government adopted the technique of Progressive
economic planning.
o Indian government with the prime minister as a chairman formed the planning commission (which is now known as Niti
Aayog) on March 1950 and adopted five year plans for the development of the country.
NITI - National Institute of Transforming India.

Economic problem/Central Problem of the economy:-

It is a problem which every economy has to face in the path of its development.
What to produce
The first and foremost problem that is faced by an economy is 'What to produce', that is what type of goods is to be produced
more than the other.
Due to scare resources, the economy can't produce unlimited goods and hence the quantity and priority of goods must be
decided.
Wants for those goods which society decided not to produce will remains unsatisfied, generally, the economy has 2 types of
goods I.e. Consumer goods or producer goods.
If the country starts producing more quantity of producer goods with less quantity of consumer goods, then the demand for
consumer goods will increase and vice versa.
How to produce:
It is related to choice of technique of production.
The goods must be produced in such a way that it gives most efficient output to the economy
Basically there exist 2 types of techniques of production which are as follows:
o Labour Intensive Technique (LIT)
(Use of labour more than machines in the process of production)

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o Capital Intensive Technique{CIT}

(Machines are used to maximize the output) •
If a country selects LIT then the units of labour employed will be greater than the units of goods produced as a result, the
employment opportunities will increase but the total production of the economy will goes down.

And if CIT is selected then the production goes up lacking behind the employment opportunities which results the introduction
of problem of unemployment and poverty.

Whom to produce:
It is related to the distribution of national product in the economy.
Under this distribution of output depends upon the ownership of the property.
The one who owes more gets more share of output in the economy than the one who has less amount of property

.
The reasons due to which a country faces economic problems are as follows:
1. Unlimited Wants
2. Limited resources (scarce resources)
3. Alternative use
1. Unlimited wants:-
Human wants are unlimited regardless to the nature of available resources, if one of his want gets satisfied than another want
crops up.
Example:-if a teenager wants a mobile phone for convenience and if his parents provided him so. Then his wants doesn't
restricts after that, One of his new wants comes upon, such as regular recharges, new bike; new laptop etc.

2. Limited Resources:-
o In order to fulfil unlimited wants of human, the resources are limited.
o That is the resources are scarce in relation to our wants, so we should get best out of what we have.

3. Alternative use:-
The scarce resources are used alternatively and hence it becomes important to decide the allocation/distribution of resources
effectively and efficiently.
General example:- the salary of an individual is to used in different sectors such as home expenses, medicine, instalment of
house, child fee and so on hence it should be carefully decided how much resource should be devoted for each purpose in order
to get maximum possible benefit.
Standard example: - Coal, petroleum etc.

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Types of Economies
Market economy/Capital Economy:-
It is a type of economy in which the total allocation of resources is made by private sector or businessman for producing goods
and services. As they are basically guided for making profit hence the central problem of the economy will not solved by the
market economy.
Under such economy, the prices of the product are determined by the demand and supply of goods and services, government
does not play any role to control market economy.

Central planned economy/Socialist economy:-

It is a type of economy in which the total allocation of resources is made by central government of the country. The government
is basically guided for social welfare and solving the central problem of the economy. Hence it promotes social welfare with
minimum cost.

Mixed economy:-
It is a type of economy in which both private and public sector are participating in productive activities. The allocation of
resources is made by the government for removing the central problem of economy with the help of private sector. Hence is
guided for maximizing their profit with social welfare.

After independence, Jawaharlal Nehru and other leaders decided to adopt 'Mixed economy'

Economic Planning

According to planning commission of India, "Economic planning refers to the utilization of country's resources in different
development activities in accordance to the national priorities."

Goals of Planning of India

The planning commission of India has adopted Five year plans strategy for the development of the economy.
India launches its first five year plan on 1st April 1951 for the period 1951-56. Since then we have completed 12 five year plans
(recent 5 year plan was in operation from 1st April 2012 for the period of 2012-2017)

The planning commission decided 2 Type of goals:

1. Long term goals (objectives of planning)
It refers to the goals which are to be achieved over a period of 20 years
They are common to all the five year plans and hence they are studied as common of five year plans.
2. Short term goals (objective of plan)

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It refers to the goals that are to be achieved in a specific plan (plan-specific goals)
It differ according to the need and requirement of the economy
Main Objectives of Five year plans are as follows (GEMS)

1. Economic Growth
During colonial period Indian economy was stagnant in nature so the first and foremost objective of economic planning is
economic growth.
Economic growth refers to the increase in productive capacity of the economy.
The basic criterion of measuring economic growth is the change in level of GDP (Gross domestic product).

2. Equity
It is important to ensure that the benefits of economic growth should reach the poor sections of society , so that it will reduce
the unequal distribution of income and wealth.

3. Modernization:-
It refers to both adoption of modern technology in the process of growth and also put changes in social outlook and ancient
meaningless rituals. For example- girls were not allowed to take education, child marriage etc

4. Self-reliance
It refers to more and more dependence on domestic goods rather than importing from rest of the world.
The concept of self- reliance emphasis on avoiding imports of such goods and services which can be produced domestically.
Promoting domestic production and industries will give rise to economic growth and prosperity in the economy.

Short term goals

They are those objectives which vary from plan to plan according to the need and requirement of the economy
EXAMPLE
1" plan (1951-1956)
Increase in agricultural production
Equitable distribution of production, income and wealth
2' plan (1956-1961)
Increase in industrial production
Development of heavy industries
7* plan (1985-1990)
Generation of employment opportunity
Increase in agriculture productivity

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11* plan 2007-2012)

Growth and poverty reduction
Generation of high quality of job
Protection of environment
Improving quality of education and public health services

Importance of Agriculture in Indian economy

India is an agricultural based economy; nearly 72% of working population is engaged in agriculture (on eve of independence).
The importance of agriculture sector in Indian economy is as follows:

1. Contribution to GDP:-
Agriculture sector contributes a significant share in the GDP of the economy. However, the time passes the contribution of
agriculture in GDP declines, in spite that agriculture plays a dominant role in economy GDP (15% in 2014-15).
2. Supply of food grains:-
India is one of those countries which is self sufficient in food grains.
Indian agriculture sector is capable enough to meet almost the entire food requirement, the population.
3. Source of employment:-
As stated earlier, India is an agriculture based economy so the main source of employment for the population comes from
agriculture sector.
According to the survey of 2013, nearly 47 percent of working population is engaged agriculture sector.
4. Supply of raw materials:-
Besides food grains production, agriculture sector also provides industrial raw material of cotton for textile, seeds for oil,
sugarcane for sugar mills.
5. Share of exports
Due to the prime exporter of raw material, agriculture sector plays an important role as an earner of foreign exchange through
export of commodities like tea, cotton, jute, coffee etc.
6. Source of revenue
The government generates revenue from agriculture sector through land revenue and other taxes on the commodities
produced.
7. Market for industrial sector
Due to higher dependence of population on agriculture, the demand for industrial product use in agriculture is also high
(Products like fertilizers, tractors, pesticides etc).

Problems of Indian agriculture

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1. Lack of irrigation facility

The first and foremost problem of Indian agriculture is the lack of irrigation facility. Farming in India was heavily dependent on
rainfall. The criteria of rainfall decide the condition of crops, i.e. heavy rainfall means good harvest, whereas drought (सूखा)
causes loss in output.
2. Small and scattered holdings
The backwardness of farming is mainly due to small holding of lands. Small farmers won't be able to adopt modern technology
which restricts them from increasing their productivity.

3. Deficiency of institutional finance

Institutional finance refers to the arrangement of finance by registered banks or any other financial institutes.
During that period, farmers are dependent upon non institutional sources of finance (such as zamindar, moneylenders, and
mahajans) for fulfilling their requirement of money. They charge very high rate of interest from farmers.
High cost of borrowing leads the farmers into debt-trap.
4. Conventional outlook
Despite innovative farming techniques, Indian farmers still rely on traditional method of farming. Moreover, Indian farmer
continues to consider farming more as means of subsistence and less as a business venture.
5. Lack of organised marketing system
Huge number of small farmers continues to sell their output in the local market at reduced rates due to unorganized marketing
system for agriculture in the economy.
They are restricted to sell their output to mahajans and money lender at lower price in order to repay loans.

Reforms in Indian Agriculture

After analyzing the problems of Indian agriculture, the next step is to cure them.
The government of India has taken a series of reforms for the development of agriculture sector in the economy. These reform
measures are popularly known as Agrarian reforms.
A) Land Reforms (Institutional reforms)
It refers to change in the ownership of landholdings.
Land reforms basically focused upon the objective of equity in agriculture
1. Abolition of intermediaries-
o The first and the most important action taken by the government is the removal of intermediaries (Zamindars). As
stated in the previous chapter, the colonial government appoints zamindars, who were the nominal head of the land
and they collect land revenue from the tillers without making any initiative to improve the land.
o The basic idea behind this step was that ownership of land would give incentives to the actual tillers to make
improvements.
o This policy brought 200 lakh tenants into direct contact with the government.

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o Also; this ownership right gives them the incentive the increase output (there is no zamindar in between who takes
their share of profit ) and this contributed to growth in agriculture.
2. Ceiling on land holding (land ceiling )
o It refers to fixing the maximum amount of land, which could be owned by the individual.
o In order to promote equity in the agriculture sector, the government specified the maximum limit of land that any
individual can hold. Any excess land beyond that limit would be taken over by the government and will be allotted to
the landless cultivators and small farmers,
3. Consolidation of holdings
o It refers to a practice to allot land to the farmer at one place as a replacement for his scattered holdings here and there.
Moreover, Small and scattered land is now converted into a big piece of land so that modern and innovative technology
can be applied which will increase the productivity.
4. Cooperative farming
o Joint farming by small cultivators by pooling their land and other resources to enjoy the benefits of large scale farming
is known as cooperative farming.
o Together farmers can buy inputs at a lower price and sell their products at a higher cost.

B) General reforms

1. Expansion of irrigation facility

In order to increase the productivity of agriculture, the government of India specially focused on providing proper and
permanent irrigation facility.
In 1951, approx 17 percent of land was under permanent means of irrigation,
According to World Bank, about 35% of total agricultural land in India reliably irrigated in 2010.
2. Institutional credit
Regional rural banks have been set up by the government of India to fulfill the requirements cf agricultural credit.
A national Bank for Agriculture and rural development (NABARD) has been set-up as an apex institution in the field of rural
credit in 1982
3. Support price policy
According to this policy, the government assures a Minimum support price (MSP) to the farmers for their excess output.
The farmers are free to sell their products in the market at prevailing rate, but in case the market rate is lower than the MSP,
then the government will purchase their output.
4. Regulated markets and co-operative marketing societies
A regulated market or controlled market is a system where the government controls the forces of demand and supply, such as
who is allowed to enter and what prices may be charged.
They are set-up by the government with the objective of offering a standardized price to the farmers and protect them against
the exploitation of middlemen

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Cooperative marketing societies are also established to increase the bargaining power of farmers in the market. They ensure
that farmers output is graded and sold only when acceptable price is available.
Storage and warehousing facilities have been expanded to build up adequate buffer stocks.

C) Green Revolution or Technical Reforms:-

Green Revolution refers to sudden and spectacular increase in agriculture productivity due to the use of high yielding variety of
seeds.
After independence, although around 72% of population was engaged in agriculture sector, but the level of productivity was
very low.
The government initiated many technological measures, this continuous and intensive efforts breaks the stagnancy in agriculture
sector which was regarded as green revolution.
It includes:-
1- Use of High yielding variety of seeds
2-Use of Chemical Fertilizers
3- Use of pesticides for crop protection
4- Scientific crop Rotation
5-Modernized means of cultivation
Achievements of Green Revolution
• Increase in production
The basic and the fundamental achievement of green revolution is a massive increase in production and productivity of food
grains in the economy.
It increases from 82 million tons in 1960-61 to 176 million tons in 1990-91
• Increase in national income
The economic condition automatically increases with the increase in production and level of productivity of food grains in the
economy.
• Increase in Marketable surplus
It refers to the portion of agriculture production which is sold in the market by the farmers after self consumption.
Due to increase in the level of productivity, higher amount of food grains can be produce on the same amount of land, due to
which farmers can now sell their food grains in the market even after self consumption
• Benefit to low income groups
Due to availability of large amount of food grains in the market, their price declines a comparison to other items of
consumption. The low income group who spend large proportion of their income on food, benefited from this decline in relative
price.
• Change in farmer’s outlook

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Due to increase in production and productivity the outlook of farmers towards agriculture is now changed. Farming is no longer
viewed as a source of subsistence, it is considered as commercial venture as well.
• Buffer stock of food grains
The green revolution enabled the government to procure sufficient amount of food grains to build a stock which could be used
in times of food shortage in the market.
Failure of green Revolution:-
• Limited crops only
Sudden rise in output due to green revolution mainly restricted to the production of food grains only (wheat and rice). There is
no such increment in the production other crops like pulses, jute, cotton etc.
• Uneven benefits
The concept of using HYV seeds and modern technology comes with huge investment, whereas the majority of farmers in India
are small and marginal. The gains of green revolution mainly attracted towards big farmers only. It ultimately leads to increase in
income inequality between small and big farmers.
• Soil degradation
Intensive use of Pesticides and chemical fertilizers has negative effect on land.
Production of wheat and rice requires huge amount of water, fertilizers and pesticides which results in alarming rate of
groundwater depletion and soil degradation
•Uneven spread
The concept of green revolution is not spread over the whole country, only few states like Punjab, Haryana, Tamilnadu and
Andhra Pradesh had made a great impact.
While the impact on other states was relatively insignificance

Industrial Reforms
In the context of growth and development of a country, industrial sector always plays a dominant role. In the economy like
India, The growth of industrial sector is necessary for the economic and monetary prosperity of country.
Industrial sector provides
o More stable source of employment
o Promotes modernization
o Increases national income
o Boost the growth potential of an economy
o Increases the amount of exports
o Helps to modernize agriculture
At the time of independence, the industrial sector was in the immature stage, only few industries represent the whole sector.
So, the government of India decides to put attention on the development of this sector.

Role of public/government sector in industrial development

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The development of industrial sector or the process of industrialization cannot be left ov solely in the hands of private
entrepreneurs.

Direct involvement of public sectors also necessary for its development as

• Lack of capital
Handful of private industries won't be able to arrange and invest capital up to the line which is required for the development of
whole economy.
Hence the involvement of government sector becomes mandatory for the process of industrialization.
•Lack of incentive
At the time of independence, the market of India was not much big enough to encourage private businessman to undertake
huge investment.
Moreover due to limited size of market, the demand for industrial goods was a very low which restricts the industrialist to earn
more.
• Social justice
A private industrialist always aims at maximizing wealth, whereas in order to grow industrial sector along the growth of
economy the main objective is to provide more and more employment opportunities rather than concentration of wealth in few
hands.
• Development of infrastructure
Due to huge investment and low profitability, private sector does not undertake many infrastructural projects. So, it became
mandatory for the public sector to involve in the process of industrial development.

Industrial Policy Revolution (1956)

According the Industrial policy 1956, government of Increases the role of public sector in the industrial development of the
economy. The main objective of this revolution is to accelerate the growth of industrial sector and prevent the concentration of
wealth and income in the hands of few individuals only
Features of IPR 1956
1. Three-tier classification of industries
According to this, the industrial policy 1956 divides total industries into 3 categories
Schedule A - 17 industries Complete control of public sector
Schedule B-12 industries Those which could be established both as a private and public sector enterprises.
However the role of public sector is more dominant than of private sector.
Schedule C- Remaining industries, which are to be left open for private sector.
2. Introduction of industrial licensing
It refers to a written permission from the government for opening or for expanding an industrial unit. According to this policy, no
new industry was allowed to survive unless and until license is obtained from government. Moreover, license was also needed if
an existing industry wants to expand or diversify production

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3. Industrial concession
Incentives like tax rebate and subsidized rate of power supply were offered to private entrepreneurs for establishing industries
in backward and rural areas of the country.
The basic motive behind this policy is to encourage equality in income.

Small Scale Industries (SSI)

A small scale industry is presently defined as the one whose investment does not exceed rupees 5 crore. (Earlier it was rupees 5
lakhs in 1951).
The government also focuses on developing and strengthening Small scale industries as it plays an important role in the
development and equitable distribution of income in the economy.
Role of Small scale industries or Characteristics of SSI
o Labour intensive
Small scale industries provide huge amount of employment in the economy as the amount of labour in such industries
are proportionately high as comparison to big industries. i.e. SSI are labour intensive, whereas big industries are capital
(machines) intensive.
o Promotes balanced regional growth
These Industries are location friendly, unlike big industries which are required to be set up near the raw material hub in
order to reduce the cost of transportation these industries can be easily set up at the door step of the owner. (Due to
small requirements)
o Promotes equity
SSI requires less amount of investment as compared to big industries, which does not concentrate the power of
economy in few hands. Moreover any one can start a Small scale industry ( low investment ) which will bring equal
distribution of income and wealth in the economy
o Source of raw materials
SSI are the source of raw materials for big industries, Majority of big industries get raw materials from them only.
It builds the eco-system of flow of income in the economy.
Foreign trade policy
During colonial period India was the prime exporter of raw materials and the importer of finished goods. But after
independence, India's foreign trade undergo with a massive change.
In order to be self- sufficient, India has followed a policy of Import substitution which is also known as inward looking trade
strategy.
Import substitution refers to a policy of replacement of imports by domestic production.
According to this policy, instead of importing goods from foreign country, domestic industries are encouraged by giving different
incentives to produce them in India.
Government of India uses 2 ways to protect domestic goods from imports

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1. Tariff
It refers to the taxes levied on imported goods. The goods can be imported in India after paying heavy amount of taxes on such
goods; imposition of tax increases the price of such goods which automatically reduces its demand in the market.
2. Quota
It refers to the government imposed trade restriction that limits the number or monetary value.

:: Things to remember::
Impact of import substitution
o Saves foreign exchange
o Creates protected market for domestic producers
o Build industrial sector
o Increases demand of domestic products
Bad impacts of import substitution
o Restricts growth
o Reduces efficiency of domestic producers
o Creates local monopoly ( due to no other alternative)
o Low competition implies lack of development and modernization
Summary
o planning commission
o Economic problem
o What to produce
o How to produce
o whom to produce
o Market economy
o Mixed economy
o Central planned economy
o Economic Planning
o Goals of Planning of India
o Long term goals
o Short term goals
o Objective of Five year plans
o Economic Growth
o Modernization
o Full employment

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o Equity
o Self-reliance
o Importance of Agriculture in Indian economy
o Contribution to GDP
o Supply of food grains
o Source of employment
o Supply of raw materials
o Share of exports
o Source of revenue
o Market for industrial sector
o Problems of Indian agriculture
o Lack of irrigation facility
o Small and scattered holdings

Questions according to the examination

Short answer type questions
1. What are the basic reasons that creates central problem in an economy
2. What are the central problem of an economy
3. What do you understand by Labour Intensive technique' of production
4. Define personal distribution
5. What do you understand by the term 'Central planned economy'
6. When was India's first five year plan launched
7. State the main objectives of five year plan
8. Write down any 2 problems of Indian agriculture
9. Define Ceiling on land holding
10. Define economic planning
11. What do you understand by the term Cooperative farming
12. Define support price policy of the government
13. What do you understand by the term regulated market
14. Define Green Revolution
15. Write down any 2 achievements of green revolution
16. Define Industrial policy revolution
17. Define Import substitution
18. Write down any 2 characteristics of Small scale industries
Long answer type question

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1. Explain growth as an objective of five year plan

2. Explain the problem of 'What to produce'
3. Explain the importance of agriculture sector in Indian economy
4. What are the problem of Indian agriculture after colonial period
5. What are the Institutional reforms adopted by the government of India
6. Define Regulated markets and co-operative marketing societies as general reform ofIndian agriculture
7. Explain the concept of Green Revolution
8. Write down the achievements of green revolution
9. The benefits of green revolution are restricted to some specific areas of the country. True or false?
10. What are the reasons that force the public sector to enter in Industrial sector of the economy
11. Write down the features Industrial policy revolution (1956)
12. Explain the role of small scale industries in the development of the economy
13. Explain the foreign trade policy adopted by the government of India after Independence

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Chapter 3

Economic Reform since 1991

Economic Reforms are the long term dynamic combination of policies and programme for the speedy growth,
efficiency in production and make a competitive environment.
Economic reforms were adopted by Indian government in 1991
Q) Why government of India announced new economic policy in 1991?
Or
What is the need of adopting economic reform in India in 1991?
Ans - Before 1991, the condition of Indian economy was in a state of crises. The economy was nearly in the condition
of getting collapse.
Factors responsible for economic reform
• Fall in foreign exchange reserve
Due to the process of industrialization the imports of the economy grew much faster than the amount of exports.
Increase in imports reduces the foreign exchange reserve of the economy.
• Failure of Public sector
One of the most important factors which led to the economic reforms is the low rate of development of public sector
undertakings. The low rate of development causes massive poverty and unemployment in the economy.
• High fiscal deficit
Fiscal deficit refers to borrowing by the government on account of the excess of it of expenditure over revenue during
a year.
It was estimated to be 5.4% of GDP in 1981-82 and increases to 8.4% of GDP in 1990-91 .
It represents the poor financial condition of the economy.

Deficit in Balance of payment

Balance of payment refers to the statistical statement of receipt and payment of country with rest of the world in an
accounting year.

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Due to slow growth of exports and huge increment in imports the balance of payment our economy remains in deficit
(Foreign payments > Foreign receipts)
Rate of inflation also increases
In order to eliminate the situation of crises from Indian economy, Prime Minister P.V. Narsimharoa along with the
finance minister Dr. Manmohan Singh introduced the new economic policy in 1991.
NEP elements
1. Liberalization
2. Privatization
3. Globalization
The set of policies introduced by the government is placed under 2 different groups (popularly known as measures of
new economic policy)
• Stabilization measures
It refers to short time policies/measures which aim at correcting the deficit in balance of payment and controlling the
inflation
• Structural reform measures
It refers to long term measures aims at improving the efficiency of economy and increasing the international
competitiveness
Elements of New Economic Policy

1. Liberalization

The removal of entry and growth restrictions on private sector enterprises or the removal of trade barriers is known as
liberalization.
Before 1991, government imposed many restrictions on private enterprises which restricts them to take risk or to get
indulge in a big project.
According to the policy of 19991, the government tries to remove such barriers so that the private sector of the
economy shall grow
In order to get liberalized, government introduced
i. Industrial sector reform
ii. Financial sector reform
iii. Fiscal Reform
iv. Foreign exchange reform
v. Trade and investment policy reforms

I. Industrial sector reforms

Under industrial sector, government provides liberalization in the following ways
• Reducing industrial licensing

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The new economic policy abolished the requirement of licensing except for the follow; five industries, i.e. liquor,
cigarette, defence equipments, industrial explosives and dangerous chemicals.
• Decreasing the role of public sector
The number of industries reserved for public sector is now reduced from 17 to 3 I.e. defence equipments, atomic
energy generations and railways.
• Making MRTP act (Monopoly restrictive trade practice act, 1970) more liberal
Now big industrialist are no longer required to seek prior government approval I expansion and establishment of new
industries

• Freedom to Import capital goods

Indian industrialist will be free to import machinery or raw material for rest of the world in order to expand and to
modernize their industries.
II. Financial sector reforms
 Establishment of private sector bank
According to this policy private sector will now be able to open up a bank in India as w as in rest of the world.
The basic purpose of adoption this policy is to increase competition which ultimately leads to lower rate of
interest and good quality of services.
 Changing the role of Reserve Bank of India
The role of RBI is now changed from regulator to facilitator of financial sector. It me: that the financial sector
can take decision on many matters without consulting from RBI.
 Foreign investment limit in banks was increased up to 51 percent. I.e. foreign invest are allowed to invest in
Indian financial markets.
 Ease of expansion
after fulfilling certain conditions, banks were given freedom to set up new branches a rationalize existing
branches without any approval of RBI.
IlI. Fiscal reforms or tax reforms
It refers to the reforms in government taxes and public expenditure policies

Tax:-
It is the compulsory payment made by the citizen of a country to the government without receiving any direct benefit in
return.
Taxes are of 2 types:-
1. Direct tax:-
They are those taxes that are imposed on property and income of an individual or a company, and are paid directly by
them to the government.
Example:-Income tax, Corporate tax, wealth tax etc.
2. Indirect tax:-

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hey are those taxes which affects the income and property of individuals and companies through their consumption
expenditure.
They are imposed on goods and services.
Example: GST (Goods and Service tax), Excise duty etc.

Reduction in Direct tax

The rate of direct tax is reduced so that it encourages the citizen to promote saving and voluntary disclosure of
income.
The government also regulate and reduce the rate of indirect tax, so that a common national market for goods and
services can be established.
The process of taxation is also simplified so that a common man can easily understand and accept the structure.

IV. Foreign exchange reforms

It refers to the rate at which the currency of one country is exchanged with the currency of other country.
Foreign exchange rate measures the number of units of one currency required to exchange with one unit of other
currency. Example:-1$=78 rupees
The above rate means that 78 rupees are required to exchange with 1 dollar.
The foreign exchange reform was introduced in order to bring stability in import and export and to stabilize the crises
of balance of payment.
The reforms are
• Devaluation of Rupee-
Devaluation refers to decrease in the value of domestic currency by the government.
In order to attract foreign investors and to increase the amount of foreign exchange the government reduces the value
of domestic currency
• Adopting Flexible exchange rate system
It refers to a system in which the exchange rate is determined by the forces of demand and supply of different
currencies in the foreign exchange market.
I.e. the currency which is in demand, has higher exchange rate and the currency whose supply is more, is less
valuable and hence it is exchanged at a lower rate
The value of currency is allowed to fluctuate freely.

V. Trade and investment reforms

Before 1991, heavy tariff and quota system was implemented by the government to protect domestic industries. But
this policy results in reduction of efficiency and slow growth of the economy.
So in order to boost up the competition and to foreign investments, government of India implemented trade and
investment reforms which are as follows
o Reduction in Quota (upto maximum possible limit)

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o Removal of Export duty

o Reduction in import duty
o Import licensing was abolished(removed)
Except in case of hazardous and environmentally sensitive industries

2. Privatization

Transfer of ownership right, from public sector undertaking to private sector undertaking in known as privatisation.
• Contraction of public sector
According to this policy, the private sector is no longer restricted to entry in any industry (except atomic power,
railways and defence).
• Government companies have been sold by the central government to private capitalist which were incurring losses in
1991.
• Privatization of public sector undertaking (PSU) by selling off part of equity to the public (this process in known as
disinvestment)
• The government has also attempt to improves the efficiency of few PSUs by giving them additional power and
freedom to enter joint venture, raise debts etc.
The government has listed 9 public sector undertaking with the name of ' Navratna Companies'.
"NAVRATANAS"
INDIAN OIL
BHARAT PETROLEUM
ONGC
SAIL
HINDUSTAN PETROLEUM
BHEL
IPCL
VIDESH SANCHAR NIGAM LTD.
NTPC

3. Globalization
The integration of domestic economy with world economy is known as globalization in other words, it may be defined
as a process associated with increasing openness, growing economic interdependence and deepening economic
integration in the world economy.

Policies promoting globalization

• Increase in limit of equity in foreign investment
The equity limit which was 40 per cent was now upgraded to 51% and even higher.
The concept of increasing the limit is to welcome foreign investment and increase the flow of foreign exchange

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• Reduction in tariff
The amount of tax imposed on import of goods is also reduced upto the maximum possible limit. So that international
competition and technological upgradation can be enjoyed.
• Removal of quantitative restrictions
The quota system was abolished by the government of India to promote trade upto the maximum limit)
India being the member country of World trade organization (WTO) since April 2001, totally removed the quantitative
restrictions on foreign trade
• Partial convertibility of rupee
It refers to a system wherein the currency is allowed to determine its own exchange rate in the international market on
the basis of demand and supply (without any direct official intervention)
The convertibility of rupee attracts the foreign investors to invest in India
• Outsourcing
This is one of the most important outcomes of globalization. Under this, a company hires regular services from
external sources (mostly from other countries) which were previously done internally. The low wage rates, availability
of skilled manpower and existence of Special economic zones have made it a destination for global outsourcing in the
post reform period. The main services which are outsources from India by developing countries are call centres, film
editing, music recording, record keeping etc
Special economic zones (SEZs)
• It is an economic zone which was established by the government of India for industrial development.
In such zones various facilities were provided by the government -
o Cheap raw materials
o Infrastructural facilities
o Five year tax free plan
o Flexibility in labour laws

Achievements of New Economic policy 1991

o Increase in rate of economic growth
The Indian economy was no longer a stagnant economy. The policy of 1991 pulls out the economy from
stagnancy to a developing country.
The growth of GDP increases from 5.6% in 1990-91 to 7.6% in 2015-16
o Rise in foreign exchange reserve
Due to relaxation in tariff and increasing the limit of foreign direct investment, the foreign exchange reserve of
the economy increases from $3.362 million in 1990 to $25,186 million in 1995.
o Foreign investment also increases from $100 million in 1991 to $150 million in 1995
o The rate of inflation also decreases from 17% in 1990 to 6.5% in 2001
o Fiscal deficit of the economy is also reduced from 8.5% to less than 5%
o The deficit in balance of payment also comes under control

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o Due to the removal of export duty, the exports of India started to increase

Demerits of New Economic policy 1991

o Neglected agriculture sector as the new economic policy has special emphasizes on industrial and IT sector
Security of job has been decreased because of entry of FDI and multinational companies.
o Small scale and cottage industries has declined because of increase in competition due to globalization
the metropolitan cities are developed with lacking behind the development of rural areas.
o The disinvestment policy was also not favourable for domestic investor.
o Leads to unbalanced growth between the sectors.
o Spread of consumerism (the promotion of the interests of consumers) .
The new policy has been encouraging a dangerous trend of consumerism by encouraging the production of luxuries
and items of superior consumption.

World trade organization (WTO)

Before WTO, GATT (General agreement of tariff and trade) was established in 1948 with 23 countries as the global
trade organization to administer all international trade agreements by providing equal opportunities to all the countries
in international market for trading purposes.
The WTO came into existence on 1st January 1995 as the successor organization to the GATT.
The WTO is body incorporated for the purpose of making the whole world a village wherein goods and services can
flow without any undue barriers.
The headquarter of WTO is located in Geneva (Switzerland),
The WTO has 164 members and 23 observer governments.
The current director-
Role/Functions of WTO
o To facilitates international trade
o To provide financial assistance to the member country in international trade
o Always tries to remove the tariff barriers between the countries
o Acts as a watch dog in international trade
o Acts as a forum for trade negotiations
o To provide a platform to member countries to decide future strategies related to trade and tariff
o To administer the rules and processes related to dispute settlement

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Summary
o new economic policy in 1991
o Factors responsible for economic reform
o Elements of New Economic policy
o Liberalization
o Privatization
o Globalization
o Stabilization measures
o Structural reform measures
o Liberalization
o Industrial sector reform
o Financial sector reform
o Fiscal Reform
o Foreign exchange reform
o Trade and investment policy reforms
o Privatization
o Globalization
o Outsourcing
o Achievements of New Economic policy 1991
o Demerits of New Economic policy 1991
o World trade organization (WTO)
o Role/Functions of WTO

Questions according to the examination

Short answer type questions
1. Define economic reforms
2. Write down any 2 factors responsible of the implementation of new economic policy.
3. Write down the elements of new economic policy 1991.
4. Write down any 2 industrial sector reforms
5. What do you understand by the term 'Liberalization'
6. Write down the full form of MRTP act.
7. Define the term globalization.
8. What do you meant by devaluation
9. What benefit goes to domestic industries of reduction in tariff

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Long answer type questions

1. What are the factors of Indian economy results in the implementation of n economic policy 1991
2. What are the industrial sector reforms adopted by the government of India
3. Write down the foreign sector reforms in new economic policy 1991
4. Explain in brief the liberalization reforms introduced in the financial sector
5. Explain the arguments in favour of new economic policy
6. Explain world trade organization
7. Define globalization. Also explain any 3 changes made by the globalization of Indian economy
8. Explain in brief, the demerits of New economic policy 1991

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