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Indian Economy 1950-1990

Question

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Distinguish between subsistence agriculture and commercial agriculture?

Solution

Under subsistence agriculture, a farmer mainly produces those crops which are required to meet the most immediate needs of his family. These are primarily food crops and to some extent non-food crops like cotton, sugarcane, etc. On the other hand, under commercial agriculture, a farmer cultivates those crops which find a ready market. The farmer sells the crops in the market and with the cash received from the sale of crops, he purchases the goods required by him.

Some More Questions From Indian Economy 1950-1990 Chapter

Who floated the idea of planning in India first of all?

How many plans have been completed in India so far?

Define capitalist economy.

What is a socialist economy?

What is mixed economy?

What is meant by economic growth?

What structural change undergoes with development of the economy?

Name the sectors from which the GDP of a country is derived.

On which idea is the policy of 'land to tiller' is based?

Where is the provision for economic and social planning in our Constitution?

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