INDIAN ECONOMY (1950-1990)
CHAPTER -II INDIAN ECONOMY (1950-1990) 1.INTRODUCTION • Agriculture was the principal source of subsistence for the bulk of the population. • Secondary and tertiary sectors of the economy were grossly insignificant. • Majority of the countrymen were living under extreme poverty. • Life expectancy was extremely low. • Problems of large scale unemployment and absolute poverty could not find their own solution, left to the forces of supply and demand. • Direct participation of the government in the process of growth and development was needed. This meant adoption of economic planning . 2.MEANING OF ECONOMIC PLANNING AND FORMATION OF PLANNING C...