Indian Economy 1950–1990
This worksheet covers the goals of India's five-year plans, economic systems, and development policies in agriculture and industry between 1950 and 1990. Total: 40 marks.
Section A: One Word Answers [20 Marks]
Answer the following questions in one word or a short phrase.
What type of economic system did independent India adopt, which combined features of socialism and capitalism?
What is another name for a market economy, where production decisions are based on supply and demand?
In a socialist society, who decides what goods are to be produced according to the needs of society?
In a capitalist society, what is the basis for the distribution of goods and services among people?
What is the term for a long-term plan that specifies objectives to be achieved over a period of twenty years?
Section B: True or False [20 Marks]
State whether the following statements are True or False, and briefly explain why.