Question

What were the major achievements and failures of the first four decades of the Indian Economy since independence(1950-1991)?

Answer 1

The period from 1950-1990 to Indian economy is a very critical time for the country. Several steps were undertaken in different aspects for the country's benefit. In Indian agriculture many reforms - were taken in the Indian agriculture. During this period various reforms such as technical reforms; general Reforms and Institutional and land Reforms in the nation’s agricultural sector. Technical reforms led to the Green revolution. General reforms such as irrigation facilities were important for the country's economy. Institutional reforms removed the intermediaries and immense rent regulation. Also during this period from 1950s to the 1990s the cooperative farming was huge success. During the mid and the late 1970s Indian economy experience the growth of industries. However there were obsolete techniques and machinery, intense regional imbalance; lack of technical knowledge and dissatisfaction among workers. Moreover there was failure in imparting education to workers on engineering and management techniques which resulted to a poor contribution to the national income. Due to several societal, political, and personal obstacles the Indian economy remained stagnant during this period.