Indian Economy 1950-1990

1947

1950

1951

1956

Jawaharlal Nehru

P.C. Mahalanobis

Mahatma Gandhi

V.K.R.V. Rao

Capitalist Economy

Socialist Economy

Mixed Economy

Traditional Economy

Industrial growth

Food grain self-sufficiency

Poverty alleviation

Export promotion

1950s

1960s

1970s

1980s

Heavy Yielding Varieties

High Yielding Varieties

Hybrid Young Varieties

High Yielding Vegetables

Increasing industrial output

Land to the tiller and equity

Promoting foreign trade

Urbanization

Tax collected from farmers

Financial support to reduce input costs

Price ceiling on agricultural goods

Export duty on crops

Export promotion

Import substitution

Free trade policy

Laissez-faire policy

Promote private monopolies

Give a dominant role to the public sector

Abolish all industries

Encourage 100% foreign investment

Two

Three

Four

Five

Industries owned by a single person

Industries with investment limit on fixed assets

Industries producing only consumer goods

Industries operating only in rural areas

Mahalanobis Committee

Karve Committee

Narasimham Committee

Santhanam Committee

Subsidy given to exporters

Tax on imported goods

Quantity limit on imports

Tax on domestic production

Tax on imports

Quantity limit on imports

Minimum support price

Financial grant

They generate huge tax revenue

They are more employment-generating

They rely heavily on foreign technology

They produce heavy machinery

1951-1956

1956-1961

1961-1966

1969-1974

Post-liberalization era

Pre-planning era

First seven Five Year Plans era

Globalized economy era

It led to surplus foreign exchange reserves

It failed to create a vibrant export sector and fostered industrial inefficiency

It made domestic goods too cheap

It resulted in over-dependence on multinational corporations

Equal distribution of wealth and reduction in poverty

Equal taxation for all citizens

Giving equal power to all states

Equal production of all goods