Indian Economy 1950-90 test - 3

During the time of independence government adopted the policy of free market forces along with planning by inducement

Monopolies and Restrictive Trade Practices Act aims to prevent concentration of economic power, provide for control of monopolies, and protect consumer interest.

In a free market the prices are reguated themselves. Supply and demand will reach the point of equilibrium where the most money will be made.  However, what is best for the company is not necessarily what is best for the people. Therefore, to earn more profits companies exploit workers, which creates instability and inequality in economy.

Scarcity of resources is one of the basic problems faced by Indian economy. Man made resources is the basic problem faced by economy.

It refers to long-term planning in which long range targets are set in advance for a period of 15, 20, or 25 years.

The motive of self reliance is to attain self sufficiency and use its own resources rather than be dependent on others.

Normal Borlaug was the "Father of the Green Revolution", who developed HYV seeds which involved the development of high-yielding varieties of cereal grains, expansion of irrigation infrastructure, modernization of management techniques to farmers.

Inlusive growth refers to advancing equitable opportunities with an objective to reduce inequality and poverty.

It was introduced in 1964-65 with a new dimension of agricultural production created in the community development project.  HYV of Wheat, Paddy and introduced in selected 100 districts but later on it spread in other area also.  The objective of this programme is to adopt HYV for maximum production.

Intensive Agriculture Development program (IADP) was to provide loan for seeds and fertilizers to farmers. Intensive Agriculture Development program was started with the assistance of Ford Foundation.