Indian Economy 1950-90 test - 6

The major reason for the failure of land reforms were lack of political support, benami transfers and lots of flaws in the land reforms legislation.

The Green Revolution refers to a set of research and development of technology transfer initiatives occurring between the 1930s and the late 1960s. It involves the development of high-yielding varieties of cereal grains, expansion of irrigation infrastructure, modernization of technology etc. which increased the production of foods.

Economic planning is a term used to describe the long term plans of an incumbent government to manage the economy. Economic planning is a common feature of big government and usually dictates increased spending and deficits to fund government programs and public works projects.

The objective of social justice in economic planning includes both a reduction in inequalities in asset distribution and an improvement in the living standardds of the poorest groups in the society.

Land reforms includes tenancy reforms and abolished zamindari system as well as intermediaries.

Self reliance refers to the ability of the country for not being dependent on foreign countries. When the domestic country is easily able to pay its imports then it is known as self-reliance.

Eliminate poverty was one of the objectives of fifth five year plan, NABARD was introduced in sixth five year plan, Harrod Domar model was used in first five year plan.

Land reforms refers to the statutory division of agricultural land and its reallocation to landless people. It focusses on increasing the agricultural productivity.

Excessive government control and restrictions on capacity utilisation, location, product mix, product quality, prices, distribution etc. come in the way of smooth functioning of the firms and often result in sickness of the firm.

Industries having an investment of less 10 lakh in fixed assets were not required to obtain licenses as per the 1951 Act.