CBSE Questions for Class 12 Commerce Economics Indian Economy (1950-1990) Quiz 1 - MCQExams.com

The Industrial Policy 1956 added 17 industries under Schedule A, . These industries were arms and ammunition, atomic energy, iron and steel, heavy machinery, mineral oil, coal, railway transport, etc.

The term used for grouping of small landholdings with bigger ones is called 'consolidation of land holdings'. Consolidation of landholding means bringing together different pieces of land and merge them into one.

Indian Industrial Development includes both public and private sector. There is a big  role of the government and the private sector in industrial development.

The Mahalanobis Committee was found to study the impact of first two five year plans. It was meant to study the income distribution to learn who all were benefitted as during these two plans there wasn't any substantial increase in per capita income.

Second Five Year Plan was clear enunciation of a strategy of development by Indian planners. Prof P C Mahalanobis was the real architect of Second Five Plan Plan. It is based on Russian experience.

Land reform involves the changing of laws, regulations or customs regarding land ownership. Land reform may consist of a government-initiated or government-backed property redistribution, generally of agricultural land. The most common proclaimed objective of land reform is to abolish feudalism, which usually means overthrowing the landlord class and transferring its powers to the reforming elite or its surrogates.

Agricultural holdings tax appears nowhere in India's land reform programme while ceiling on holding, consolidating of holdings and zamindari abolition are the main parts of land reform programme in Indian agriculture.

Land reforms were intended to reduce inequalities existing in land markets, where the poor farmers were exploited. Abolition of intermediaries, tenancy reforms and ceilings on land holdings were a part of these reform but imposition of land revenue was never a objective/part of this reform.

Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian Parliament in April 1956 by participation of public sector.

Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian Parliament in April 1956.

Another name for import substitution strategy is inward looking trade strategy.

 Market economy, also called capitalism, only those consumer goods will be produced that are in demand, i.e., goods that can be sold profitably either in the domestic or in the foreign markets.
Capitalist society the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power-the ability to buy goods and services. 

Mahalanobis was born in 1893 in Calcutta. He was educated at the Presidency College in Calcutta and at Cambridge University in England. His contributions to the subject of statistics brought him international fame. In1945 he was made a Fellow (member) of Britains Royal Society,

Prasant Chandra Mahalanobis: The Architect of Indian Planning: Many distinguished thinkers contributed to the formulation of our five year plans. Among them, the name of statistician, Prasanta Chandra Mahalanobis stands out. Planning, in real sense of the term, began with the Second Five Year Plan. The Second Plan, a landmark contribution to development planning in general, laid down the basic ideas regarding goals of Indian planning; this plan was based on the ideas of Mahalonobis. In that sense he can be regarded as the architect of Indian Planning.
Mahalanobis was born in $$1893$$ in Kolkata. He was educated at the Presidency College in Kolkata and at Cambridge University in England. His contributions to the subject of statistics brought him international fame. In $$1946$$, he was made a Fellow (member) of Britain's Royal Society, one of the most prestigious organisations of scientists; only the most outstanding scientists are made members of this society.
Mahalanobis established the Indian Statistical Institute(ISI) in Kolkata and started a jorunal, Sankhye, which still serves as a respect forum for statisticians to their ideas.

Green Revolution commenced in the year 1966.Substantial Improvement in Agricultural Productivity was achieved through Green Revolution. The father of Green Revolution was M.S Swaminathan. The introduction of HYV seeds and increased use of fertilizers, pesticides and irrigation- collectively known as Green Revolution.

Zamindari System (Permanent Land Revenue Settlement) Zamindari System was introduced by Cornwallis in 1793 through the Permanent Settlement Act.

The Second Five Year Plan was based on Maahalanobis Model. Time period for the second five year plan was 1956-1961. It focused on mainly rapid industrialization and development of public sector.

Land reforms in India includes the abolition of intermediaries so that farmers are not exploited: 

Strengthing of infrastructure , building up of capital good , chairman of 2nd F.Y.P. (1956-1961) was "P.C. MAHALANOBIS" That's why this project name is "Mahalanobis Model" emphasized on basic goods & capital goods.

Market failure can occur because of external factors like inefficiency in the allocation of goods and services, improper distribution of information, externalities and public goods.