CBSE Class 12 Economics Indian Economy Worksheet Set B

Download printable Economics Class 12 Worksheets in pdf format, CBSE Class 12 Economics Indian Economy Worksheet Set B has been prepared as per the latest syllabus and exam pattern issued by CBSE, NCERT and KVS. Also download free pdf Economics Class 12 Assignments and practice them daily to get better marks in tests and exams for Grade 12. Free chapter wise worksheets with answers have been designed by Standard 12 teachers as per latest examination pattern

Indian Economy Class 12 Economics Worksheet Pdf

Class 12 Economics students should refer to the following printable worksheet in Pdf for Indian Economy in Grade 12. This test paper with questions and solutions for Standard 12 Economics will be very useful for tests and exams and help you to score better marks

Class 12 Economics Worksheet for Indian Economy

INDIAN ECONOMY
 
INTRODUCTION
 
The leaders of independent India had to decide, among other things, the type of economic system most suitable for our nation, a system which would promote the welfare of all rather than a few. There are different types of economic and among them; socialism was selected but not fully. India adopted the mixed economic system keeping in mind the best interest of the development of the country.
 
• Capitalist Economy: When the market forces of supply and demand decide the economic development, it is called a market economy OR capitalism. Only those consumer goods will be produced that are in demand. For example, if cars are in demand, cars will be produced and if bicycles are in demand, bicycles will be produced to earn profits.
 
• Socialist Economy: In a socialist society the government decides what goods are to be produced according to the needs of society. It is assumed that the government knows what is good for the people of the country and government decides how goods are to be produced and how they should be distributed.
 
• Mixed economy: are those where government and the market together decide what to produce, how to produce and how to distribute what is produced. In a mixed economy, the market will provide whatever goods and services it can produce well, and the government will provide essential goods and services which the market fails to do.
 
WHAT IS A PLAN?
 
• A plan shows how the resources of a nation should be put to use. It has some general goals and some specific objectives which are to be achieved within a specified period of time.
• In India plans are of five years duration and are called five year plans. In these plans it is decided how much of each and every good and service is to be produced. In India, the Planning Commission was set up in 1950 with the Prime Minister as its Chairperson.
 
COMMON GOALS OF FIVE YEAR PLANS
 
The goals of the five year plans are: growth, modernisation, self-reliance and equity. Plans give equal importance to all these goals according to availability of resources.
 
1. GROWTH:
 
Definition: It refers to increase in the country's capacity to produce the output of goods and services within the country.
It means either a larger stock of productive capital or a larger size of supporting services like transport and banking, or an increase in the efficiency of productive capital and services. A good indicator of economic growth is balanced increase in the Gross Domestic Product (GDP).
 
Definition of GDP
GDP is the market value of all the goods and services produced in the country during a year.
GDP of a country is derived from the different sector's of the economy, namely the agricultural sector, the industrial sector and the service sector.
The contribution made by each of these sectors makes up the structural composition of the economy.
 
2. MODERNISATION:
 
Definition: To increase the production of goods and services the producers have to adopt new technology. Adoption of new technology is called modernisation. Modernization also means changes in social outlook such as the recognition that women should have the same rights as men.A modem society makes use of the talents of all people in the work place and society will be more civilised and prosperous.
 
3. SELF-RELIANCE:
 
Definition: Not depending on foreign resources to promote economic growth and modernisation means self-reliance.
 
Objectives of Self-Reliance:
 
• Avoiding imports of those goods which could be produced in India itself
• Reduce dependence on foreign countries, especially for food.
• It is feared that dependence on imported food supplies, foreign technology and capital may make India weak against foreign countries.
 
4. EQUITY:
 
Definition: To make sure that the benefits of economic success reach the poor sections also and not only enjoyed only by the rich.
A country can have high growth and modern technology in the country and also have most of its people living in poverty. Every Indian should be able to meet his or her basic of food, a decent house, education and health care and equality in the distribution of wealth. The five year plans are the policies and developmental issues taken up to attain these four goals.
 
AGRICULTURAL POLICY (1950-1990)
 
The policy makers through land reforms and promoting the use of 'miracle seeds' lead in a revolution in Indian agriculture.
 
LAND REFORMS: Equity in agriculture called for land reforms mean change in the ownership of landholdings. After independence, Zamindari system OR intermediaries were abolished and the farmers were made owners of land. The plan was that ownership of land would give motivation to farmers in making improvements in agriculture.
 
LAND CEILING: It means fixing the maximum size of land which could be owned by a person. The purpose of land ceiling was to reduce the concentration of land ownership in a few hands.
 
The ownership given to farmers gave them the encouragement to increase output and this contributed to growth in agriculture.
However, the goal of equity was not fully achieved with the abolition of intermediaries. In some areas the former zamindars continued to own large areas of land by misusing the law. The land ceiling legislation also faced hurdles. The big landlords challenged the law in the courts. They used to register their lands in the name of close relatives, thereby escaping from the law. Land reforms were successful in Kerala and West Bengal because these states had governments committed to the policy of land ceiling.
 
GREEN REVOLUTION
 
Definition: This means the large increase in production of food grains resulting from the use of high yielding variety (HYV) seeds especially for wheat and rice.
The use of these seeds required the use of fertilizer and pesticide in the correct quantities and regular supply of water.
 
Many farmers could benefit from HYV seeds and irrigation facilities as well as the financial resources to purchase fertilizer and pesticide. Therefore, green revolution was restricted to the more rich states such as Punjab, Andhra Pradesh and Tamil Nadu.
 
BENEFITS OF GREEN REVOLUTION
 
• The spread of green revolution technology enabled India to achieve self-sufficiency in food grains and the country no longer had depend on other countries for meeting food requirements.
• Green revolution lead to high increase in output of food grains. A large amount of agricultural produce is sold in the market by the farmers. Agricultural produce which is sold in the market by the farmers is called marketed surplus.
• As a result, the price of food grains decreased compared to other things of consumption. The low-income groups benefited from this decrease in prices. The government acquired sufficient amount of food grains to build a stock which could be used in times of food shortage.
 
DRAWBACKS OF GREEN REVOLUTION
 
• The HYV technology was not free from risks.
• It increased the disparities between small and big farmers - since only the big farmers could afford the required inputs and the benefits of the green revolution.
• HYV crops are also more prone to attack by pests and the small farmers who adopted this technology could lose everything in a pest attack.
• The government provided loans at a low interest rate to small farmers and subsidised fertilisers so that small farmers could also have access to the needed inputs. But these were mainly taken by only rich farmers.
 


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