Indian Economic Development: Indian Economy:1950-1990
Question:
Match the following.
1.
The strategy used for self-reliance
A.Small scale industries
2.
Labour absorbing
B.Land ceilings
3.
Agricultural reforms
C.IPR 1956
4.
3 fold classification of the industry
D.Import substitution
Options:
1-D, 2-A, 3-C, 4-B
1-D, 2-C, 3-A, 4-B
1-D, 2-A, 3-B, 4-C
1-A, 2-D, 3-C, 4-B
Correct Answer:
1-D, 2-A, 3-B, 4-C
Explanation:
The correct answer is option 3: 1-D, 2-A, 3-B, 4-C
1.
The strategy used for self-reliance
D.Import substitution
2.
Labour absorbing
A.Small scale industries
3.
Agricultural reforms
B.Land ceilings
4.
3 fold classification of the industry
C.IPR 1956
India's economy was dependent on foreign goods for its sustenance, thus, an import substitution policy/ inward-looking trade policy was introduced by the officials to make self-reliant
The manufacturing sector is the most labor-absorbing sector. As huge capital cannot be afforded by everyone government emphasizes the development of SSI i.e. small-scale industries.
Agriculture reforms included land ceilings to reduce the concentration of ownership in the country.
Industrial Policy Resolution 1956 (IPR 1956): This resolution classified industries into three categories. The first category comprised industries that would be exclusively owned by the state; the second category consisted of industries in which the private sector could supplement the efforts of the state sector, with the state taking the sole responsibility for starting new units; the third category consisted of the remaining industries which were to be in the private sector.
