14 most frequently asked questions on Indian Economic Development
Q. 1. What is backward or underdeveloped economy?
Ans. Underdeveloped economy or backward economy is that economy in which there are low levels of living, absolute poverty, low per capita income, low consumption levels, poor health services, high death rates, high birth rates and dependence on foreign economies.
Q.2. What is meant by a Stagnant Economy?
Ans. A stagnant economy is one in which there is very little change in the growth rate of income.
Q. 3. What is depreciated economy?
Ans. Depreciated economy is one where no arrangements are made to replace the depreciated factors and the stock of gross capital in the country declines.
Q. 4. Define Semi-Feudal Economy.
Ans. On the eve of independence, Indian economy was neither wholly feudal nor a capitalist economy. It was a mixed economy which can be called semi feudal economy.
Q. 5. What was the Position of Indian agriculture on the eve of Independence?
Ans. On the eve of Independence Indian Agriculture was subsistence-based. It was getting commercialized but it continued to be backward.
Q. 6. What was the condition of Indian industries on the eve of independence?
Ans. On the eve of Independence when India was divided into India and Pakistan, the former got 91% of large scale industries and the latter 9% only.
7. State any two features of Indian economy on the eve of independence.
Ans. (i) Indian economy was underdeveloped.
(ii) Stagnant economy.
Q. 8. Point out the Gross Domestic Product (GDP) at constant price in 1950-51.
Ans. Rs. 140466 crore.
Q. 9. State the figure of Gross Domestic Product in 2001-02 at constant prices.
Ans. Rs. 1265429 crore.
Q. 10. What is the net national product in 1950-51 at the prices of 1993-94?
Ans. Rs. 132367 crore.
Q. 11. State the net national product in 2001-02 at the prices of 1993-94.
Ans. Rs. 1115157
Q. 12. Give per capita income in 1950-51 at 1993-94 prices.
Ans. Rs. 3687.1
Q. 13. State per capita income in 2001-02 at 1993-94 prices.
Ans. Rs. 10753.7
Q. 14. Outline the annual average growth in Ninth Five Plans in respect of (i) Gross National Product (ii) Net National Product and (iii) Per Capita Income at the base prices of 1993-94.
Ans. (i) Gross National Product-5.6%
(ii) Net National Product-5.5%
(iii) Per Capita Income-3.6%