# Indian Economy 1950-1990 Notes, Class 12 Economics | SwaVid Indian Economy 1950-1990, NCERT Class 12 Economics: notes with key ideas, definitions, common mistakes and 3 quick checks with worked answers. Canonical: https://www.swavid.com/cbse/class-12/economics/chapter/indian-economy-1950-1990 Source: https://www.swavid.com/cbse/class-12/economics/chapter/indian-economy-1950-1990 # Indian Economy 1950-1990 ## Definitions, formats and formulas ## Key ideas ## Common mistakes ## Quick checks ## Keep going ## Questions parents ask ## Class 12 Economics on SwaVid ### Choice of economic system ### Goals of five year plans ### Land reforms in agriculture ### The Green Revolution ### Industrial Policy Resolution 1956 ### Inward-looking trade strategy ### Next chapter ### Related chapter ### Related chapter ### All chapters SwaVid › CBSE › Class 12 › Economics › Indian Economy 1950-1990 Notes written by SwaVid from the NCERT textbook. Class 12 Economics, Chapter 2. Key ideas, definitions and common mistakes. CBSE does not print marks for a single chapter. Short answer. This chapter examines India's planned economic development and policy choices between 1950 and 1990 across agriculture, industry, and foreign trade. It highlights how the mixed economy framework sought growth with equity, though excessive regulations eventually created inefficiencies. Source: NCERT Indian Economic Development (Reprint 2026-27) , Chapter 2, Indian Economy 1950-1990 India chose a mixed economy combining features of socialism and capitalism. The public sector assumed the commanding heights of the economy, while the private sector operated under state regulation to achieve national priorities. Planning in India commenced with the setting up of the Planning Commission in 1950. The four basic goals of the five year plans were growth, modernisation, self-reliance, and equity. To break colonial land relations, the government abolished intermediaries like zamindars and introduced land ceilings to fix maximum permissible landholding. These measures aimed to make the tillers the actual owners of the soil. Introduced in the mid-1960s, the Green Revolution used High Yielding Varieties (HYV) seeds alongside fertilizers, pesticides, and assured irrigation. It led to a substantial rise in foodgrain output and created a marketable surplus, mainly in wheat and rice. IPR 1956 formed the basis of the Second Five Year Plan and classified industries into three categories. It emphasised the leading role of the state, regional equality via industrial licensing, and the promotion of small-scale industries. India adopted import substitution to replace foreign goods with domestic production. Domestic firms were protected from foreign competition using tariffs and quantitative import quotas. Try each question first. Then tap it to see the answer. Retained output = 35 quintals + 5 quintals = 40 quintals Marketed surplus = Total output - Retained output = 120 quintals - 40 quintals 80 quintals Tariff amount = 25% of ₹10,000 = (25 / 100) × 10,000 = ₹2,500 Price after tariff = ₹10,000 + ₹2,500 = ₹12,500 ₹12,500 Remaining import permitted = Total quota - Utilised quota Remaining import = 50,000 - 32,500 = 17,500 metric tonnes 17,500 metric tonnes Liberalisation, Privatisation and Globalisation: An Appraisal . Indian Economy on the Eve of Independence . Rural Development . The 13 chapters of Class 12 Economics . CBSE does not give marks to one chapter. It prints marks for units or parts, and the chapter list page shows them all. No. They are written by SwaVid from the NCERT textbook. The CBSE curriculum is the reference for what is assessed. Liberalisation, Privatisation and Globalisation: An Appraisal. SwaVid is an AI tutor for Indian students in Classes 6 to 12. It finds the earlier ideas a child missed, then teaches today’s chapter. Start free to see how it works. - Ch 2 NCERT book - 80 marks, theory paper - 3 quick checks - Confusing modernization solely with adoption of advanced machinery . Remember that modernisation also includes social changes, such as the recognition of equal rights and roles for women in society and the workplace. - Treating tariffs and quotas as identical trade barriers . Tariffs are fiscal duties that raise the price of imported goods, whereas quotas are physical limits that fix the maximum import volume. - Assuming all agricultural produce constitutes marketed surplus . Marketed surplus is only the portion of harvest sold in the market after deducting the family's self-consumption. ## Key Links - [CBSE](https://www.swavid.com/cbse) - [Class 12](https://www.swavid.com/cbse/class-12) - [Economics](https://www.swavid.com/cbse/class-12/economics/chapters) - [Start free →](https://www.swavid.com/signup) - [All 13 chapters](https://www.swavid.com/cbse/class-12/economics/chapters) - [NCERT Indian Economic Development (Reprint 2026-27)](https://ncert.nic.in/textbook.php) - [Open notes](https://www.swavid.com/cbse/class-12/economics/chapter/liberalisation-privatisation-and-globalisation-an-appraisal) - [Open notes](https://www.swavid.com/cbse/class-12/economics/chapter/indian-economy-on-the-eve-of-independence) - [Open notes](https://www.swavid.com/cbse/class-12/economics/chapter/rural-development) - [Class 12 Economics](https://www.swavid.com/cbse/class-12/economics/chapters) - [Start free →](https://www.swavid.com/signup)