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Paper IVB: Indian Economy Since Independence
Unit-1: Indian Economy at the time of Independence
Features of Indian Economy around 1947-1950 and characteristics of economic underdevelopment of India (with reference to colonial rule of India)
Unit-2: Planning: Evolution of India’s Development Goal and Strategy
The background and Structure of Indian Planning.
Structural Constraints and India’s development strategy – Choice of industrialization strategies – public vs. private sector, capital goods versus consumer goods – Mahalanobis Plan Model (basic argument), import substitution vs. export promotion strategy.
Agriculture-industry relationship – demand side and supply side linkages–agriculture-industry terms of trade - food crisis of the 1960s and imperatives for agricultural growth, genesis of green revolution – fourth plan (basic argument).
Poverty Eradication, foreign aid and self-reliance – Fifth Five Year Plan Model (basic argument)
Regional inequality in India – causes; policies for balanced regional development.
Planning deficiencies and its abandonment– 7th five year plan and Indian economic crisis.
New Economic Policy – liberalisation, market and state (introduction)
Unit-3: Land and Agriculture
Land and tenancy system- sharecropping- Different dimensions of Land Reform – Productivity Debate – Marketable Surplus.
Green Revolution – features of green revolution – positive and negative impacts of green revolution. Performance of Indian agriculture.
Agricultural Policies and Pricing – Agricultural Price Commission – support price vs. procurement price – Public investment in agriculture - agricultural subsidies and tax.
Unit-4: Industrial Development: Evolution, Trade and Policy
Structure and composition of Industry – issues of concentration, large vs small industry – industrial location. Small scale reservation policy. Trends and patterns of industrial growth.
Foreign trade regime, protection and foreign competition, Productivity; import substitution versus export Competitiveness, effect on export competitiveness.
Industrial Policies – Industrial licensing system.
Unit-5: Employment, Wages and Inflation
The trends and pattern of employment and wages in India – informalisation and tertiarisation of employment - problems of unemployment and under-employment
Government policies on employment and wages and employment – employment guarantee scheme – minimum wage.
Movement of prices in India – –trends and patterns – causes, consequences and
policies adopted.