What is Indian economy on the eve of independence?
The Indian economy was an agro-based economy on the eve of independence. ● 75% of the Indian population was earning a livelihood from agriculture. ● Despite being a primary source of income for a major population, this sector faced a decline under the British rule.
What are the main features of Indian economy after independence?
Since 1947, India has achieved tremendous progress in raising growth, income levels and standards of living. The gross domestic product (GDP) increased from Rs 2,939 billion during 1950-51 to Rs 56,330 billion during 2011-12 (2004-05 constant prices).
What is the conclusion of Indian economy on the eve of independence?
To conclude,
Indian economy on the eve of independence in relation to the foreign trade was very poor. Due to the rules imposed by the British, none of India’s products or skills had any recognition. And hence, adversely affecting the structure, composition and volume of the country’s foreign trade and income.
Which of the following was the main features of Indian economy on the eve of independence semi feudal economy?
Indian economy on the eve of independence was primarily an agricultural economy though industries had also started to develop in different parts of the country. Most of the economy was part of the unorganised sector.
What do you mean by Eve of independence?
A day before independence is called the eve of independence.
What are the features of Indian economy before independence?
Pre independence India had a flourishing economy based on agriculture and handicrafts. The quality of workmanship in field on textiles and precious stones was high leading to a worldwide base for Indian products. The British policy was to turn India into an exporter of raw materials and consumer of finished goods.
What are the main characteristics of pre independence Indian economy?
What are the three features of Indian economy?
Features of Indian Economy
- (i) Low per capita income.
- (ii) Heavy population pressure.
- (iii) Dependence on Agriculture.
- (iv) Poverty and inequality.
- (v) Higher rate of capital formation or investment.
What is the meaning of Eve of independence?
What was the condition of Indian economy on the eve of independence Class 12?
On the eve of independence Indian economy was in very bad shape due to the presence of British colonial rule. The sole purpose of the British colonial rule in India was to reduce the country to being a feeder economy for Great Britain’s own rapidly expanding modern industrial base.
Which of the following was the main features of Indian economy on the eve of independence Mcq?
a) On the eve of Independence, agriculture was the principal occupation of the people in India.
What problems did India suffer on the eve of independence?
This is Expert Verified Answer
At the time of eve of independence, India has faced several challenges such as: Difficulty in declaring the national language, problem of national religion, difficulty of partition which would leave plenty of Pakistanis and Indians homeless and without suitable income source.
What are main features of Indian economy?
Important Features of the Indian Economy & GDP
- 1] Gross Domestic Product. India had a GDP of 2.26 lac crore dollars in the year 2016.
- 2] Low Per Capita Income.
- 3] Indian Economy is a Mixed Economy.
- 4] Agriculture is the most important sector.
- 5] Uneven Wealth Distribution.
- 6] Human Capital.
- 7] Immense Growth of Service Sector.
What are main characteristics of Indian economy?
Characteristics of the Indian Economy:
- Low Per Capita Real Income:
- High Rate of Population Growth:
- The Endless Loop of Poverty:
- Agro-Based Economy:
- Overpopulation:
- Incongruities in Income:
- Destruction in Capital Formation:
- Poor Infrastructural Development:
What are the main features of Indian economy?
What are the major characteristics of Indian economy?
The main characteristics of the Indian economy are high dependence on the primary sector, low per-capita income, big population, unemployment, unequal distribution of wealth, and lack of infrastructure.
Which type of economy is India?
mixed economy
Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.
What is structure of Indian economy?
They are three sectors in the Indian economy, they are; primary economy, secondary economy, and tertiary economy. In terms of operations, the Indian economy is divided into organized and unorganized. While for ownership, it is divided into the public sector and the private sector.
What was the condition of the trade on the eve of independence?
During this period, Britain held the monopoly over India’s imports and exports. Therefore, most of the foreign trade was restricted only to Britain, while the rest half was allowed to trade with other countries like Ceylon (Sri Lanka), China, and Persia (Iran). India was a large exporter in the colonial period.
What was the condition of Indian industries at the eve of independence?
There was no growth of industrial base in India. (ii) The traditional handicraft industries were decaying. (iii) There were hardly any capital goods industries to promote further industrialisation, since the British had no interest in the development of Indian economy.
Which was the major occupation on the eve of Independence?
What was the state of Indian industry at the time of independence?
By Independence, 60% of Industries, owned by Indians. In 1913, 60% under British.
What were the three main challenges to the nation in the eve of independence?
There were problems of poverty, unemployment, rehabilitation of people, harmony among people and establishing democracy but freedom has given an opportunity to solve them.
What are the types of Indian economy?
However, these economies do share many of the same features and characteristics. So economists have been able to identify four different types of economy – traditional economy, command economy, market economy and mixed economy.
What is types of economy?
Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.