This is a question our experts keep getting from time to time. Now, we have got the complete detailed explanation and answer for everyone, who is interested!
On the eve of its independence, India’s position in the world market for its exports and imports of finished goods and raw materials was as follows: (a) Net Exporter of Raw Material and Buyer of Finished Products. India developed become a major exporter of primary goods, including raw silk, cotton, wool, sugar, indigo, and jute, amongst other things… The United Kingdom accounted for more than half of India’s total exports and imports.
On the eve of independence, what is the state of the Indian economy?
Almost 72.7 percent of the working population in India was employed in the agricultural sector of the economy on the eve of the country’s independence, making it the primary source of income and primary sector of occupation in the Indian economy. On the other hand, the percentage of the working population that was employed in the manufacturing or industrial sector was a relatively low 10.2%.
What was the condition of the Indian economy in the year leading up to the nation’s independence?
The presence of British colonial control caused the economy of India to be in a very precarious state right before it gained its freedom. The main objective of British colonial control in India was to transform the country into a source of raw materials and labor for Great Britain’s quickly growing modern industrial base. This was the only reason for the rule.
On the eve of India’s independence in Class 11, what was the condition of the primary sector of the country’s economy?
On the eve of independence, it was common knowledge that the Indian economy was in an agrarian stage. In spite of the fact that it was a primary means of subsistence, agriculture was experiencing a precipitous decline in India. One of the primary reasons for it was the fact that different people held pieces of land in different locations, which made it even more difficult to cultivate the land.
What was the state of Indian industry in the years leading up to the country’s independence?
(i) The participation of the public sector in the growth of industry was limited to departmental enterprises such as railways, power generation, communications, ports, and a few others. There was no expansion of India’s industrial base during this time period. (ii) The traditional industries of handicraft were going out of business.
Class 12 topics include: the Indian economy on the verge of independence; the evolution of the Indian economy; and Indian economic growth.
34 questions found in related categories
On the eve of their nation’s independence, what was the average number of years an Indian could anticipate to live?
At the time that India gained its independence in 1947, the average life expectancy was 32 years.
Is the economy of India lagging behind and unproductive?
The country’s economy grew very slowly, if at all, or remained unchanged for an extended period of time. As a direct result of the stagnation, there was an increase in unemployment, an increase in deaths, and an increase in suffering owing to a lack of food… Economy that was behind the times: The Indian economy was behind the times, and the per capita income was quite low; in India, it was only Rs.
What exactly does it mean to celebrate the Eve of Independence?
n a declaration of independence made by a dependent state without the permission of the protector state, also known as a unilateral declaration of independence or UDI for short.
What do you think were the primary factors that led to the sluggish growth of the economy during the 12 years that the British ruled?
Poverty, hunger, famines, epidemics, and a lack of proper health care services were the primary factors that contributed to the sluggish pace of population development in areas that were governed by the British. Explanation: The policies that were implemented by the British government became the primary factor in determining the slow rate of economic expansion that occurred during British control.
What percentage of India’s population relies on agriculture as their primary source of income?
In India, agriculture is the primary means of subsistence for approximately 58% of the country’s population. It was anticipated that agriculture, forestry, and fishery contributed Rs. 19.48 lakh crore (US$ 276.37 billion) to the country’s Gross Value Added in FY20.
What exactly does it imply when we talk about a stagnating economy in class 12?
A prolonged period during which an economy experiences little or no growth is referred to as stagnation. Stagnation can be defined as an annual rate of economic growth that is less than 2% or greater than 3%, and it is characterized by extended periods of high unemployment and involuntary part-time employment.
The answer lies in the Green Revolution. What were the ways in which it was beneficial to the farmers?
Farmers benefited in many different ways from the Green Revolution. It assisted in increasing the income of the formers and, as a result, their living standard as a result of the fact that now there was a greater quantity of produce and the farmers had a marketable surplus to sell in the market.
What exactly do you mean when you talk about the 12th class of colonial economy?
During the time that it was ruled by colonial powers, India had a predominantly agricultural economy that provided work for around 85 percent of the country’s people. In addition, in order to supply the British businesses with inexpensive raw materials, the Indian peasants were coerced into cultivating cash crops rather than food crops (such as indigo, cotton, and other such products).
What is the most significant factor that contributes to all economic difficulties?
The production of goods and services that satisfy human demands requires the utilization of resources such as land, labor, financial resources, and entrepreneurial initiative. These resources are limited, yet the number of things people want is virtually limitless. It is impossible for an economy to create all of the commodities and services that are demanded by its population due to the limited availability of these resources.
When was the initial implementation of the Five Year Plan?
The first Five-year Plan was initiated in 1951, and two more Five-year Plans were established until 1965, when there was a gap because of the conflict between India and Pakistan.
How did the economy of India fare when the British were in control?
India’s percentage of the global economy fell from 24.4% in the year 1700 to 4.2% in the year 1950 while it was ruled by the British. The GDP (PPP) per capita of India remained the same during the reign of the Mughal Empire, and it started falling before the British took control of the country. The percentage of the world’s total industrial output that was contributed by India fell from 25% in 1750 to 2% in 1900.
What factors contribute to the relatively low rate of population expansion?
Reasons for the Slowed Development
Both immigration and natural increase, which may be defined as having more births than deaths, are the primary drivers of population change, and both of these variables are contributing to the state’s slower growth rate.
What are some of the beneficial results that came about as a result of British control in India?
Impacts That Were Favorable British control in India had a number of effects that were favorable, including the introduction of Western sciences and the English language, as well as the railways, post and telegraph systems that were accessible to the whole populace. Nonetheless, it is important to remember that the British railroad system was initially developed for the country’s own benefit.
What exactly is meant by “stagnant growth”?
A prolonged period during which an economy experiences little or no growth is referred to as stagnation. A real economic growth rate that is less than 2% on an annual basis is regarded to be stagnation, and times of high unemployment and involuntary part-time employment are characteristics of stagnation economies.
What does it mean when something is on its eve?
on the threshold of
When used literally, this phrase might indicate “the evening before (something).” On the eve of the anniversary of the landmark peace deal, militants carried out an attack on the embassy. On the morning of her wedding, she suddenly changed her mind and decided to go to Europe instead. Moreover, look at: eve, of, and on.
What exactly does it mean to say that something is “on the eve” of something else?
on the day before a significant event, or during the immediate time leading up to it. This announcement comes on the eve of the elections that will take place on Sunday.
Why is it so vital to have equity as a goal for planning?
The Indian planning process prioritizes growth and equity equally as its two most critical goals… As a result, achieving expansion while maintaining equity should be a reasonable and a goal of planning. This goal assures that the advantages of economic growth are shared by all of the people equally, and as a result, income inequality is reduced along with the growth in overall income.
What are the reasons for India’s weak economy?
The two economic shocks, namely the demonetisation of high valued currency in 2016 and the dodgy GST in 2017, have precipitated matters, as evident from the sharp fall in GDP growth rates during the last six quarters, from 8.1% in January-March 2018 to 4.5% in April-June 2019. The demonetisation of high valued currency in 2016 and the dodgy GST in 2017 were the two economic shocks.
Was there wealth in India before the British rule?
Throughout these two centuries, India’s riches diminished significantly… The average annual income of an Indian citizen was 196.1 rupees in the years 1900–1902, but it had only increased to 201.9 rupees by the time India gained its independence, in 1946–1947. During this time period, the average income per person increased, reaching a peak of Rs 223.8 in 1930-1932.
Why is the economy of India beginning to slow down?
After an initial comeback, Fitch predicts that India’s growth would slow down to 6.5% in the longer run. Following a rebound in the financial year 2021-22 (FY22) as a result of a low base in the previous year, the global rating agency Fitch anticipates a moderation in India’s growth momentum throughout the course of the medium term.