Madhya Pradesh Board Class 11 Economics — Flashcards for Quick Revision

A: The primary objective was to reduce India to being a raw material supplier for Britain's rapidly expanding modern industrial base, while turning India into a market for finished British products. This

A: About 85% of India's population lived in villages and derived their livelihood directly or indirectly from agriculture. Despite this large dependence, the agricultural sector experienced stagnation an

A: The Zamindari system was a land settlement system where zamindars (landlords) collected rent from cultivators. The profits from agriculture went to zamindars instead of actual farmers. This system cau

A: The four main goals were: 1) Growth - increasing the country's capacity to produce goods and services, 2) Modernisation - adopting new technology and social changes, 3) Self-reliance - avoiding import

A: GDP (Gross Domestic Product) is the market value of all final goods and services produced in a country during one year. It serves as a key indicator of economic growth - when GDP increases steadily, i

A: India adopted a mixed economy that combined features of both socialism and capitalism. It included: a strong public sector alongside private property and democracy, government planning for the economy

A: 1. Declining foreign exchange reserves (sufficient for only a fortnight) 2. Government unable to repay foreign debt 3. Rising inflation and prices of essential goods 4. High fiscal deficit due to over

A: The New Economic Policy (NEP) was announced in 1991 as a response to the economic crisis. It consisted of wide-ranging economic reforms aimed at creating a more competitive environment by removing bar

A: Stabilisation Measures: - Short-term measures - Correct balance of payments weaknesses - Control inflation - Maintain foreign exchange reserves Structural Reform Measures: - Long-term measures - Impr