Revision Notes for CBSE Class 11 Indian Economic Development Chapter 2 - Free PDF Download
India’s economy has seen significant changes in past years which has formed action plans. Chapter 2 Indian economy class 11 notes deals with the liberalisation of an open economy in the country. It explains vital policies practised via Indian economy 1950 to 1990 class 11 notes PDF.
Vedantu’s Class 11 Economics Chapter 2 notes discuss economic planning in which a central authority makes a plan to target development. Students looking to understand what an economy looked like in 1950 to 1990, and its impact today should get adequate answers from this chapter.
Indian economic development class 11 notes chapter 2 gives an illustrative look into the topic. This chapter is both informative as well as engaging.
FAQs on Indian Economy 1950-1990 Class 11 Notes CBSE Economics Chapter 2 [Free PDF Download]
1. What do you understand about a mixed economy? What are its merits?
A mixed economy is a part of Indian economy that affects both the public and private sector. These sectors operate parallelly. In this, a market offers goods and services as per its availability or production. But in case private industry is unable to cope with demand, then the government offers essential and interests to the market.
The merits of a mixed economy are discussed below:
Mixed economy gives a chance to the private sector or industries to make a profit and contribute equally to economic development.
This also ensures stability and development in a balanced way
There is a constant battle between the two sectors, which improves productivity and income.
2. What is the need for economic reforms in India?
The primary need for financial reforms in India is to control the increased fiscal deficit. The government previously did not have sufficient money to pay up its bills and was trapped in debt. Moreover, the growing rise in prices caused problems for the common masses. In the end, the government had to appeal to the IMF (International Monetary Fund) for a loan of seven million dollars. In exchange, it decided to liberalise the economy.
Moreover, the Indian government has taken the initiative to help local workers and manufacturers become self- dependent. The five-year plan is an excellent example of economic reform brought by the Indian government.
3. What are the goals of the five-year plan?
Indian economy has a planned scheme to control the money flow. The goals of five-year plans are discussed below:
The GDP is a target that implies an economic growth which is the result of production. The increase in production of goods and services in an economy must remain constant.
The economy uses modernisation which uses technology to scale up the manufacturing of goods and services.
Indian economy uses self-reliance to avoid importing goods that are made in India. This is done to encourage local handicrafts and production.
Final part is equity which maintains a proportion of income distribution for all sections of society.
4. Where can I download the latest notes of Chapter 2 of Class 11 Economics?
The latest notes for Chapter 2 of Class 11 Economics can be found on the Vedantu website. These notes can make your basics from Chapter 2 clear and are also great for last-minute revisions before the exam. To download the Class 11 Economics Chapter 2 Notes, follow these steps:
Visite Chapter 2 Class 11 Economics revision notes on Vedantu.
Next, you will be redirected to the page with the notes.
Here, you will get the option to download the notes.
Click on the download PDF option.
The PDF will get downloaded on your device. You can now study from it in PDF format offline.
5. Can I download the notes for Chapter 2 of Economics Class 11 for free?
Yes, you can download the notes for the second chapter of Class 11 Economics in a PDF format for free anytime. Vedantu is a one stop solution for all your queries and doubts in the field of academics. It is known for providing crisp yet informative solutions in the easiest possible way. Vedantu is student and parents friendly and can be accessed very easily at home with just an internet connection.
6. What is Chapter 2 of Economics Class 11 about?
Chapter 2 of Economics Class 11 is “Indian Economic Development”. This chapter works as the base or fundamental study material that helps students develop a proper understanding of the subject starting from its history. Students of Class 11 are generally expected to be perfect in what they write in the examination, but it is important that they get an exact idea of all the topics and subtopics first and the lesson which it wants to convey. Students should refer to Vedantu's Class 11 Economics Chapter 2 Revision Notes for their preparation.
7. What do you mean by capitalist economy according to Chapter 2 of Class 11 Economics?
When you talk about the economy it means the financial or monetary status and this status can be of various types depending on the societal hierarchy of income. So the term capitalism refers to someone with a mindset to make the most amount of profit from its consumers. This type of economy can exist in a society where there is both high demand and supply of consumer goods so that the consumption is higher and the income is maximum. It also somewhat depends on the nature of the workforce in that society.
8. Why is agriculture important in the economy according to Chapter 2 of Class 11 Economics?
Apart from being the major source for producing the food grains and other edible substances for the living organisms to sustain and grow, agriculture also plays an important role in boosting the economy of the country. In a country like India, agriculture forms the base of the economy where the majority of earnings generate from it. Agriculture is also important for generating employment for many people, improving trade practices and industrial development.