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 at the eve of Independence?
15 essential features of Indian Economy on the Eve of…
- Indian Economy-Underdeveloped: …
- Stagnant Economy: …
- Semi-Feudal Economy: …
- Depreciated Economy: …
- Pre-dominance of Agriculture: …
- Underutilized Natural Resources: …
- Heavy Population Pressure: …
- Capital Deficiency:
Why was Indian economy called an agricultural economy on the eve of Independence?
On the eve of independence, our Indian economy was known to be in an agro-state. Despite being a primary mean of livelihood, India’s agriculture sector was in a rapid decline. One of the main reasons behind it being scattered land owned by different individuals which made it even harder for cultivation.
What is the meaning of Eve of Independence?
1 the proclamation made by the second American Continental Congress on July 4, 1776, which asserted the freedom and independence of the 13 Colonies from Great Britain. 2 the document formally recording this proclamation.
What is the main problem of Indian agriculture?
Indian agriculture is suffering from inadequate use of inputs like fertilizers and HYV seeds. Indian farmers are not applying sufficient quantity of fertilizers on their lands and even the application of farm yard dung manure is also inadequate. Indian farmers are still applying seeds of indifferent quality.
What is meant by stagnant economy class 12?
Stagnant means very slow or not moving. So, stagnant economy is when the growth of the economy stops and does not move or move very slow for a period of time. It is usually accompanied by many factors but the most important factor is unemployment.
Is Indian economy is stagnant and backward?
Stagnant economy: There was very slow or no economic growth in the country. As a result of stagnation, there was unemployment, death, and suffering due to lack of food. 2. Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs.
What are the main reasons for stagnation in agriculture sector?
1. Land tenure systems : The stagnation in the agricultural sector was caused mainly because of the various systems of land-settlement that were introduced by the colonial government. Particularly under the Zamindari system, the profit accruing out of the agriculture sector went to Zamindars instead of the cultivators.
What type of economy is an Indian economy?
Today, India is considered a mixed economy: the private and public-sectors co-exist and the country leverages international trade.
What does eve mean in English?
(Entry 1 of 2) 1 : evening. 2 : the evening or the day before a special day. 3 : the period immediately preceding.
How did British destroyed Indian economy?
Britain’s devastation of India
The British took thriving industries — like textiles, shipbuilding, and steel — and destroyed them through violence, taxes, import tariffs, and imposing their exports and products on the back of the Indian consumer.
What is stagnant growth?
Stagnation is a condition of slow or flat growth in an economy. Stagnation often involves substantial unemployment and under employment, as well as an economy that is generally performing below its potential.