Tamilnadu Samacheer Kalvi 11th Economics Notes Chapter 8 Indian Economy Before and After Independence Notes

→ Freedom is never dear at any price. It is the breath of life. What would a man not pay for living? -Tyler Cowen

→ Indian’s sea route trade to Europe started only after the arrival of Vasco da Gama in Calicut, India on May 20, 1498.

→ The period of Industrial capital was from 1813 to 1858.

→ India is the Asia’s third largest economy.

→ Economic development of a country particularly depends on the process of industrialisation.

→ The term Green Revolution refers to the technological breakthrough in of agricultural practices.

→ The major achievement of the new strategy was to boost the production of major cereals viz., wheat and rice.

→ The Government of India had implemented ‘Second Green revolution’ to achieve higher agricultural growth.

→ The term “Large scale industries” refers to those industries which require huge infrastructure, man-power and have a influx of capital assets.

→ Jute industry is an important industry for a country like India, because not only it earns
foreign exchange but also provides substantial employment opportunities in agriculture and industrial sectors.

→ Sugar industry is the second largest industry among agriculture-based industries in India.

→ India is the third largest producer of nitrogenous fertilisers in the world.

→ The first mechanised paper mill was set up in 1812 at Serampur in West Bengal.

→ India is the second-largest (first being China) country in the world in producing natural silk.

→ First successful Oil well was dug in India in 1889 at Digboi, Assam.

→ Small scale industries play an important role for the development of Indian economy in many ways.

→ Public sector bank is a bank in which the government holds a major portion of the shares.

→ The main objective of nationalization was to attain social welfare.

→ Economic planning is the process in which the limited natural resources are used skillfully so as to achieve the desired goals.

→ The Planning Commission has been replaced by the NITI Aayog on 1st January, 2015.

→ HDI was developed by the Pakistani Economist Mahbub ul Haq and the Indian Economist Amartya Kumar Sen in 1990 and was published by the United Nations Development Programme (UNDP).

→ Zamindari: The owner of the land who pays the land revenue to the Government.

→ Mahalwari: The collective body usually the villagers which serve as a unit of management.

→ Ryotwari: The ownership rights of use and control of land were held by the tiller himself.

→ Green Revolution: The renovation of agricultural practices through modem technology.

→ Public Sector Banks: A bank in which the government holds a major portion of the shares.

→ Private Sector Banks: Most of the equity is owned by private bodies, corporations, institutions and individuals rather than government.

→ Nationalisation: The process of transforming private assets ownership into government ownership.

→ Human Development Index: It is a composite statistic of life expectancy, education and per capita income indicators.

→ Physical Quality of Life Index: It is a measure to calculate the quality of life (well being of a country).

Samacheer Kalvi 11th Economics Notes