Class XII Economics

Indian Economic Development

All Important Dates, Data & Events

YOU TUBE: Sunil Panda - The Educator

Chapter 1- Indian Economy on The Eve of Independence

Before Colonial rule Agriculture sector dependency 85%
Battle of Plassey (Robert Clive) 23 June,1757
Zamindari system or Land revenue system or Permanent settlement 1793
system by lord Cornwallis
Commercialisation of agriculture 1813
Introduction of Railways in India by the British 1850
First Train run from Bombay to Thane 16, April,1853
Starting of Made Suez Canal (By Egypt Government) 1859
Opening of Suez Canal (By Egypt Government) 1869
First official census (10 years) 1881
Setting up of TATA IRON STEEL COMPANY (TISCO) 1907
Year of Great Divide ( India entered in Second Demographic 1921
transition)
the economist whose estimates on GDP and per capita income Dr. V.K.R.V. Rao
during the British rule were considered very significant.
Birth Rate and Death Rate 48 and 40 per
thousand
Life Expectancy 32 Years
Overall Literacy rate on the eve of independence 16%
Female Literacy rate 7%

Infant mortality rate was 218 per thousand

Chapter-2 Indian Economy (1950-1990)

His model Adopted in 2nd five year plan/ Architect of Indian planning/ P.C. Mahalanobis
found journal sankhya / established the Indian statistical institute
First Industrial policy resolution 1948
Setting of planning commission in India with Prime minister as its 1950
chairperson
First five-year plan launch 1 april 1951- 31
march 1956
Industries (development and regulation act) 1951
Karve committee or village and small-scale industries committee 1955
constituted
Before Green Revolution India majorly depend on USA
Second industrial policy resolution (schedule A 17 industries, schedule B 30th April, 1956
12 and Rest in schedule C)
First phase of green revolution (adopted HYV programme) 1966
Plan holidays due to miserable failure by 3rd five-year plan 1966- 1969
MRTP act passed (it is replaced by Competition act 2002) 1969
New economic policy (NEP) adopted by India (LPG) (Prime minister P.V. 24th July 1991
Narshimha Rao)
Last Five-Year Plan (it was 12th plan) 2012- 2017
Planning commission replaced by NITI Aayog (National institution for 1st January,2015
Transforming india)
Regulation of Rent 1/3rd of total value of
crop
Green Revolution in India by (Father of Green revolution in india) M.S. Swaminathan
High Yielding Variety Seeds / Green revolution (1960’s) 1965
Investment of Small-Scale Industry in 1951 Not exceeds 5 lakh
Investment of Small-Scale Industry (in 2016 limit was 1 crore) Less than 10 Crore
with the turnover of
less than 50 Crore.

Chapter -3 Liberalisation, Privatisation and Globalisation

Establishment of RBI 1 april 1935
Establishment of General Agreement on Trade and Tariff (GATT) with 23 1948
countries
14 Major banks were Nationalised 19 july 1969
New Economic Policy or Economic Reforms (Dr. man Mohan Singh Finance 1991
minister)
WTO (World Trade Organisation) 1 January,1995
Members countries in WTO (Headquarter in Geneva, Switzerland) 164
Launch of Make in India initiative September, 2014
Demonetisation of currency by Indian Government (500 and 1000 8th
denomination notes) November,2016
GST act passed in the Parliament 29th March, 2017
GST act came into Effect 1st July, 2017
Indian Oil Corporation limited, Steel Authority of India ltd. Bharat Maharantas
Petroleum, Hindustan Petroleum Corporation, BHEL, Oil and Natural Gas
Corporation Ltd.
Bharat Electronics limited, Container Corporation of India limited, Power Navaratnas
finance Corporation Limited, Mahanagar Telephone Nigam Limited.
Airports Authority of India, Antrix Corporation, IRCTC, BSNL, etc. Mini Ratnas
COVID 19 IN INDIA (CORONA VIRUS DISEASE - NAME GIVEN BY WHO) 2020
Inflation Price rise 6.7% to 16.7%
Interest liabilities 36.4% of total
Expenditure
Fiscal deficit 8.4% of GDP
Make in India & Jhan dhan yojna 2014
Under the new economic policy 1991, how many industries are reserved for 8
public sector?
RBI Act 1934 & RBI Nationalisation of RBI 1st january1949

Chapter – 5 Human Capital formation

Education commission recommendation to spend at least 6% of GDP on 1964-66
education
Tapas Majumdar Committee appointed by Indian Government 1998
Right to Education Act was enacted by the Indian govt to make free education 2009
a fundamental right of all children in the age group of 6-14 (RTE Act
operational in 1st April 2010)
NCERT- National council of educational Research and Training
NTA- National Testing Agency
CUET- Central universities entrance Test
UGC- Universities Grant Commission
AICTE- All India council for technical education
ICMR- Indian council of Medical Research
Which five-year Plan recognize the Human capital formation Seventh
Education Cess 2%
Beti Bachao, Beti Padhao 2015
Launched of Sarva siksha abhiyan (6- 14 years - fundamental right, compulsory 2001
education)

Chapter – 6 Rural Development

Six more Bank Nationalisation in 1980
Operation flood or white revolution started by National Dairy Development 1970
board (NDDB) under the guidance of Dr. Verghese kurien to create a nationwide
milk grid (Milk cooperative) GUJARAT
Establishment of National Bank for Agriculture and Rural Development 12th July,
(NABARD) 1982
Period of Golden Revolution (Honey bee and Horticuture) 1991 to 2003
Saansad Adarsh Gram Yojana (SAGY). October 2014
TANWA (Tamil Nadu women in Agriculture) 1980
Micro finance/ women empowerment/ Consumption purpose SHG
Yellow Revolution for Mustard seeds and sesame seeds ( edible oil ) (Self Help
Largest share in Animal husbandry ( live stock)- POULTRY Group)

Chapter – 7 Employment: Growth Information and Other issues

Self-employed workers percentage in employment (2017-18) 52.2%
Regular workers percentage in employment (2017-18) 22.8%
Casual workers percentage in employment (2017-18) 25%

Percentage of employment in Primary sector (2017- 18) Agriculture, mining and 44.6%
quarrying 24.4%
Percentage of employment in secondary sector (2017- 18) Manufacturing, 31%
electricity, gas, water & construction
Percentage of employment in Tertiary sector (2017- 18) Trade, transport,
storage, All services, banking, insurance
Chapter – 9 Environment and Sustainable Development
Government set up Central Pollution Control Board (CPCB) To control Air 1974
and water pollution
Environment protection Act 1986
India signed Montreal Protocol along with its London Amendment (Ban of 17th September,
CFC) 1992
Sustainable development Goals 17 by UN is to be Achieved by (SDG made in 2030
2015)
CNG - Compressed natural gas
LPG - Liquefied petroleum gas

Chapter – 10 Comparative Development Experiences of India and its

Neighbours
Pakistan Independence 14th August, 1947
India Independence 15th August, 1947
Establishment of people Republic China 1949
First five-year plan
India 1951
China 1953
Pakistan 1956

Human Development index Value and Ranks

India 130 and 0.645
China 87 and 0.761
Pakistan 154 and 0.557

Highly dense Country (Among India Pakistan and china) India

India’s service sector Contribute most in GDP Most People work in
Agriculture sector Pakistan
High Fertility Rate

Great leap Forward (GLF) campaign was initiated to modernise China’s 1958
Economy.
Great Proletarian Cultural Revolution introduced by Mao (under this 1965
revolution (1966-1976), students and professional were sent to work and
learn from the country side)
Nationalisation of Capital Goods Industries Early 1970
Civil War in East Pakistan resulted in Independence of Bangladesh 1971
Reforms introduced
China 1978
Pakistan 1988
India 1991
Introduction of One Child Policy in China 1979
Abolition of One Child Policy in China 2015
SAARC - South Asian association for regional cooperation (INDIA)
ASEAN - Association of South East Asian nations
BRICS - Brazil Russia India China South Africa
USSR – Union of Soviet Socialist Republics
World War 1 28 July 1914 to 11
November 1918
World War 2 1 September 1939 to 2
September 1945
Cold War 12 March 1947 to 26
December 1991