-Prepared By

Aditi Kulkarni
Harshwardhan Sorath

 Events

that took place during the 1960s

Major Indicators of the economy
Conclusion
Bibilography

 The

Chinese aggression(1962)
Heavy debt of IMF (1964)
Hostilities with Pakistan(1965)
Droughts for two successive years(1965-66
and 1966-67)
Devaluation of rupee (1966) and inflation
pressure
First Phase of Green Revolution(1966)
Nationalization of 14 banks (1969)

 GDP

at current market price

Contribution of various sectors in GDP
Population
National Income (at current market price)
and Per Capita Income(at current market
price)
WPI (at current market price)
Savings
Imports Exports Trade Balance
Fiscal deficit

 Foreign

Exchange Reserves
Production of food grains

Source: India micro economy and political economy 1964-1994

(annual change in %)

GDP(%)
GDP(%)

8.1

7.6

6.5

5.1
3.1

1961-62

5
2.6

2.1
1962-63

1
1963-64

1964-65

1965-66
-3.7

1966-67

1967-68

1968-69

1969-70

1970-71

Source: Planning commission of India

(values in %)
Base year !993-94
120
100
80
60

9.69

9.85

9.56

9.28

9.85

9.69

9.23

9.43

9.35

9.69

11.54

12.39

11.72

10.9

11.26

10.59

9.89

10.03

9.79

10.03

12.42

12.72

12.45

12.5

12.95

13.22

12.86

12.98

12.74

13.2

21.38

22.1

22.04

21.07

21.89

21.48

20.09

20.69

21.51

21.92

44.98

42.95

44.23

46.26

44.05

45.02

47.94

46.86

46.61

45.17

1968-69

1969-70

1970-71

40
20
0
1961-62

1962-63
1963-64
1964-65
1965-66
1966-67
1967-68
Other services(community, social and personal services)
Financial services
trans. Comm. And trade

manufacturing,construction. elec., gas and water supply, mining & quarrying

Agriculture forestry and loggingfishing,

Source: Planing commission of India

POPULATION(million)
600

figuress in million

500

400

300

200

100

0
POPULATION(million)

1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71
444
454
464
474
485
495
506
518
529
541

Source: Dutt & Sundharam

Percentage of Urban & Rural Population

RURAL

1951

URBAN

82.7

82

17.3

18

1961

80.1

19.9

1971

Source: Planning commission of India

Per Capita Income(Rs.) at current prices

800
700

698
631

600

724

649

547
500

484
422

400
361
300
200
100
0

492

377

Per Capita Income(Rs.) at current

prices

Source: Planning commission of India

National Income(Rs. Crore) at current prices

45000
40000

39172
36934

35000
31910

30000

33595

27059

25000
22932

20000
15000
10000
5000
0

19592
16043

17118

23875

National Income(Rs. Crore) at current

prices

Base: 1970-71
Source: India micro economy and political economy 1964-1994
(values in %)

16

13.9

14
12
10
8

6.3

7.7
5.5

3.8

4
2

11.6

10.8

3.8

0.2

-2

-1.2
WPI

Source: National accounting statistics(2000)

(values in %)

SAVINGS
16
14
13.9
12
10

12.6

11.6

12.2

14.2

13.9

11.9

11.8

14.5

12.1

SAVINGS

6
4
2
0
1961-62

1962-63

1963-64

1964-65

1965-66

1966-67

1967-68

1968-69

1969-70

1970-71

Source: Economic survey by government of India

(values in %)
Base year 1949-50

IMPORT

EXPORT

47.5
42.9

15.8
10.3
8.1
2.9 4.4
2.8 3.83.8
-2.9

-0.7

13.3
3.6
-3.4

8.6
4.1 3.3

-4.9
-17.1

Source: Economic survey by government of India

TRADE BALANCE
TRADE BALANCE

18.2
5.7

7.7
7

0
1961-62

21.2

1962-63

5.3
1963-64

1964-65
-7.4

1965-66
-5.1

1966-67
-4.6

1967-68

1968-69

1969-70

1970-71

Source: Indian Economics Statistics-Public Finance

(value in %)

Fiscal deficit
Fiscal deficiet
8
7.3

6.7
5.8

5.1

5.5

5
4

4.4

4.6
3.8

3
2
1
0
1961-62 1962-63

1963-64 1964-65

1965-66

1966-67

1967-68

1968-69

1969-70

1970-71

Source: Planning commission of India

FER(Rs. Crores)
FER(Rs. Crores)

821
732

478
297

295

306
250

1961-62 1962-63

1963-64 1964-65

539

574

298

1965-66

1966-67

1967-68

1968-69

1969-70

1970-71

Source: Planning commission of India

120
100
80

82.71 80.15 80.64

95.05 94.01 99.5

89.36
72.35 74.23

60
40
20
0

Production of food grains(million tonnes)

108.42

difficult decade for India due the

unexpected wars.
Natural calamity like drought added to the
situation
Buffer stock system was implemented after
such unfavorable situations
Disruption in the planning and budgeting
Rupee devaluated in the international
market
Green revolution helped to serve the
objective of self sufficiency and self
dependency

 Sixty

Years of the Indian Economy 1947-2007

C.S. Prasad, Vibha Mathur,Anup Chatterjee
Indian Economy Since Independence-Uma
Kapila
India Macroeconomics and Political Economy
1964-91-Vijay Joshi I.M.D LITTLE
India at 50 facts figures and analysis express
publications
www.planningcommission.nic.in
www.unionbudget.nic.in