CBSE Class 11 Economics Indian Economic Development Revision Notes Chapter 1

CBSE Class 11 Indian Economic Development Revision Notes Chapter 1 – Indian Economy on the Eve of Independence

The Indian economy has changed from its past state, i.e. since the British dominion era. Because of British oppression, people struggled with illiteracy and lack of information. The Indian economy was in turmoil after the end of British rule. After gaining independence, the nation’s citizens had to learn how to manage such a sizable economy in accordance with their needs.

Revision notes for Class 11 Indian Economic Development Chapter 1 by Extramarks are prepared in such a way that it covers all important topics in an effective manner. Written by subject matter experts as per the latest CBSE syllabus, these notes provide a quick overview of the chapter and are easily accessible for reference. 

Colonial Rule Resulted in Low-Level Economic Development:

• Before British rule, the Indian economy was self-sustaining.
• Agriculture, handicraft industries like silk, cotton, stone works etc and other activities helped many people earn a living. 
• Indian products had major global market potential due to their high quality and brilliant craftsmanship.
• The colonial economists focused on gaining higher interests for the British empire and none for the welfare of the Indian public. 
• There were insufficient attempts made to estimate the national and per capita income of India. 
• Estimates made by some eminent persons like Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R V. Rao, and R.C Desai were deemed noteworthy. 

Conditions of Various Sectors of the Economy on the Eve of Independence

Agriculture Sector

• Dependency on agricultural gains was prominent during that time, almost 85% of the Indian population had farming as their major occupation. 
• Lower agriculture productivity was observed, which led to various new introductions and revisions in land settlement policies which led to some growth.  
• The commercialisation of agriculture was the reason for planting cash crops in many regions. 
• There was a slow development of the industry due to a lack of investment in terracing, flood control, drainage, and soil desalination. 

Industrial Sector

• The British prevented large industrial growth for their economic gains.
• India remained merely an exporter of raw materials for the development of modern industries in Britain. 
• Finished goods from Britain were brought back to India to turn them into profitable products in the Indian markets.
• Artisans and craftsmen were unemployed as the local industries declined. 
• The modern industry progressed slowly during the second half of the 19th century. 
• The majority of the cotton textile mills were located in the regions of Maharashtra and Gujarat, while the majority of the jute mills were located in Bengal.  

Foreign Trade

• The government imposed numerous restrictions on India’s exports to other countries in terms of volume, composition, and structure, which had a negative impact on the economy.
• Raw materials like silk, cotton, wool, jute, and indigo were exported from India as primary products.
• Britain was a chief part of foreign trade. A few other countries like China, Sri Lanka and Persia (Iran) were also permitted.
• Exploitation by the British led to a great drain of Indian wealth. 

Demographic Condition

• There was irregular population growth in India.
• Over ten years, routine census operations were conducted. 
• Low literacy rates, both overall and female, marked the country as socially and educationally backwards. 
• Because there were insufficient medical facilities, diseases spread widely, and the mortality rate rose.
• Infant mortality rates were dangerously high, leading to estimations of low life expectancy within the newborn population. 

Occupational Structure

• The agriculture sector (70-75%) and manufacturing and services sector (15-20%) remained at the top for employment generation within the workforce.
• Around 17.2% contributed to the service or tertiary sectors of the economy. This sector became popular after independence and provided slow but steady growth to the Indian economy.
• Uneven distribution of wealth was observed as the economy spiralled into an uncontrolled state right before independence.

Infrastructure

• Railways, ports, and water transport developed to a huge level during British rule. These systems were crucial for the foreign trade of Indian raw materials.
• Colonial interests in trade were always prioritised to achieve success for British finished goods.
• India’s export of raw materials increased after the launch of the railway transport system. This enhanced efficiency and organised the trade methods for British bookkeeping.
• The growth and development of the Indian economy were always sidelined by the British to promote their interests.
• The barter system was replaced by newer methods which introduced the usage of money in day-to-day transactions, which helped the Indian economy’s division of labour and large-scale production. 

Developing the Indian economy after gaining independence was a huge challenge as each sector was adversely affected by British policies and rules. A crippled economy like India needed intensive attention and well-executed plans for a bright and secure future. 

Economics Class 11 Chapter 1 Notes Free Download

Importance of Extramarks Indian Economic Development Revision Notes

• Revision notes by Extramarks are written with detailed explanations of each topic to help students grasp concepts efficiently.
• Students can revise right before their exams and memorise important points as the concepts are written in an easy-to-read way.
• Subject matter experts have prepared these notes in accordance with the updated CBSE syllabus, which makes them precise and reliable. 

Download Class 11 Revision Notes 

Curated by experts in every subject, Extramarks Revision Notes are the best study material to revise before final exams. Long chapters that require conceptual understanding before reading can cost students a lot of time during their valuable study time. The best way to review chapters before exams are with an easy to access Class 11 Revision Notes. 

These notes are entirely consistent with the most recent NCERT syllabus, which is provided by the CBSE curriculum. The Extramarks Revision notes for Indian Economic Development Class 11 Chapter 1 can be easily finished by students in a short amount of time, giving them more confidence for upcoming exams.

Extramarks Revision Notes for Indian Economic Development Class 11 Chapter 1 Notes allow students the convenience of studying in an offline environment as well. 

Chapter-Wise Indian Economic Development Class 11

Every subject is easy to revise with the right materials. Economics revision, created for students by subject matter experts at Extramarks, offers an added advantage to their examination strategy. 

Indian Economic Development Class 11 Notes Chapter 1 CBSE Chapter-Wise:

• Chapter 1 Indian Economy on the Eve of Independence 
• Chapter 2 Indian Economy 1950 – 1990 
• Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal 
• Chapter 4 Poverty 
• Chapter 5 Rural Development 
• Chapter 6 Human Capital Formation in India 
• Chapter 7 Employment: Growth, Informalisation and Related Issues
• Chapter 8 Infrastructure
• Chapter 9 Environment Sustainable Development
• Chapter 10 Comparative Development Experience of India with its Neighbours

Steps to Follow Revision Notes Class 11

A well-formulated strategy is a weapon for conquering any examination without fear. The revision notes for Economics chapters for Class 11 prepare students effectively and help them manage time for revision after reading the NCERT chapters. 

Here is a step-wise guide for studying economics for Class 11 :

• Always focus on what can be understood quicker, and start with shorter chapters to gain confidence in the subject.
• Revision is key for every chapter, be it easy or tough. Until thorough revision is done, every concept must be read like it’s being read for the first time. 
• Difficult-to-understand concepts should be organised as doubts and their solutions must be referred to by the student either by searching them online or by asking teachers and friends.
• Reading well-written answers for each topic will teach students how to properly arrange words to convey a concept.
• Making mistakes makes room for more effective and quicker learning. Discouragement does not allow for thorough planning. 

Conclusion

Therefore, it’s time to give understanding a higher priority than memorization. Students will effectively pass every test and examination if they give themselves time to get the concept right. Access the Extramarks Revision Notes for Class 11 Chapter 1 Indian Economic Development for a quick head start on exam preparations.