NCERT Solutions Class 11 Economics Indian Economic Development Chapter 2

Economics is the study of the Production, Distribution, and Utilisation of Goods. It examines how Individuals, Organisations, Governmental Entities, and Nations decide to use their resources. Economics is the study of human behaviour, predicated on the notion that individuals act rationally and seek out the greatest possible profit or value. The subject of Economics examines how labour and commerce are conducted. Economics must determine which methods yield the best outcomes because there are several ways to obtain resources and utilise labour.

In general, Economics can be divided into two categories: MacroEconomics, which examines how the economy functions, and Microeconomics, which examines how individuals and businesses function.

Microeconomics:  In order to understand how people respond to price changes and why they desire particular goods at particular prices, Microeconomics examines several facets of human behaviour. In order to understand why and how different items have varying values, how individuals make financial choices and how they can trade, collaborate, and work together in the best way, Microeconomics aims to explain these concepts. Microeconomics examines how supply and demand evolve over time, as well as the quality of production and price of goods. It also examines how individuals organise and manage businesses, divide and share work, and cope with risk, uncertainty, etc.

Macroeconomics: Macroeconomics examines the economy globally and on a national level as a whole. It achieves this by stimulating the economy using a large amount of data and economic variables. It mainly examines how economies develop, alter, and experience cycles. Foreign trade, monetary and fiscal policies of the government, unemployment and inflation rates, interest rates, fluctuations in the Gross Domestic Product (GDP), and business cycles that lead to expansions are examined. Students will study Microeconomics and Macroeconomics further in Class 12 Economics.

By studying Economics in Class 11, students can assess their ability and interest in the topics and determine whether to pursue it further in their career. Students who study Economics get information and skills in this field that are incredibly relevant and important in day-to-day life. Teaching students about the production and use of commodities and services is the main objective of the Economics curriculum. Additionally, it covers their distribution throughout markets and their demand and supply.

To study and prepare Class 11 Indian Economic Development Chapter 2 on Indian Economy from 1950-1990, students should visit the website and mobile application of Extramarks.  The NCERT Solutions offered by Extramarks for the Class 11 Indian Economic Development Chapter 2 will benefit students a lot.

The NCERT book on Class 11 Economics’ principal goal is to introduce some of the major problems the Indian economy is currently dealing with to students. The book gives students the chance to learn about economic resources and how they are used on a daily basis in various Indian economic sectors. Additionally, data is given to the students that illustrates the various facets of the Indian economy. Students are expected to critically consider and analyse the information given to them. The book includes numerous suggestions for practical activities that students might undertake. Discussions in class and readings of papers like the Economic Survey are among the activities. In order to learn more in-depth information about specific topics, students are also urged to read the works of economic scholars on a regular basis. Students will be better equipped to understand current events thanks to the foundations laid by this text about the various Macroeconomic and Microeconomic concepts. It is important for students to develop the habit of reading the newspaper each day and connecting the news stories to the topics being covered in class.

Students are urged to read the Economic Survey under the direction of their instructors in order to understand India’s Economy. The Economic Survey includes a variety of studies and summaries on the various economic sectors in India. Reading the statistics tables found in the Economic Survey Appendix is especially advised for students. The Economics textbook contains in-depth information on issues such as employment, health infrastructure, and poverty. Students are recommended to read through the numerous reports released by government ministries to better comprehend these themes and learn more information about them.

Tips to Prepare for Economics:

• Selecting the study material: There is a wealth of study resources for Class 11 Economics available for students to use. However, students should only pick the best learning resources for their preparation. They ought to pick reading resources that provide the most concrete answers. They should evaluate whether the study material they are selecting covers the complete syllabus. Students should always get the most recent versions of their study materials because the CBSE issues new guidelines every year. The NCERT textbook for Class 11 should serve as the student’s primary Economics text. NCERT books are suggested for all subjects in the CBSE. The NCERT books give ample practise questions for students to complete and cover the full curriculum in detail. In addition to the NCERT texts, students can use the Extramarks study materials to get ready for Class 11 Economics. For the benefit of the students, Extramarks’ solutions are written in a step-by-step format. The Extramarks NCERT solutions are updated in accordance with the strict CBSE criteria. To study for the Class 11 Indian Economic Development Chapter 2 on Indian Economy 1950-1990, students can refer to the resources provided by Extramarks. The NCERT Solutions offered by Extramarks will guide  students in writing allthe NCERT exercise questions for the Class 11 Indian Economic Development Chapter 2. The resources for the Class 11 Indian Economic Development Chapter 2  are available on the website and mobile application of Extramarks.

1. Solving NCERT Exercises: The NCERT questions are the most important resource for Class 11 exam preparation. NCERT questions can help students understand the kinds of questions that can be asked in the exams. The NCERT activities contain a variety of challenging questions. Since many questions in school and board exams are derived directly from NCERT exercises, students should practise the NCERT questions. If they meet any difficulties, students can seek help from the resources provided by Extramarks. The study material that Extramarks offers is accurate and reliable. NCERT practise questions also help students prepare for competitive exams. For Class 11 Indian Economic Development Chapter 2, students can download the most accurate NCERT Solutions from the Extramarks website and mobile application. With the help of the resources provided by Extramarks, students will be able to prepare thoroughly for Indian Economic Development Chapter 2.
2. Having a Timetable: Students are more likely to finish assignments on time if there is a schedule with deadlines for each topic. Chapters with a higher weight and degree of difficulty could require extra study time. Thus, time must be set aside for the numerous subjects and chapters. Many students struggle with the subject of Economics,thus, they should practise it more. Making weekly and monthly goals for themselves, students should set aside time to focus on the various chapters of Economics for Class 11. By doing so, they will be able to keep an eye on their level of preparation and ensure that they are covering the complete curriculum. The Class 11 Indian Economic Development Chapter 2 is a very important chapter that explains to students the state of the Indian Economy right after Independence. Therefore, students should study the Class 11 Indian Economic Development Chapter 2 effectively. Students can take help from resources provided by Extramarks to study Class 11 Indian Economic Development Chapter 2.

• Practising CBSE Sample Papers and Past Years’ Papers: For students, CBSE sample papers are very helpful. Before the board exams each year, CBSE released sample papers for each subject. The sample papers are very significant because they are updated in accordance with the most recent CBSE regulations. Students must solve CBSE practise questions. Students must also solve past years’ papers to get an idea of what kind of questions are being asked by the examiner. Both the CBSE sample papers and past years’ papers must be solved in exam-like settings. If students face any challenges in solving the sample papers or past years’ papers, they must revise the chapters again. Students can also take help from the learning materials offered by Extramarks. To prepare for Class 11 Indian Economic Development Chapter 2 effectively, students must solve unit tests for the chapter.
• Revision: Revision is the most important component of exam preparation. Revision helps students retain information for a longer period of time. With enough practice, students will be able to recall the majority of concepts from the Economics chapters in Class 11. It is important to schedule revisions at regular intervals. Students should review their short notes as well as any unit exams and practice tests they may have taken. After repeated readings, students will start to feel more confident. The most effective method for reviewing Economics concepts is to regularly practice questions. Regular question practise will assist students in finishing their papers on time by minimising the time it takes to answer each question. Students must regularly revise the Class 11 Indian Economic Development Chapter 2. For effective revision of Class 11 Indian Economic Development Chapter 2, students can refer to the revision notes and NCERT solutions offered by Extramarks. The Class 11 Indian Economic Development Chapter 2 can be prepared effectively in this manner.

1. Answer writing: The explanation of theories in Economics includes formulas, tabular and graphical representation, and helps students understand the subject’s ideas quickly. Students should regularly practise graphs so that they can create accurate diagrams of varied curves as required by the questions.

Tables are particularly significant since they contain computations as well as the application of formulas based on the findings. They should be put into practise alongside graphs. The use of diagrams, tables, andgraphs reflects the practical understanding of the subject by the students. When writing the answers for the Class 11 Indian Economic Development Chapter 2, students must include important facts and figures such as the percentage of various sectors contributing to the GDP of India after Independence, etc. For the Class 11 Indian Economic Development Chapter 2, students can use the NCERT solutions offered by Extramarks. The solutions offered by Extramarks contain all the required facts and figures in the answers. This will help students write the best answers for the Class 11 Indian Economic Development Chapter 2. Students can download the NCERT solutions for the Class 11 Indian Economic Development Chapter 2 from the website and mobile application of Extramarks.

Class 11 NCERT Solutions Indian Economic Development – Chapter 2 – Free PDF Download 

Students can download the NCERT Solutions for the Class 11 Indian Economic Development Chapter 2 with the help of the Extramarks’ website. The NCERT solutions for the Class 11 Indian Economic Development Chapter 2 are available on Extramarks’ website and mobile application. The solutions for the Class 11 Indian Economic Development Chapter 2 can be downloaded in PDF format for easy access to the students.

Extramarks also provides students with study resources such as revision notes, past years’ papers and NCERT Solutions. From the Extramarks’ website, students can download the NCERT Solutions Class 1, NCERT Solutions Class 2, NCERT Solutions Class 3, NCERT Solutions Class 4, NCERT Solutions Class 5, NCERT Solutions Class 6, NCERT Solutions Class 7, NCERT Solutions Class 8, NCERT Solutions Class 9, NCERT Solutions Class 10, NCERT Solutions Class 11 and NCERT Solutions Class 12. The NCERT solutions are available and can be downloaded for all subjects. Extramarks further provides all the study material in Hindi and English to help all the students score higher marks in their respective exams.

The Indian Economic Development Class 11 Chapter 2 is on the state of the Indian Economy from 1950 to 1990. Students must download the Class 11 Economics Chapter 2 Solutions from Extramarks’ website and mobile application. Class 11 Economics Chapter 2 can be effectively prepared with the help of the study resources provided by Extramarks. Moreover, Extramarks also offers study resources for ICSE students. The resources provided by Extramarks cover the entire syllabus holistically and help students prepare for their exams fully. Students must refer to the resources provided by Extramarks. To study Class 11 Indian Economic Development Chapter 2, students must click on the link and download the NCERT solutions.

Chapter 2 Indian Economy Class 12 Indian Economy 1950 – 1990 – An Overview 

The Class 11 Indian Economic Development Chapter 2 is on the Indian Economy from 1950-1990. The Class 11 Indian Economic Development Chapter 2 first introduces the students to the various types of Economies.

Types of Economy: It has been said that every economy in the world is distinctive in some way. Each economy is unique though the similarities between these economies are numerous. Thus, Traditional Economy, Command Economy, Market Economy, and Mixed Economy have been identified by economists as the four different types of economies. There are various types of economies, as discussed below:-

Traditional Economy: As the name implies, the foundation of a Traditional Economy is traditionalism. These economies, which are the most fundamental kinds of economies, are built on ancient laws. In a Traditional Economy, products and services that are consistent with its traditions, values, and past are prioritised.

The Traditional Economies frequently place a heavy emphasis on farming, cattle ranching, fishing, etc. Traditional Economies operate only on the barter system, with no idea of money or currency. Their families or tribes serve as the foundation of their economies. Such economies adhere to the principle of merely creating what and how much is necessary. They do not see the necessity to generate any surplus for the market. Trading is not a notion. To read and understand more about Traditional Economies, students must read Class 11 Indian Economic Development Chapter 2 thoroughly. For NCERT solutions of the Class 11 Indian Economic Development Chapter 2, students can visit the website and mobile application of Extramarks.

Command Economy: The opposite of a Free Market Economy is a Command Economy. One centralised power is typically the government and rules under a command economy structure. As a result, the government controls all economic decisions. Which products and services will be produced and in what quantities? Such concentrated control, rather than market forces, will likewise determine the price.

A communist nation often has a Command Economy. This command economic framework is implemented by nations like Cuba, China, and the former USSR. These economies are also referred to as planned economies since the government plans all the economic forces; the free market has no influence. The Class 11 Indian Economic Development Chapter 2 has more in-depth information on the Command Economy. To find the best solutions for the topic Command Economy, students should refer to the NCERT solutions provided by Extramarks for the Class 11 Indian Economic Development Chapter 2.

Market Economy: This is the exact opposite of a Command Economy. An economy based on free markets and free market tendencies is its only foundation. The government or any other such regulating power is not involved or interfering. This indicates that neither buyers nor sellers are subject to any restrictions or rules. The players in the economy and the principles of supply and demand govern the entire economy.

A Free Market Economy has the potential to grow extremely quickly, theoretically. It gives private organisations, the only ones that exist—great influence and control over the nation. Therefore, it can result in a situation where the rich get richer and the poor get poorer, creating a wealth imbalance. To read more about the Market Economy, students must read Class 11 Indian Economic Development Chapter 2 completely. The Class 11 Indian Economic Development Chapter 2  explains this topic very well.

Mixed Economy: An ideal union of a Command Economy and a Free Market Economy is a mixed economy.Therefore, government interference in the economy is minimal. . However, the government will control and monitor certain delicate sectors of the economy, such as transportation, public services, defence, etc. A dual economy is one that operates in this way. India and France are the best examples of such a diversified economy.

Private companies are free to operate in the economy with little regulation thanks to a mixed economy. The government can control the economy at the same time to prevent it from harming the general welfare. In a Single Economy, the public and private sectors can coexist in harmony. It is the ideal fusion of Capitalism and Socialism. Most Economies in the world are currently considered Mixed Economies.  The Class 11 Indian Economic Development Chapter 2  contains more information on the Mixed Economy for the benefit of students.

All the types of Economies mentioned above are given in more detail in the Class 11 Indian Economic Development Chapter 2. Extramarks offers NCERT solutions for the Class 11 Indian Economic Development Chapter 2. With the help of the resources provided, students can effectively prepare for the Class 11 Indian Economic Development Chapter 2.

The Class 11 Indian Economic Development Chapter 2 further explains the five-year plans that were started after independence. India had to essentially reconstruct its economy from scratch after gaining independence in 1947.  The leaders of those times had to pick the type of economy India would have and also outline the economic plan. The five-year plan was conceived in this situation. Various five-year plans were implemented. The first five-year plan was based on the Harrod-Domar model.To read more about the first five-year plan and the consecutive plans, students must read the Class 11 Indian Economic Development Chapter 2 thoroughly. The Class 11 Indian Economic Development Chapter 2 has in-depth information on the five-year plans and is written in an easy to understand language. Students can also refer to the NCERT solutions for Class 11 Indian Economic Development Chapter 2 to write the best answers for this chapter. Moreover, the NCERT solutions for Class 11 Indian Economic Development Chapter 2 can be downloaded in PDF format.

Chapter 2 Indian Economy Class 12 Indian Economy 1950 – 1990 – An Overview

Chapter 2 talks about the various challenges that the Indian economy faced after, under, andafter British rule. This chapter discusses the various challenges that the Indian economy faced after its independence from British rule. Students can get a thorough understanding of Chapter 2 Indian Economy 1950 – 1990 with the help of the revision notes and important questions that are available on the Extramarks’ website. These revision notes and important questions can help the students understandthe chapters well. Going through the revision notes and the solutions that are available on the Extramarks website, students can overcome all their challenges while also boostingtheir Class 11 exam preparation.

The Economic Status of India During the Colonial Rule

Ancient India thrived in every aspect of life. However, once the British set foot on Indian soil, the Indian economy began to deteriorate. Every sector of India, such as Agriculture and Industry, was exploited. Due to declining soil fertility, the country was unable to produce enough food for its people. Even the Indian industries were unable to manage the economy.

The infrastructure was deteriorating, and the British rulers were only concerned with profits. The world war depleted whatever resources remained. The Indian struggle for independence meant ignoring all other aspects of life. The colonial government’s policies proved to be the final nail in the coffin of the Indian economy.

The British decentralised pre-colonial India’s long-running cloth production industry. This triggered the Industrial Revolution. The revolt began because Indians were compelled to import British products. During British rule, the Indian industries began to deteriorate. Students can read more about this topic from the Class 11 Indian Economic Development Chapter 2. They can also refer to the NCERT solutions for the Class 11 Indian Economic Development Chapter 2 which are offered by Extramarks.

Agrarian Economy

The British compelled Indian farmers to grow cash crops such as Indigo. It was purchased at a lower cost from farmers and exported to the United Kingdom. Indigo cultivation decreased soil fertility. The administrators had no intention of growing food in India. India’s agricultural sector was struggling to make ends meet. The lack of technology and reliance on rain for irrigation exacerbated the situation. India’s population was malnourished and weak as a result of poor food production.

India was turned into a mere exporter of raw materials by the British. The excessive demand for cash crops destroyed the fertility of the soil and turned the land baron. Students must read more about the state of Indian Agriculture from the Class 11 Indian Economic Development Chapter 2. The Class 11 Indian Economic Development Chapter 2 contains information about this topic in detail and also presents various facts and figures.

Industrial Sector

The Indian cloth manufacturing industry, also known as the handicraft industry, was the first and most established industry in India before the British arrived. The Indian textile industry was in high demand and appreciated globally. The Indian artisans’ work was praised all around the world. The Indian textile industry was a significant urban handicraft industry, and articles made of silk, cotton, and wool were popular both in and outside of India. These were exported to other countries, and the people there adored them. Along with the cloth industry, Indians began to create objects. The Indian craftsman was well-known for his work in the metal, marble, stone carving, leather and tanning industries, and shipbuilding. The industries grew in popularity, allowing Indians to make their mark on the global stage. The British, on the other hand, tried to dominate and ensured that India’s popularity and craftsmanship died.

When the British arrived in India, they intended to stifle the country’s thriving industrial era. They began to take control of the clothing industry and attempted to stifle the work of the artisans. The British developed a strategy to decentralise these flourishing industries.

They achieved this by supplying all the raw materials produced in India only to Britain. The raw materials supplied from India were turned into goods using machines. Thus, they were cheaper than the goods produced by Indian artisans. This led to a decrease in demand for the goods produced by the Indian artists.

Moreover, since most of the raw materials were supplied from outside, the Indians had to turn to the Britishers to meet their own internal demands, causing further exploitation of the Indians. All of this resulted in a loss of Indian wealth. The British period’s foreign trade was characterised by a large export surplus. The surplus had an impact on the Indian economy. Many necessities, such as kerosene and food grains, were unavailable on the domestic market. Furthermore, the surplus was not used for any type of development activity in the country. It was only used to set up and maintain British administrative work.

The state of the Industrial sector during British rule is further explained in the Class 11 Indian Economic Development Chapter 2. The NCERT exercise questions for the Class 11 Indian Economic Development Chapter 2 can be answered with the help of resources provided by Extramarks.

Foreign Trade

During British rule, Britain controlled India’s imports and exports. As a result, the majority of foreign trade was restricted to Britain, while the remaining half was permitted to trade with other countries such as Ceylon (Sri Lanka), China, and Persia (Iran).

During the colonial era, India was a significant exporter. However, it had no positive effects on the country’s economy. The scarcity of commodities such as food grains, clothing, kerosene, etc., had affected the Indian people’s livelihoods badly.

The Class 11 Indian Economic Development Chapter 2 contains more information on the state of Foreign Trade during British rule. Students must read the Class 11 Indian Economic Development Chapter 2 thoroughly and make notes out of it.

Demographic Conditions

The population of India on the eve of independence reflected the country’s economic situation. The vast majority of people were uneducated. The rate of illiteracy was extremely high. Health-care facilities were also in short supply. This, combined with a number of other factors, resulted in a high mortality rate. A country with illiterate and unhealthy citizens reflects poorly on the world map. India was previously known as the Golden Bird. However, the British rulers exploited it. Under English rule, India failed in every sector. The agricultural sector was underperforming. Low rainfall and a faulty irrigation system were two of the contributing factors.

The Class 11 Indian Economic Development Chapter 2 further explains the demographic condition of India during British rule. The NCERT solutions for the Class 11 Indian Economic Development Chapter 2 can be found on the website and mobile application of Extramarks.

Are There Any Positive Contributions Made by the Britishers?

Although the goal of British rule in India was colonial exploitation, the means had some positive side effects, which are listed below:

Prior to British rule, the Indian subcontinent was divided into small and fragmented territories ruled by various dynasties. The British government seized these territories, bringing the country together politically and economically.

Transportation Development: Although the British developed various modes of transportation, such as roads and railways, for their own benefit, these opened up new opportunities for growth and contributed to the country’s cultural unification. The development of transportation also aided in the prevention of famines.

Monetary System Development: Colonial rule aided the country’s transition from a barter system of exchange to a monetary system. This monetised system aided the country in reaping the benefits of large-scale production.

Education: The British established a number of schools in India and made English the official language. Education enabled Indians to recognise and fight for their fundamental right to freedom. Furthermore, knowing English made them more aware of the world and broadened their horizons.

Eliminating Social Evils: The British enacted several laws to prohibit social evils such as the Sati system and child marriage. They also advocated for widow remarriage.

Efficient Administration: The British left behind an efficient administration system. They also kept meticulous records of every plan, policy, agreement, and so on. This administration and record-keeping system aided the independent Indian administration in effectively managing the country.

With the help of Class 11 Indian Economic Development Chapter 2, students can read more about the positive impacts of British rule in India. The NCERT solutions for the Class 11 Indian Economic Development Chapter 2 are available on the website and mobile application of Extramarks. Students can download the NCERT solutions for the Class 11 Indian Economic Development Chapter 2  in PDF format.

Conclusion

Briefly, British rule in India led to the economic exploitation of Indian resources and the people. The British period saw a decline in the state of India’s economy. Students must read more about the state of India’s economy during the British period. They can refer to the Class 11 Indian Economic Development Chapter 2. To study effectively, students must make notes on the Class 11 Indian Economic Development Chapter 2. They should also refer to the NCERT solutions for the Class 11 Indian Economic Development Chapter 2 provided by Extramarks.

Fun Fact

The solutions and the revision notes have been compiled by experts with years of experience and can be relied upon. These solutions help students clarify their doubts on their own and gain a detailed understanding of the chapter. Students should also practise some of the past years’ papers and sample question papers available on the Extramarks’ website to self-assess their preparation.Solved Example

The solved examples for the Class 11 Indian Economic Development Chapter 2 are mentioned on the website of Extramarks. Students can refer to the solved examples for the preparation of the Class 11 Indian Economic Development Chapter 2. The NCERT solutions of the Class 11 Indian Economic Development Chapter 2 are available on the website and mobile application of Extramarks. The NCERT solutions of the Class 11 Indian Economic Development Chapter 2 can be downloaded in PDF format. The NCERT solutions of the Class 11 Indian Economic Development Chapter 2 must be revised regularly.