indian economy 1960s
TRANSCRIPT
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-Prepared By
Aditi Kulkarni
Harshwardhan Sorath
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Events that took place during the 1960s
Major Indicators of the economy
Conclusion
Bibilography
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The Chinese aggression(1962)
Heavy debt of IMF (1964)
Hostilities with Pakistan(1965)
Droughts for two successive years(1965-66and 1966-67)
Devaluation of rupee (1966) and inflation
pressure
First Phase of Green Revolution(1966)
Nationalization of 14 banks (1969)
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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
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Foreign Exchange Reserves
Production of food grains
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Source: India micro economy and political economy 1964-1994(annual change in %)
3.1 2.1
5.1
7.6
-3.7
1
8.1
2.6
6.5
5
1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71
GDP(%)
GDP(%)
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Source: Planning commission of India(values in %)Base year !993-94
44.98 42.95 44.23 46.26 44.05 45.02 47.94 46.86 46.61 45.17
21.38 22.1 22.0421.07 21.89 21.48
20.09 20.69 21.51 21.92
12.42 12.72 12.45 12.5 12.95 13.2212.86 12.98 12.74 13.2
11.54 12.39 11.72 10.9 11.26 10.59 9.89 10.03 9.79 10.03
9.69 9.85 9.56 9.28 9.85 9.69 9.23 9.43 9.35 9.69
0
20
40
60
80
100
120
1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71Other 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,
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Source: Planing commission of India
1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71
POPULATION(million) 444 454 464 474 485 495 506 518 529 541
0
100
200
300
400
500
600
fi
guressinmillion
POPULATION(million)
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Source: Dutt & Sundharam
82.7 82 80.1
17.3 1819.9
1951 1961 1971
Percentage of Urban & Rural Population
RURAL URBAN
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Source: Planning commission of India
361377
422
484 492
547
631649
698724
0
100
200
300
400
500
600
700
800
Per Capita Income(Rs.) at current prices
Per Capita Income(Rs.) at currentprices
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Source: Planning commission of India
1604317118
19592
2293223875
27059
3191033595
36934
39172
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
National Income(Rs. Crore) at current prices
National Income(Rs. Crore) at currentprices
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Base: 1970-71Source: India micro economy and political economy 1964-1994(values in %)
0.2
3.8
6.3
10.8
7.7
13.9
11.6
-1.2
3.8
5.5
-2
02
4
6
8
10
12
14
16
WPI
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Source: National accounting statistics(2000)(values in %)
11.6
12.612.2
11.9
13.9 13.9
11.812.1
14.2 14.5
0
2
4
6
8
10
12
14
16
1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 1970-71
SAVINGS
SAVINGS
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Source: Economic survey by government of India(values in %)Base year 1949-50
-2.9
3.88.1 10.3
4.4
47.5
-3.4 -4.9
-17.1
3.32.83.8
15.8
2.9
-0.7
42.9
3.6
13.3
4.18.6
IMPORT EXPORT
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Source: Economic survey by government of India
1961-621962-63
1963-641964-65
1965-661966-67
1967-68 1968-69 1969-701970-71
5.7
0
7.7
-7.4 -5.1 -4.6
7
18.221.2
5.3
TRADE BALANCE
TRADE BALANCE
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Source: Indian Economics Statistics-Public Finance(value in %)
0
1
2
3
4
5
6
7
8
1961-621962-631963-64
1964-651965-66
1966-671967-68
1968-691969-70
1970-71
5.1
5.8 6 6
6.7
7.3
5.5
4.4
3.8
4.6
Fiscal deficit
Fiscal deficiet
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Source: Planning commission of India
1961-621962-631963-64
1964-651965-66
1966-671967-68
1968-691969-70
1970-71
297 295 306
250298
478539 574
821
732
FER(Rs. Crores)
FER(Rs. Crores)
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Source: Planning commission of India
82.71 80.15 80.6489.36
72.35 74.23
95.05 94.0199.5
108.42
0
20
40
60
80
100
120
Production of food grains(million tonnes)
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A difficult decade for India due theunexpected wars.
Natural calamity like drought added to thesituation
Buffer stock system was implemented aftersuch unfavorable situations
Disruption in the planning and budgeting
Rupee devaluated in the internationalmarket
Green revolution helped to serve theobjective of self sufficiency and selfdependency
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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
publicationswww.planningcommission.nic.in
www.unionbudget.nic.in