INDIAN ECONOMY 1960s

7/31/2019 INDIAN ECONOMY 1960s

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-Prepared By

Aditi Kulkarni

Harshwardhan Sorath


2/20

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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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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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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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

INDIAN ECONOMY 1960s

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