At the time of Independence, the land tenure system was characterised by intermediaries called zamindars, jagirdars, etc. They collected rent from the actual tiller without contributing to improvements on the farm. This demotivated the actual tillers and resulted in low productivity in this sector. Due to this reason, there was an urgent need for land reform policy.
The agricultural sector in India adopted the following types of land-reform strategies:

1. Land Ceiling: The maximum size of landholding that an agricultural household could own was fixed. The surplus land was acquired after paying compensation and was re-distributed among poor farmers.
2. Abolition of Intermediaries: The zamindari system was abolished and ownership rights were given to the actual tiller of land.
3. Regulation of Rent: Rent was regulated and a maximum limit of 33% of the value of crop was fixed.
4. Consolidation of Landholding: To increase productivity, farmers were given a big piece of land in place of his small and fragmented fields.
5. Cooperative Farming: Cooperative farming was encouraged to get benefit from the gains of consolidation of holdings.

Britain

During the 10th Five Year Plan, “Quality Improvement in Schools” was introduced as a composite centrally sponsored scheme.

Disinvestment in India is a policy of the Government of India, wherein the Government liquidates its assets in the Public sector Enterprises partially or fully. The decision to disinvest is mainly to reduce the fiscal burden and bridge the revenue shortfall of the government.

During the decades of British colonial rule in India, there were no efforts made to calculate India’s per capital income. Similarly, the British rulers never found it necessary to calculate our National Income or our Gross Domestic Product. Upon gaining independence, some Indian individuals did try to measure India’s incomes. But the attempts tragically failed due to inconsistency, lack of expertise and inaccuracy. But the contributions of VKRV Rao and Dadabai Naoroji was very significant in this field.

Our economy had been a victim of enormous exploitation. Our natural resources, iron ores, gold mines, wealth and manpower was subject to intense exploitation. Due to these atrocities, the Indian economy on the eve of independence showed poor/low economic growth. Immense efforts and knowledge were essential in order to move ahead.

Although India was a very independent economy before the British rule, towards the end, it was exhausted. The Indian economy on the eve of independence was struggling to find the path. Since all the policies that the British were framing only promote their interests, we were diverging from prosperity. We were mere raw-material suppliers to the British. They made use of our labour without treating them well. The 200 years of British rule also took away our will to gain knowledge and awareness. Since we were their slaves, we never got the right to proper education. And as a result of these actions, towards the end of their reign, we were illiterate. The Indian economy on the eve of independence was full of people who had absolutely no plan as to how to help the nation.

THE IMPACT ON INDIA’S AGRICULTURAL SECTOR
It is a known fact that over 70% of India’s National Income comes from its agricultural activities. Back then, before 1947, over 95% of the country’s income came from its agricultural activity. And over 85% of the country’s population lived in villages where livelihood completely depended on agriculture. The Indian economy on the eve of independence with respect to agriculture was disheartening. The most important Indian sector was facing massive stagnation and continuous deterioration.

Hence the resulting situation of the sector was as follows.
Low productivity level. Productivity and output per hectare of land were very low. This situation led to a very low yield of output irrespective of the large cultivation area.

High vulnerability level. Agricultural activities are dependent on climatic factors. Because a poor rainfall generally led to a low output level and high crop failures. And no efforts were made by the British to eradicate irrigation issues. Hence making it vulnerable to external factors.

Discussed below are some of the reasons for the stagnation of the agricultural sector.
The Indian economy on the eve of independence suffered and continues to suffer the effects of zamindari system. In this system, the main focus of the landlords is to extract rent regardless of the economic conditions of the farmers. This is one of the focus reason for stress among farmers and fear to take a chance to grow. Hence, leading to a stagnant agricultural sector.
The lack of resources, be it financial or otherwise, is a critical factor leading to a stagnant agricultural sector.
Extensive commercialization of agriculture refers to the shift from cultivating for self to cultivating for sale in the market. This has not been helpful in improving the condition of farmers due to the existence of middlemen. Hence, the stagnation or retardation of the Indian agricultural sector.
THE IMPACT ON INDIA’S INDUSTRIAL SECTOR
Before the British period, India’s well-known industry was the handicraft and textile industry. India was well-known for its industries in cotton and silk textiles as well. And in addition, Indians were excellent in metal and precious stonework as well. When the Britishers came, they were followers of de-industrialization in India. They did this by creating situations which were conducive to the decay of the handicraft and textile industry. They also did not make any effort to promote to permit the continuation of the metal and precious stone works.

The following was the condition of the industrial sector on the eve of independence.
The decay of the Handicraft Industry. The traditional handicraft industry in India initially was in high demand. But the British rule completely discriminated the practice. The prevalence of discriminatory tariff policy and the competition from machine-made products was very critical for the downfall. Also, the introduction of railways in India was the reason for market expansion. Consequently, the demand for the handicrafts began to fall. All of these directly led to the downfall of our prominent industry.

Slow Growth of the Modern Industry. Due to the limited growth of the PSEs and the lopsided industrial structure, the growth of the modern industry was slow. In addition, there was a lack of basic and heavy industries.

To conclude,
Not only was the industrial and agricultural sectors of the country affected but so was the foreign trade. Foreign trade plays a crucial role in the development and earnings of a country. Although it is great to be a self-sustaining and independent country, foreign trade and globalization are critical to a country’s success. Indian economy on the eve of independence in relation to the foreign trade was very poor. Due to the rules imposed by the British, none of India’s products or skills had any recognition. And hence, adversely affecting the structure, composition and volume of the country’s foreign trade and income.    

• Low Per Capita Income:
• Poor Infrastructure:
• Dependence on Imports:
• Illiteracy:
• Agricultural economy:
• Low Development of Industries:

• Low Per Capita Income:
• Poor Infrastructure:
• Dependence on Imports:
• Illiteracy:
• Agricultural economy:
• Low Development of Industries:

Economic plan­ning in India aims at bringing about rapid eco­nomic development in all sectors. In other words, it aims at a higher growth rate.

India’s macroeconomic performance has been only moderately good in terms of GDP growth rates. The compound annual rate of growth stands at 4.4% at 1993-94 prices for the whole planning period (1950-51 to 1999-00). Compared to the pre­-plan period when she was caught in a low level equilibrium trap, growth acceleration during the last 50 years has been impressive indeed. How­ever that it is not yet clear as to how much of this acceleration has been due to the change in the world economic boom since World War II and how much due to India’s own planning efforts.

In 1979, another body called the 'Task Force on Projections of Minimum Needs and Effective Consumption Demand' was formed. In 1989 and 2005, 'Expert Groups' were constituted for the same purpose.

National Income at Current Price:

It is the money value of final goods and services produced by normal residents of a country in a year, measured at the prices of the current year. For example, measurement of India’s National Income of 2013-2014 at the prices of 2013-2014.
i. It is also known as ‘Nominal National Income’.
ii. It does not show the true picture of economic growth of a country as any increase in nominal national income may be due to rise in price level without any change in physical output.
So, in order to eliminate the effect of price changes, national income is also estimated at a constant price.

National Income at Constant Price:

It is the money value of final goods and services produced by normal residents of a country in a year, measured at base year price. Base Year is a normal year which is free from price fluctuations. Presently 2004-2005 is taken as the base year in India. If we measure India’s National Income of 2013-2014 at the prices of 2004-2005, then it is termed as ‘National Income at constant price’.

i. It is also known as ‘Real National Income’.
ii. It shows the true picture of economic growth of a country as any increase in real national income is due to increase in output only.
The National Statistical Commission (NSC), has suggested to revise the base year to 2011-12 from the current base year of 2004-05 for the calculation of new Gross Domestic Product (GDP) of the country.

Cheques are also called negotiable instruments. In banking terms, a negotiable instrument is a document that promises its bearer a payment of the specified amount either on furnishing the document to the banker or by a given date.

No. Because these just transfer payments, not related to factor services rendered by the beneficiaries.

RBI (Reserve Bank of India) is the organisation that conduct All India Debt and Investment Survey, 2003.

NSAP was launched on 15th August, 1995. The National Social Assistance Programme (NSAP) represents a significant step towards the fulfillment of the Directive Principles in Article 41 and 42 of the Constitution recognizing the concurrent responsibility of the Central and the State Governments in the matter.

The state of Indian industrial sector on the eve of independence was as follows: De-industrialisation—Decline of Indian Handicraft Industry. Britishers followed the policy of systematically de-industrialising India. The primary motive behind the de-industrialisation by the British government was two-fold.

True, Stocks do not change over time while flows do because stock is a quantity of economic variable that is measured at a particular period of time, it has no time dimension, whereas, flow is a quantity of economic variable that is measured during a particular period of time, it has time dimension

The five year plans launched in india succeeded in accelerating the pace of economic growth.

Explanation :

The Indian economy carried out five phases of planning that were developed, execute, and monitored by the planning commission and NITI ayog.  

• These plans are centralised and integrated national economic plans and played a great role in the development of the Indian economy.

• They supported agriculture production, launched industrialisation, with the focus on heavy industries. Played a great role in welfare management.  

• Such as allocation of irrigation and energy, agriculture and community development, transport and communication, and various social sectors.  

• The first five year plan had a target of 2.1% with 3.6% of net domestic product. It helped in boosting exchange services and per capita incomes.  

• The second plan focused on the public sector. The third plan stressed on the production of wheat, and focus on defence industry. The fifth plan focused on poverty alleviation and justice.  

• Thus all plans launched by the government helped India accelerate in pace to economic growth and development.