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Explain ‘growth with equity’ as a planning objective.
Answer. Economic Growth is an increase in the aggregate output of goods and services in a country in a given period of time. Equity refers to reduction in inequality of income or wealth, uplifting weaker sections of the society and equal distribution of economic power. Higher levels of growth and social justice are two main objectives of India’s economic planning. When these two objectives are clubbed together, it is called development with social justice.
The term Green Revolution refers to the large increase in production of food grains resulting from the use of high yielding variety (HYV) seeds especially for wheat and rice.It was implemented because at independence, about 75% of the country’s population was dependent on agriculture. But the productivity in the agricultural sector was very low because of the use of old technology and the absence of required infrastructure for the vast majority of farmers. India’s agriculture vitally depends on the monsoon and if monsoon fell short the farmers were in trouble unless they had access to irrigation facilities which very few had.
By the use of HYV seeds the productivity of food grains increased remarkably and a good proportion of the rice and wheat produced during the green revolution period was sold by the farmers in the market. India achieved self-sufficiency and self-reliability in food grains.

ACHIEVEMENTS OF GREEN REVOLUTION
1) Rise in production and productivity.
2) Increase in income.
3) Rise in commercial farming.
4) Impact on social revolution-use of new technology HYV seeds, fertilisers etc.
5) Increase in employment.
6) Substantial Rise in Average.
FAILURES OF GREEN REVOLUTION
1) Restricted to limited crops and areas such as two crops wheat & rice growing states like
Punjab, Haryana, U.P. and Andhra Pradesh.
2) Partial removal of poverty.
3) Neglected land reforms.
4) Increase in income disparity between small and big farmers.
5) Ecological degradation.

Features of Industrial Policy Resolution (IPR) of 1956
1) New classification of Industries: Industries were classified into three schedule depending
upon role of state.
a. Schedule-A- 17 industries listed in schedule-A whose future development would
be the responsibility of state.
b. Schedule-B- 12 industries were included in Schedule-B, Private sector could
supplement the efforts of the Public Sector, with the state taking sole
responsibility for starting new units.
c. Schedule-C – other residual industries were left open to private sector.
2) Stress on the role of cottage and small scale industries.
3) Industrial licensing: Industries in the pvt. sector could be established only through a
license from the government.
4) Industrial concessions-were offered-pvt. entrepreneurs for establishing industry in the
backward regions of the country. Such as tax rebate and concessional rates for power
supply.

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