(a) (i) Explain the need and types of land reforms implemented in the agriculture sector. (ii) Why was public sector given a leading role in…

At the time of independence, the Indian land tenure system was characterised by the intermediaries, stagnant growth rate and unequal distribution of land; making the land reforms inevitable.

Major land reforms introduced by the government were:

At the time of independence, the Indian industrialists lack the financial and technical resources needed for the nation to be modernized and self-sufficient. Also, the market was not big enough to encourage industrialists to undertake major projects even if they had the capital to do so.

Moreover, the decision to develop the Indian economy on socialist lines made it essential for the public sector to take the leading role.

Industrial sector performed poorly in the reform period because of decreasing demand for industrial products due to various reasons such as cheaper imports, etc. Cheaper imports have, thus, replaced the demand for domestic goods. Moreover, the infrastructure facilities including power supply, remained inadequate due to lack of investment.

Bilateral Trade refers to the exchange of goods and services between two nations.

Whereas;

Multilateral Trade refers to exchange of goods and services between more than two nations.