Adopting New Approach Article shared by After independence, India chartered a path of economic development based on mixed economy, building a new industrial structure around the public sector and a closely monitored, regulated and controlled system where government played the role of licenser in the process of building industry. There were few hiccups in between. In the late 70s Mrs.
Why India is Considered as a Developing Economy? Read this article to learn why India is Considered as a Developing Economy! After 62 years of Indian independence the economy has achieved several qualities for which she can be considered as a developing nation. Following are some important reasons behind this terminology: During the last two decades the national income has increased significantly to 5.
In these two years NNP rose at the rate of 6. Increase in per capita net national product at factor cost per capita income is considered to be far better index of economic growth.
For this reason the planners of Indian economy want to progress the economic growth in terms of per head income. Inwithin the five decades the per capita income rose to Rs 11, However this is an over-optimistic view without any basis.
Over twelve years sincethe per capita income increased at a rate of 4. However, the overall performance throughout the planning period was not adequate due to long past colonial exploitation.
During the planning period the gross domestic capital formation had increased from 8. In India there are no such uniformity during the plan periods as far as industrial growth is concerned. Inthe growth was abnormally high, but it decreased steadily during The impact of new agricultural policy, i.
Wheat production increased from The average annual production of rice rose from Social overhead capital includes transportation, irrigation, energy production, education, medical facilities etc.
During the overall planning period these sectors had increased considerably. The total road length comprising national highways, state highways and other roads was Shipping and civil aviation have also improved equally.
Inthe installed electricity generating capacity was 1, 21, MW against 2, MW in Likewise irrigation facilities in the country have been increased raising irrigated area from 2. Medical facilities have also increased during this period along with the number of doctors and number of nurses.
The bed population is currently 0.1. Moreland, W. H. () India at the death of Akbar, Macmillan and Co, Ltd London, Adamant media corporation. 2. Rothermund, D. () An economic history of India from pre-colonial times to , 2.
Rothermund, D. () An economic history of India from pre-colonial times to , Croom Helm, Ltd. 3. Debt of developing countries Essay Sample. Although India’s debt clock is $1. 1 trillion with an interest rate of $2, per second, India’s economy is rapidly advancing and as of India’s economy surpassed China becoming a fast-growing major economy.
ADVERTISEMENTS: Read this article to learn why India is Considered as a Developing Economy! After 62 years of Indian independence the economy has achieved several qualities for which she can be considered as a developing nation.
Following are some important reasons behind this terminology: (i) Increase in Net National Product: . The question of whether or not India is a developed or developing country is not so simple that it can be measured by the yardstick of the number of billionaires or a . Economic Growth and Development in India: When the Britishers left, our country was economically backward.
The self-sufficient village economy based on cottage industries and old handicraft items were losing demand because of the introduction of industrial products. One of the major considerations that led to the nationalization of the fourteen major commercial banks of India in was the fact that banks, in general, had been negligent of the vital priority sectors of the economy, viz., agriculture and small-scale industries.