Essay on economic development in india

Essay on economic development in india

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Economic Growth and Development in India

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Thus in conclusion it can be observed that availability of natural resources and its proper utilization is still working as an important determinant of economic growth. For example, although air is more important to us than diamonds, it is cheaper simply because the production cost of air is zero.

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Essay on Economic Development in India

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Essay on Capitalism in India: This has contributed to slowdown in economic growth rate to 6.

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Essay on Indian Economy

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The country's privatization drive was going strong in the early part of the s, but tailed off by the middle part of that decade, maintaining a sluggish pace since then. Thus in order to attain a higher rate of development, the underdeveloped countries should adapt only that type of technology which can suit their requirements.

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Essay on India’s Economic Growth (With Statistics)

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Rates of saving and capital formation and GDP growth are given in Table

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Economic Development in India

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But in spite of all this progress, it cannot be said that the problem of national integration, social issues, poverty, inflation, income disparity, etc.

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Essay on the Economic Development of a Country

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Development means becoming more advanced or complex. Thus the underdeveloped or developing countries are facing several constraints or obstacles to its path n economic development.

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Economic Development in India – Essay

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This equation shows that rate of growth of GNP is directly related to savings ratio and inversely related to capital-outlet ratio. Attainment of economic development necessities a suitable environment for initiating, maintaining and accelerating the pace of economic development.

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These modes of living in most under-developed countries have had in the past little direct connection with economic development.

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Technological advancement is considered as an important determinant of economic growth. All these imperfections have oj low level of output and low rate of productivity per worker.

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The self-sufficient village economy based on cottage industries and old handicraft items were losing demand because of the introduction of industrial products. The basic economic problem that arises because people have dfvelopment wants but resources are limited.

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Socio-economic issues in India From Wikipedia, the free encyclopedia Since India's Independence incountry has faced several social and economic issues.

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Within these early cities, located on water routes, there developed certain places for trade. Perhaps the most important is that in order for capital goods to be accumulated to produce greater quantities of consumer goods in the future, consumer goods have to be given up in the present.

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But countries like Britain and France have modernised their agriculture in spite of shortage of land and the country like Japan has developed a solid industrial base despite its deficiency in natural resources.

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It consists of towns and cities.

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A product is associated with a popular film star so that it may appeal the people. This type of political instability creates uncertainty about its future steps and adversely affects the economic decisions of these underdeveloped countries relating to its investment.

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The attainment of such higher eonomic marginal productivity of investment requires—minimising the capital-output ratio, promoting greater external economies, investment in labour-intensive projects, use of domestic raw materials, reducing pressure on balance of payments and improving the pattern of distribution of income and wealth so as to reduce the gap between the rich and poor.

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Essay on Economic Development in India An economist and an administrator economci take upon these changes as an sign of increasing social welfare. This is a simplified version of Harrod-Domar Model.

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These units produce and distribute goods and services among the common mass with an objective of welfare motives.

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It will be seen from Table 39A. The external factors which are playing important role in sustaining the economic development include:

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Here the real per capita income of a country simply indicates total money income adjusted to price level changes over time, i. Underdevelopment countries are facing various socio-political hurdles in the path of economic development.

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Moreover, rapidly rising population necessitates a higher rate of investment to maintain old standard of living and per capita income.

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This has forced the gross output of these countries for less than the potential output.

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Favourable investment pattern is an important determinant of economic development in a country. Even in the crisis years of and , the saving of private corporate sector was around 8 per cent of GDP. The economy is the system of goods and money used by a given society. Moreover, the rapid change in the size and form of business organisations has also resulted a major structural change in the economy. Cause and consequences of economic development are mostly determined by the time path and velocity of these aforesaid changes.

Experimental outlook, necessary for economic development must grow with the spread of education. By economic development we mean attainment of higher level of productivity in almost all the sectors and a better level of living for the general masses.

With proper human capital formation, increasing mobility and division of labour, manpower resources can provide useful support to economic development. At the time of Independence, the economy of our country was poor. The division of land into farms under independent ownership became common. This has contributed to slowdown in economic growth rate to 6. An economist and an administrator will take upon these changes as an sign of increasing social welfare.

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