Economic Development Basis for comparison Economic growth Economic development Economic Growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy perhead during a particularperiod Economic development is the process by which a nation improves the economic, political, and social well-being of its people Definition Concept Narrow concept Broad concept Has many aspects.
The Salient Features of Indian Economy Posted by notesforcompetitiveexaminindia on December 11, Indian economy is predominantly an under developed economy. Today India is consider as the developing country in which Agriculture is the back bone of Indian economic.
Mineral resources are not fully utilized. Majority of the people of India are leading a poverty line. Indian economic is affected by it. The salient features of Indian Economy are given below- Low per capita income: Under developed economy is characterized by low per capital income.
India per capital income is very low as compared to the advanced countries.
For example inthe per capita income figure in Switzerland was nearly 76 times, in U. Thus the standard of living of Indian people remained all along very low in comparison to that of developed countries of the world.
In India, the national income and per capita income is very low and it is considered as one of the basic features of underdevelopment.
Keeping aside a very few countries, this per capita income figure of India is the lowest in the world and it is even lower than China and Pakistan. Although the per capita income at official exchange rates exaggerated this disparity but after making necessary correction through purchasing power parity figures, the per capita GNP of U.
Even after making necessary adjustment, the per capita income differences, although narrowed down, yet remain quite significant and huge. In order to convert national currency figures to the US dollars, the utilisation of official exchange rates does not allow to measure the relative domestic purchasing power of currencies.
In this connection, work of LB.
Following the aforesaid work, the United Nations International Comparison Programme ICP has introduced measures of real GDP on an internationally comparable scale using the system of purchasing power parities PPPs instead of exchange rates as factors for conversion.
The Indian economy is facing the problem population explosion. India is maintaining a very high rate of growth of population since It is clearly evident from the total population of India which was In India, the rate of growth of population has been gradually increasing from 1.
It is the second highest populated country China being the first. The prime cause behind this rapid growth of population is the steep fall in its death rate from 49 per thousand during to 7.
Salient features of Indian Economy 1. Salient Features of Indian Economy Presented By: Aabhas Rastogi (11DCP) Paras Arora (11DCP) 2. POST • Agriculture Contributed 55% of GDP• Annual Growth Rate % 3. ERA 4. Dec 11, · The Salient Features of Indian Economy Posted by notesforcompetitiveexaminindia on December 11, December 11, Indian economy is predominantly an under developed economy. INDIAN ECONOMY (Part 1) UGC NET Preparation (Economics Paper 2 & 3) Topics: Economic Growth vs. Economi Development, Salient Features of Indian Economy Presented By: Garima Singh Research Scholar (Economics).
On the other hand, compared to its death rate, the birth rate of our population has gradually declined from 49 per thousand during to All the under developed countries are characterized by high birth rate which stimulates the growth of population; the fast rate of growth of population necessitates a higher rate of economic growth to maintain the same standard of living.
This imposes a greater economic burden on the economy of our country as to maintain such a rapidly growing population we require food, clothing, housing, schooling, health facilities etc. Besides, this fast rate of growth of population is also responsible for rapid increase in the labour force in our country.
Existence of chronic unemployment and under-employment Rapid growth of population coupled with inadequate growth of secondary and tertiary occupations are responsible for the occurrence of chronic unemployment and under-employment problem in our country.
In India, unemployment is structural one, unlike in developed countries, which is of cyclical type. Here unemployment in India is the result of deficiency of capital.
Indian industries are not getting adequate amount of capital for its necessary expansion so as to absorb the entire surplus labour force into it. Moreover, larger number of labour force is engaged in the agricultural sector of the Indian economy than what is really needed. This has reduced the marginal product of agricultural labourer either to a negligible amount or to zero or even to a negative amount.
There exists disguised unemployment in Indian agricultural sector which has resulted from too much dependence of population on land and absence of alternative occupations in the rural areas.
Moreover, in the urban areas of our country, the problem of educated unemployment has also taken a serious turn. Thus both the rural and urban area of our country has been suffering from the serious problem of unemployment and under-employment to a large extent.Dec 11, · Summary (Features of Indian Economy) 1 Generally an economy is considered backward if agriculture is the main occupation of people, population is growing at high rate, techniques of production are backward, incidence of unemployment and high rate of poverty.
“Salient Features of Indian Economy Promotion of Foreign Investment and Business” PART-II Paradigm shift There have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and in the mindset of the Indians in general.
1. “Salient Features of Indian Economy Promotion of Foreign Investment and Business” PART-II Paradigm shift There have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and in the mindset of the Indians in general. 1. Indian economy salient features new india upsc civil services mains exam general stus paper 3 polity of india indian and consution for ssc railway exams lesson 5 salient features of indian economy and it s structure in new land revenue system mahalwari part 2 in hindi.
Dec 11, · The Salient Features of Indian Economy Posted by notesforcompetitiveexaminindia on December 11, December 11, Indian economy is predominantly an under developed economy.
The salient features of new economic policy are liberlisation, privatisation and globalisation of the economy (LPG policy). (1) Liberalisation: Simply speaking liberalisation means to free to economy from the controls imposed by the Govt.