The government in the 1950s adopted a very particular strategy of economic development: rapid industrialization by implementing centrally prepared five-year plans that involved raising a massive amount of resources and investing them in the creation of large industrial state-owned enterprises (SOEs).
What is economic development and since independence of economic development in India?
Since 1947, India has achieved tremendous progress in raising growth, income levels and standards of living. The gross domestic product (GDP) increased from Rs 2,939 billion during 1950-51 to Rs 56,330 billion during 2011-12 (2004-05 constant prices).
Which is the main economic objective of India after independence?
The objective of India’s development strategy has been to establish a socialistic pattern of society through economic growth with self-reliance, social justice and alleviation of poverty.
When did India start economic planning after independence?
The planning process was initiated in April 1951 when the First Five Year Plan was launched. Since then ten five year plans have been completed and the Eleventh Plan is in progress.
What are the development of India after independence?
In its 72 years of independence, India has several achievements to its credit. It has built a modern economy (second fastest growing economy), remained a democracy, lifted millions out of poverty, has become a space and nuclear power and developed a robust foreign policy.
How was the economic development of India Visualised in the early decades after independence?
The economic development of India in the early decades after Independence: (i)In 1950, the government set up a Planning Commission to help design and execute suitable policies for economic development. (ii)There was a broad agreement on ‘mixed economy’ model. … (v)These sectors would be under the control of the state.
How did India achieve economic growth?
In 1991, India began to loosen its economic restrictions and an increased level of liberalization led to growth in the country’s private sector. Today, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.
How can the development of Indian economy be accelerated?
In the late 2000s, India’s growth reached 7.5%, which will double the average income in a decade. … On per capita basis, it ranks 140th in the world or 129th by PPP. The economic growth has been driven by the expansion of the services that have been growing consistently faster than other sectors.
What are the achievements of economic planning in India?
Achievements of Economic Planning in India:
- Economic Growth: …
- Progress in Agriculture: …
- Industrial Growth: …
- Public Sector: …
- Infrastructure: …
- Education and Health Care: …
- Growth of Service Sector: …
- Savings and Investment:
What was the development strategy of Indian planners at the advent of planning in the country?
The development strategy of Sixth Plan (1980-85) laid emphasis on promotion of efficiency in resource use and improvement in productivity to achieve 5.2 per cent growth in GDP. Besides, the infrastructure sector was given the topmost priority in the allocation of resources.
How has India’s economy changed since 1990?
According to the findings in the report, India’s average economic growth between 1970 and 1980 has been 4.4%, which rose by 1 percentage point to 5.4% between the 1990 and 2000. The major structural changes of opening India’s economy led to an impressive average growth of 8.8% between 2000 and 2010.
How was the economic development of India Visualised?
India adopted mixed economy model. It combines features of both capitalism and socialism. The state and the private sector would play important role in the development of the country. In 1950, Planning Commission was set up by the government.