Essay economic development india

Write an essay on growth of indian economy

Thus C. If all three of these have declined from high levels, then beyond doubt this has been a period of development for the country concerned. Some believe that the state is essential, arguing that its intervention promotes investment, mobilizes industry and capital, and creates jobs. A man finds some of his friends using colour televisions, luxury cars, costly mobiles, refrigerators, air-conditioners, electric hot plates, and electric washing machines and so on and experiences a sort of restlessness and a craving is generated in his mind to enjoy these amenities some immediately and others some later days. Unemployment leads to the feelings of worthlessness and frustration among the youth leading to the increase in incidence of crime in the society. When we think of local economic development, planners come to our mind. Harrod-Domar model of growth based on Keynesian framework which dealt with the problem of steady growth was applied to the growth problem of developing countries. Third, higher GDP growth is important because it generates higher revenues for government which help to finance anti-poverty programmes started by the government. It follows therefore that even if the national income of a developing country goes up, it may not be able to save more than before simply because the income gap between this country and the other countries with which it has commercial or political intercourse has increased. Using somewhat different approach, B. Further, as this neoclassical economics applies equally to rich developed countries and poor developing countries.

Even if your country is experiencing phenomenal economic growth, its people may be suffering. Thus the advocates of the adoption of policy framework of neoclassical economics emphasised government failures to obstruct rapid development.

Economic development and policy in india

Many factories and shops had to be shut down. Thus C. This sector has seen a growth in the last few decades. Economic development is also associated with expanding the capacity of individuals and communities to maximize the use of their available resources. The heart of a national advantage is often pegged on entrepreneurship. Demonstration Effect and Economic Growth: In raising rate of capital formation, the developing countries have to contend against one problem which arises from demonstration effect on consumption. Growing crops, fishing, poultry and animal husbandry were among the tasks undertaken by them.

Srivastava, S. They do not only helps economic development but there is many other sectors too which are being benefitted.

Essay on developing india in hindi

The credit for this boom largely goes to the service sector. Similarly, the magnitude of poverty and unemployment and the extent of income inequalities also increased in many other developing countries. The pioneers in development economics considered the neoclassical economics as a special case applicable to developed countries having not much relevance for the underdeveloped countries as the latter are structurally different from the developed economics. If the population bursts continue then the economy of India will go downhill. However, economic growth has been fairly volatile over the past decade. One of the most important hurdles in the growth of investment in developing countries is the acute lack of external economies which, as has been stated above, are provided by basic infrastructures such as transport, communication and power. Amartya Sen. Because the services sector and certain manufacturing industries in India make intensive use of highly educated workers, growth of these sectors generates little income for the lowly educated population. First, we know and then we imitate. While there have been differences about certain issues in development strategies to be adopted to break out of the low-level equilibrium trap but, as has been mentioned by Amartya Sen, the following three are the strategic themes in terms of economic policy with which standard development economics has been concerned to achieve rapid economic growth: 1. However, the rural regions of our country are still under-developed.

Due to such studies many policies have been created to promote women empowerment in order to achieve economic development. For many years, urban planners plan and work with others like engineers to develop our economy.

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economic development in india

Economic development is also associated with expanding the capacity of individuals and communities to maximize the use of their available resources.

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Economic development in India