What was the economic development strategy of India after independence?
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 was the economy of India in 1947?
When India declared its independence in 1947, its GDP was a mere 2.7 lakh crore accounting for a paltry 3 per cent of the world’s total GDP. In 2018, India leapfrogged France to become the fifth largest economy in the world, now behind only the United States, China, Japan, and Germany.
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.
What were the main features of the Indian economy around the time of independence?
Stagnant economy: There was very slow or no economic growth in the country. As a result of stagnation, there was unemployment, death, and suffering due to lack of food. 2. Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs.
What are the three main features of Indian economy?
Some of the main features of Indian economy are:
- Low per capita income;
- Excessive dependence of agriculture and primary producing;
- High rate of population growth ;
- Existence of chronic unemployment and under-employment;
- Poor rate of capital formation and Others. Was this answer helpful?
Why there was a need for economic reforms in India?
Economic reforms led to a sudden glut of major private players. The government-owned companies had to tidy up their act. A pressing reason for the reforms as to ensure that the Indian Banking Sector did not collapse. There were no private banks, and all the people’s savings and earnings were put in PSU banks.
Which is the Best Short History of Indian economy since 1947?
Mint ’s Short History of the Indian Economy since 1947 gives you a glimpse into the making of a billion aspirations and opportunities. Meghalaya’s Whistling village nominated as ‘Best Touris …. Air India’s Amritsar-Rome direct flight operation resum ….
How many policies have shaped India from 1947 to 2017?
Gautam Chikermane 70 POLICIES THAT SHAPED INDIA 1947 to 2017, Independence to $2.5 Trillion Gautam Chikermane Foreword by Rakesh Mohan © 2018 by Observer Research Foundation All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from ORF.
How did the 1965 war lead to Indira Gandhi’s economic reforms?
India’s victory over Pakistan in the 1965 war gave him the political capital to consider economic reforms of the kind that took place 25 years later, P.N. Dhar wrote in Indira Gandhi, The ‘Emergency’ And Indian Democracy. M.S. Swaminathan and Norman Borlaug at the Indian Agricultural Research Institute in 1965.
How did Indian entrepreneurs compete with foreign imports?
By the time India gained political independence in 1947 Indian entrepreneurs had successfully competed with European enterprise in India and with foreign imports, in the process capturing about 75 per cent of the market for industrial produce in India.