Industrial development in india since 1947
Indias Economic Development Since 1947 by Uma Kapila
Economic history of India
During many decades after independence, India was largely an agrarian economy. Let us take a look. Industrial development is a very important aspect of any economy. It creates employment , promotes research and development , leads to modernization and ultimately makes the economy self-sufficient. In fact, industrial development even boosts other sectors of the economy like the agricultural sector new farming technology and the service sector. It is also closely related to the development of trade. It only contributed about
The economic history of India begins with the Indus Valley Civilization — BC , whose economy appears to have depended significantly on trade and examples of overseas trade, notable being Indus-Mesopotamia relations. The Vedic period saw countable units of precious metal being used for exchange. The term Nishka appears in this sense in the Rigveda. Around BC, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development.
During many decades after independence, India was largely an agrarian economy. And so for the first seven five-year plans India actively focussed on industrial development through industrial policy formation. But just after independence India’s industrial sector was in very poor.
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Posted By:Infra Bazaar Views : After policy FDI Foreign Direct Investors enter directly and indirectly into the industries, with the help of them India got money and equipment to build and to become one of the highest spenders in industrial and infrastructure. The new guidelines also allow foreign companies to set up per cent companies on the basis of the following criteria: a where only holding operation is involved and all downstream investments to be carried out need prior approval; b where proprietary technology is sought to be protected or sophisticated technology is proposed to be brought in; c where at least 50 per cent of production is exported; d consultancy proposals; and e projects in power, roads, ports and industrial towns and estates. The FIPB will also allow proposals for per cent trading firms for exports, bulk imports, cash-and-carry wholesale trading and other import of goods and services provided at least 75 per cent is for procurement and sale of goods and services among group firms. The Competition Act, passed by the Parliament seeks to establish a pro-competitive legal framework, contain anti-competitive practices and abuses of dominance and yield better regulation of markets.
The Indian economy is still performing well, with foreign investment and looser regulations driving significant growth in the country. India is now wide awake. We shall prevail. We shall overcome. The IMF predicts that by the end of , India will have moved into fifth place, knocking the UK from the position that it has occupied since
After more fundamental reforms since and their renewal in the s, India has progressed towards a free market economy. In the late s, India's growth reached 7. The average annual growth rates —12 for Gujarat On per capita basis, it ranks th in the world or th by PPP. The economic growth has been driven by the expansion of the services that have been growing consistently faster than other sectors. It is argued that the pattern of Indian development has been a specific one and that the country may be able to skip the intermediate industrialisation -led phase in the transformation of its economic structure.