The spice trade between India and Europe was the main catalyst for the Age of Discovery. The inscription shown, is a Sanskrit invocation of Lord Shiva.
The following points highlight the changes that have taken place in the Indian economy after The changes are grouped into: Rising trend of National Income and per Capita Income: Economic growth of any country is measured by the increase in national and per capita output.
During the plan period, national income of the country has certainly gone up. In 51, net national product at factor cost or national income at prices stood at Rs. It rose to Rs.
The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence. After independence, Indian economy has also experienced such changes. The share of primary sector in GDP at factor cost (at prices) which was per cent in declined to per cent in 91 and then to per cent in ADVERTISEMENTS: The following points highlight the changes that have taken place in the Indian economy after The changes are grouped into: 1. Quantitative Changes 2. Qualitative Changes. Compared to the pre-independence figure, this is really remarkable. However, the performance of the Indian economy in this direction in the .
This means that between and national income grew at the compound rate of 4. Compared to the pre-independence figure, this is really remarkable. However, the performance of the Indian economy in this direction in the s, s was certainly praiseworthy since it recorded a growth rate of more than 6 p.
GDP growth rate in the s is unprecedented. It rose from 5. If the present trend continues, the country will be able to achieve a double digit growth rate within one or two years. However, the better measure of economic development is the per capita income.
Per capita NNP rose to Rs 24, in 08 at prices as against Rs 6, of at prices. This means that during this period, compound annual growth rate of net per capita income rose by 2. Historically, it exhibits a better growth rate. Yet, it is inadequate compared to the needs of the country.
The only encouraging aspect is that it shows a rising trend. Increase in Agricultural and Industrial Output: Over the plan period, Indian economy experienced a higher growth rate in agriculture as well as in industry. Pre-plan period recorded an agricultural growth rate of 0.
Performance of the industrial sector is certainly a better one. During the plan period,the overall achievement in this sector is more than 4.
Qualitative Changes or Structural Changes: During the plan period, not only economic growth picked up, but also economic development i. This amounts to saying that the Indian economy witnessed structural changes. By economic structure we mean interrelationship among the different productive sectors i.
At a low level of economic development, one finds predominance of the primary sector. The predominance of any sector can be viewed from the sectoral composition of national income and occupational structure. When, in an economy, primary sector is considered as the predominant one then it means that the contribution of this sector towards national income is the largest.
Not only this, the bulk of the population derives their livelihood from this sector. On the other hand, in the sectoral composition of national income as well as in the occupational pattern, the importance of the secondary and tertiary sectors gets reduced.
As economic development proceeds, the interrelationships among these sectors undergo a change. As economic development takes place, the primary sector from the standpoint of sectoral composition of national income and occupational pattern loses its importance and secondary as well as tertiary sectors gain in importance.
Thus, structural changes indicate economic development.
This is what Colin Clark hypothesized. We will see whether structural changes have taken place in India during the Plan Period: Sectoral Composition of National Income: On the other hand, over the plan period, as the industrial sector expanded, its contribution to GDP has been on the rise and it rose to 25 p.
Along with the growth of the secondary sector, the services sector also registered a higher growth rate.
Inits contribution was associated in India’s plans fully understood, contrary to many recent assertions, the need for land reforms, for attention to the possibility of undue concentration of economic power and growth in inequality.
1 The Indian Economy Since Independence India Wins Freedom On 14 August , Nehru had declared: “Long years ago we made a tryst with destiny, and . Agriculture In India – Introduction Agriculture has been an integral part of the Indian Economy, before and after Independence, despite its decline in share of GDP (% as of ).
Half of India’s population depends on Agriculture as a livelihood.
Economic Development in India Since Independence - Free download as Word Doc .doc), PDF File .pdf), Text File .txt) or read online for free.
Economic Development in India Since Independence. Economic Development in India Since Independence which presents pre-assessment of the progress of Indian economy for the Indian economy for the /5(19). Contemporary economists divide the history of India’s economic growth into two phases – first 45 years after independence and the two decades of free market economy.
The years preceding the economic liberalisation were mainly marked by instances wherein economic development got stagnated due to a lack of meaningful policies. The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.