Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

Indian EconomyA Planned Developing Economy

Indian economy has been attaining considerable progress in its different fields since
independence
...
Jawaharlal
Nehru, has successfully adopted the path of economic planning
...
The country is now being
adopting the Ninth Five Year Plan since 1997-98
...
Thus Indian economy is not an stagnant economy rather it has modernised its activities
in all sectors
...
Indian economy has following
basic features of a developing economy
...
National Income
...
It can be seen that the national income of India at 2004-05 prices has
increased from ₹ 2,69,724 crore in 1950-51 to ₹ 49,58,849 crore in 2011-12 registering a
growth rate of 1738
...
In 2014-15, the national income at
2011-2012 prices stood at ₹ 94,00,246 crore as compared to ₹ 78,48,531 crore in 2011-12
showing a growth rate of 19
...
Moreover, the national income
in India at current prices has increased from ₹ 9,820 crore in 1950-51 to ₹ 1,12,17,079 crore
in 2014-15 which shows a growth of 1141 times during this period of 64 years
...
5 per
cent in 1951-52 to 4
...
4 per cent in 2014-15 (at 2011-2012 prices)
...
1 per cent during these last 61 years
...
3 per cent over the last four years
...

2
...
The sectoral contribution of national income is an
important indicator of the degree of development attained in the economy
...
4 per cent of GDP in 1950-51 to 45
...
07 per cent in 2014-2015
...
6 per cent of GDP in 1950-51 to 39
...
0 per cent in
1996-97
...
0 per
cent of GDP in 1950-51 to 22
...
35 per cent in 2014-2015
...
5 per cent of GDP in 1950-51 to 31
...
58 per cent in 2014-2015
...

3
...
Capital formation is playing an important role in accelerating the pace
of economic growth of a country
...
During the first four decades
of planning, the rate of gross domestic savings has increased considerably
...
4 per cent in 1950-51 has gradually increased to the level of 10
...
9 per cent and 12
...
The same rate reached at the level of 18
...
2 per cent at the end of Fifth Plan and then slid down to 18
...
It again rose to 22
...
6 per cent
at the end of the Ninth Plan
...
, the
rate of investment) has also increased considerably during the last five decades of planning
...
6 per cent at the end of the
First Plan has gradually increased to 13
...
1 and 19
...
The same rate of investment further increased to 23
...
7 per cent, 25
...
0 per cent at the end of Fifth, Sixth, Seventh
and Ninth Plan respectively
...
e
...
8 per cent and 36
...
In 2013-14, at the 2nd year of Twelfth Plan, the rate of gross domestic
savings and rate of gross domestic capital formation were 30
...
5 per cent
respectively
...

4
...
In India, the agricultural sector has attained a considerable
level of development during the five decades of planning
...
The total agricultural output has increased considerably
...
0 million tonnes in 1950-51 to
264
...
The average yield per hectare of principal crops in India has
also recorded an increase from 5
...
6 quintals in 1964-65 and then to
21
...
The production of sugarcane has registered an increase from 50
million tonnes in 1950-51 to 350 million tonnes in 2013-2014
...
Thus it is found that with the modernisation of
agricultural sector, the production of various agricultural crops in India has increased
considerably as a result of increasing use of chemical fertilisers, HYV seeds and improved
techniques of production
...
8 million hectares in 2006-2007
...
Thus it
is found that with the implementation of planning schemes, the agricultural sector of the
country has attained a considerable level of development although these developments
remained very much restricted to some particular regions of the country
...


5
...
As a result of the planned development, the industrial sector of
the country has achieved considerable progress
...
Accordingly, the index of
industrial production (Base = 1993-94) has also increased from 7
...
1 in
1970- 71, 91
...
2 in 2009-2010
...
6 in 2005-06 to 172
...

During the initial period of 15 years (1951-65), i
...
during the first three plan periods, Indian
industries experienced a steady growth of about 8 per cent
...
1 per cent during the entire period covering 1965 to 1976 and then
to a negative annual growth rate of (-) 1
...
During the third phase of
industrial growth (1981-1991) the industrial sector started to face recovery in its growth rate
and attained 8
...
During the Fourth phase of
industrial growth (1991-92 to 2006-07), the country experienced a sharp industrial
retrogression during the first part of Eighth Plan as the country had to experience a negative
industrial growth rate of (-) 0
...
The country then experienced an
industrial upturn of 11
...
6 per cent in 2006-07 and then
declined to only 4
...
The industrial production of some important
industries has also recorded a considerable increase during the last 62 years of planning
...
04 million tonnes in 1950-51 to 73
...
Total production of
cement has also increased from a mere 2
...
5 million tonnes
in 2011- 12
...
2 million
tonnes in 1950-51 to 196
...
Production of cotton textile has also
increased significantly from 4215 million sq
...
metres
in 2011-12
...
430 thousand tonnes and 972 million
kg respectively in 2013-14
...
Total volume of electricity generated has also increased from 5
...
8 billion kWh in 2013-14
...

6
...
The industrial organisation has also recorded a
considerable development
...
The share of public
sector in net domestic product (NDP) at current price has increased from 7
...
Again the share of public sector enterprises only
(excluding public administration and defence) in NDP was also increased from 3
...
4 per cent in 1990- 91
...
5 per cent during the First Plan to 12
...
The contribution of public sector towards employment generation has also
increased from 11 million persons in 1971 to about 19
...
13 per cent of the
total employment generated in the country
...
e
...
9 per cent in 1960-61 to 28
...


Simultaneously, the private sector and joint sector have also grown considerably in respect
of its industrial organisation and diversified its activities to a considerable extent
...
Expansion of Infrastructural Facilities
...
These facilities include development of social infrastructure
like transportation and communication facilities, generation of electricity, irrigation facilities
etc
...
In India there are broadly four
important modes of transport and these are Railways, Roads, Water transport and Air
transport
...
Being the Asia's largest and World's second largest organisation in terms of
route length, Indian Railways has expanded its total route length from 53,600 kms in
1950-51 to 65,800 kms in 2013-2014
...
49 lakh kms in 2012-13
...
About 64 per cent of the villages of our country have a
rural road network
...
2 million GRT in 1950- 51 to 7
...
At the end of March 2003, the fleet strength was 616 vessels with its capacity of
6
...
06 million DWT2
...
Total number of passengers handled at Airports has also increased from 177
...
0 lakh in 2013-14 and the volume of cargo handled has also
increased from 377
...
15 thousand tonnes in 2013-14
...
Exports
...
Total value of exports in India has increased from a mere 947 crore in 1950-51
to 19,05,011 crore in 2013-2014
...
Accordingly, the
share of jute, tea and cotton textiles in the total export earning of the country gradually
declined from 60 per cent in 1950-51 to 31 per cent in 1970-71 and then to 2
...
But the share of machinery and engineering goods in India's total export increased
gradually from a mere 2
...
9 per cent in 1970-71 and then stood at
19
...

9
...
With the gradual development of various sectors of the
economy, the country started to generate employment opportunities for the people of the
country
...
During the Fourth,
Fifth, Sixth and Seventh Plans, the volume of employment generated was of order of 190
lakh, 154 lakh, 468 lakh and 403
...
The continuation of the strategy during
the Ninth Plan generated 47
...

The Eleventh Plan is expected to generate around 58 million additional employment
opportunities
...

10
...
The incidence of poverty in India has also been declining in recent years
...
9 per cent in 1972-73 to 38
...
9 per cent in 2011-12
...

Thus, it is found that during the last 64 years of planning period, India has achieved a
considerable progress on various fronts
...




---