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Introduction of economic growth in india
Eassy of economic problam in india
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“In India, everything and it’s opposite is true.” The term economic growth implies an increase in the nation’s real GDP, and more importantly, an increase in the nation’s per capita income. When we are analyzing a nation’s economic growth, we are basically studying as to how that economy is advancing in quantitative terms. Economic development, on the other hand, is a much more encompassing term which includes both the qualitative as well as the quantitative dimensions of economic progress. Not only does it include the aspect of economic growth, but it also considers the process by which an economy improves the economic and social well being of it’s citizens. A mere look at the figures is not enough. We have to judge the progress of an economy by assessing a number of other factors like the level of infrastructure, health, education etc. Economic growth is no doubt important, but so is the development of the social sector. Economic growth, economic development and the social sector are all intertwined and are key elements in a nation’s progress. We shall now go on to discuss the role that they have played with respect to the Indian economy. Since Independence, India’s policy makers have been implementing the Five Year Plans with the aim of taking the nation forward. The objective of the 1st Five Year Plan was to revive the economy from the after effects of the British rule and to increase the volume of domestic savings. The 2nd Five Year Plan, known as the Nehru-Mahalanobis Plan, focussed on strengthening the manufacturing sector with special emphasis on the development of heavy industries. The public sector had a key role to play with respect to Industrialization. However, the growth rate of the Indian economy, during the first... ... middle of paper ... ...y? Are the poor and needy benefiting from the policies which are being implemented? Is the trickle down effect working? As we move more and more towards a ‘laissez faire’ economy, what is the role of the public as well as the private sector in ensuring a stable socio-economic setup? These are the queries which need to be answered. There is a consistent diversion of opinion among economists as to which aspect needs to be more stressed upon. Will more economic and industrial growth lead to more socio-economic development or does it work the other way round? This debate continues to rage. However we need to strike a balance between the two to optimise the socio-economic development of our nation. References: 1. ‘An Uncertain Glory: India and it’s Contradictions’ by Amartya Sen and Jean Dreze 2. www.wikipedia.org 3. www.tehelka.com 4. www.business-standard.com
At one point in time poverty was the general fact of the world. Man was always expected to live on the line of poverty, majority of the economic thinkers couldn’t see the world moving away from this standard but we did and have gained great affluence. As society has grown from this poverty stricken state it once was in, into an affluent one, the ideas used to run it have yet to change in some ways. In The Affluent Society, John Kenneth Galbraith explains how with great economic growth there should be growth in economic ideas as well.
In my opinion, social programs are essential to the economic health of both citizens and the country as a whole. Programs such as public education and income support (ex. The GST/HST tax credit for low-income earners) serve as financial equalizers which allow for improved standards of living, and, as a result, increased economic activity. The reasoning behind this is that a more even distribution of wealth results in more consumer spending because money that would otherwise be held in the brokerage accounts of the upper class, for example, are instead used to fulfill the basic needs of the lower class. Additionally, programs such as public healthcare and employment insurance provide financial and psychological stability to citizens and helps to maintain a healthy economy. Although the system can be abused, it does not occur in a majority of cases and I would argue that the benefits outweigh the disadvantages.
The Transformation of the “Indian Problem”. In this paper, I plan to examine the marked transformation and the history of the so-called “Indian Problem.” The idea of an “Indian Problem” began with the arrival of white settlers in North America, and for them, it was a problem of safety, security, and land acquisition. Around 1890, the “Indian Problem” became an issue of how to help the Indians go extinct humanely, or to assimilate into white culture.
Firstly, there is a need to understand what is meant by development. It is defined as “the continuous and positive change in the economic, social, political and cultural dimensions of the human condition, guided by the principle of freedom of choice and the limited capacity of the environment to sustain such change.” (Sharpley, 2003: 8-7). Sharpley (2000) explains how theories of development have progressed; Firstly the ‘Modernisation Theory’ (1950s- 1960s), in which societies are seen to switch from traditional to modern only through economic growth. Next is the ‘Dependency Theory’ (late 1960s), this takes into account the historical and economic structures of developing countries, distribution of benefits, social players such as local elites, state interests and private companies, and situations in which an economy and development of a country can be conditioned by a more dominant country (Santos, 1970). The ‘Neo Classical Counter Revolution theory’ (1980s) was made to fit in with global events such as the economic depression, and development policies that build upon dependence on free market. Finally, ‘Sustainable development’ (late 1980s) is the theory that creates the encouragement for development of many developing countries. This theory aided by government policies of backings, tax breaks, and incentives. These theories have developed through growing knowledge of evolving processes, and dismissal of past theories (Sharpley, 2000).
Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low. Hereby, the people and resources will be available to spur economic growth.
[6] Kripalani, Majeet & Egnardio, Pete. The Rise Of India. Business Week Online. December 8, 2003. http://www.businessweek.com/magazine/content/03_49/b3861001_mz001.htm
This nation has a problem: more of its citizens rely on the federal government for help than to support themselves with a full time job. Poverty has many negative effects on the people who suffer from it and on the economy. Everyone needs to be made aware of poverty and the many negative effects it has on people. There are things that could be done to help reduce the amount of people that are in poverty. Reducing poverty would decrease health risks, strengthen the middle class, and help the democracy.
We cannot think that there would not become social outputs of economic development. Economic i...
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
There are at least four different research perspectives about the relationship between development and economic growth. Firstly, economic growth is the basis for social development. Secondly, economic growth and social development are not necessarily linked. Thirdly, both economic growth and social development are not basic causes by each other, but they depend on interaction. Fourthly, social development is the prerequisite for economic growth (Mazumdar. 1...
Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public
Theoretical model of modern economic growth shows that long-term economic growth and raise the level of per capita income depends on technological progress. This is because of without technological progress and with the increase of capital per capita, marginal returns of capital would diminish and output per capita growth would eventually stagnate (Solow, 1956; Swan, 1956). Studies have shown that “experience, skills and knowledge in the long-term economic growth is playing an increasingly important role” (World Bank, 1999). Despite how technological progress work on economic growth, and how there are different views on the role of in the end, but I am afraid no one would deny that technical progress in the important role of economic development. In this sense, for a country to achieve long-term economic growth, we must continue to promote technological progress. However, economic growth theory is analyzed in general, and usually under the assumption that in the closed economy, and technological progress in a country not normally have taken place in various departments at the same time, and now the economy are often increasingly open economy. In this way, the technological progress in different economic impact on a country may be quite different. In addition, we assume that technological progress is Hicks neutral, is to an industry in itself, but technological progress also reflects the establishment of new industries and development. The new industries and technology-intensive industries generally older than the high, the use of less labor. Even the old industries, the general trend of technological progress is labor-saving.
... 12 million child workers in India. They are employed in textile factories, roadside restaurants (dhabas), hotels, domestic workers, in mines and so on. They are even seen in doing hazardous work in firecrackers and matchstick industries. This is not a new scenario of India. The Government has been taking proactive steps to tackle this problem through strict enforcement of policies and laws. The root cause of this problem is said to be poverty which is a big hindrance in the way of development. India Government introduced a law in 2006, where no child under 14 years of age should work. But this law came into force in 2008. As per the said definition of underdevelopment, it can be said that there may be many factors leading to the developing country to be called as underdeveloped but the economy is something which captures the whole argument in any factor discussed.
Development fundamentally is both complex and ambiguous. In recent years, Development has taken on the limited meaning of the practice of development agencies, especially in focusing on reducing poverty and the Millennium Development Goals. (Thomas, 2004: 1, 2) The definition of development is a controversial field. The Implicit value assumptions and associated policy responses are rationally linked to the nature of the definitions employed. These values are central to disputes about the definition of development – improve what, ways to improve it and the question of who decides? For much of the post-World War II period development has been defined in a long-term view with an emphasis on socio-economic structural transformation. Since the 1990s, development comes to be defined with a shorter horizon related to the policy objectives and performance indicators like the growth of income per capita and poverty reduction. The United Nations poverty reduction target for 2015, known as the Millennium Development Goals, is significantly higher in the latter
It is natural to be misled by the idea that economic growth is the key