Features of the Indian Economy - 6094 Words

UNIT 17 FEATURES OF THE INDIAN ECONOMY Structure 1 7.0 Objectives 17.1 Introduction 17.2 Features of the Indian Economy 17.3 Growth and Development 1 7.4 Mixed Economy 1 7.5 Demographic Transition 1 7.6 Sectoral Composition of GDP 1 7.7 Employment Structure 1 7.8 Inter-Governmental Fiscal Relations 17.9 Let Us Sum Up 17.10 Key Words 1 7.1 1 Answers to Check Your Progress Exercises - - 17.0 OBJECTIVES After going through this unit, you will be able to: identify the important features of the Indian economy; distinguish between economic growth and economic development; explain the pattern of demographic transition in India; explain the sectoral composition of the Indian economy; and explain the pattern of employment in India. 17.1†¦show more content†¦Even some parts of the country do not have provisions for schools, colleges, hospitals, and safe drinking-water supply- Let us discuss some of the above issues in detail. 17.3 GROWTH AND DEVELOPMENT Economic development is a broader term than economic growth Economic growth usually means the growth in production of an economy. On the other hand, economic development includes other fsctors such as litemcyy health, child mortality rate, equality, regional balance, infbtmchrre, etc. Country GDP Per Capita GDP Per Capita (PPP US$) (annual growth rate) 1999 (1 990-99) United States 3 1,872 2.0 United Kingdom 22,093 2.1 France 22,897 1.1 Mexico - 8,297 1.0 l3mil 7,037 1.5 China 3,617 9.5 * India 2,242 4.1 - -- - Bangladesh 1,483 3.1 Sri Lanka 3,279 4.0 Nigeria 853 -0.5 Tanzania 501 -0.1 * The difference between economic growth and economic development is a subtle Features of the one. Let us take the example of a child. As a child grows her weight and height increases. Simultaneously, her capacity to leam, recognize and distinguish between objects develops. Thus growth is not sufficient; we need development also. Similarly, in the case of the Indian economy economic growth is not enough; we need economic development. We need better health of people, education for all, reduction in inequality among sections of people and regions, reduction in infant mortality rate (IMR), access to drinking water for all, etc. The government has to devise policies and allocate governmentShow MoreRelatedSalient Features of Indian Economy8291 Words   |  34 Pagesâ€Å"Salient Features of Indian Economy Promotion of Foreign Investment and Business† PART-II Paradigm shift There have been fundamental and irreversible changes in the economy, government policies, outlook of business and industry, and in the mindset of the Indians in general. 1. From a shortage economy of food and foreign exchange, India has now become a surplus one. 2. From an agro based economy it has emerged as a service oriented one. 3. 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