Indian economy and its basic features economics essay

In order to evade taxes some people falsify their accounts and do not record all transactions in their books. Thereafter, there was rapid spurt in gross domestic saving and it improved to The biggest contribution of globalisation is in the field of quality and development of products with various features to suit the Indians.

There is the urgent need to develop certain credit agencies for advancing loan to small farmers on easy terms as well as to provide long term and medium term loan to industries. Article shared by Indian economy is an under developed economy in which Agriculture is the back bone of Indian economic.

India not only the per capita income is low but also the income is unequally distributed. Small and tiny scale industries include clothes, candle, poultry, match box, handloom, toys etc.

India is maintaining a very high rate of growth of population since Seventh five year plan 1. Various types of natural resources, viz.

This sector consists of agriculture and its allied activities including dairy, poultry, cattle rearing, fishing, forestry, animal husbandry etc. On the other hand, compared to its death rate, the birth rate of our population has gradually declined from 49 per thousand during to It would, therefore, be very prudent to mention that whereas it is important to raise the rate of saving in the economy, it is equally important to use those savings effectively in raising output.

People living in this sector are mainly engaged in either secondary sector or tertiary sector. This may be treated as a success of our planning efforts towards mobilization of savings.

This disparity in the per capita income of India and other developed countries has registered a manifold increase during the last four decades Shortage of essential commodities and gap between consumption aid productions increase the price persistently.

The Classicals failed to explain this situation during The Great Depression. Thus whatever development that has been achieved in the country, it is being swallowed up by the increased population. This classical doctrine of automatic full employment was largely accepted until the early s, when the Great Depression Occurred.

Again the services provided by the government itself for the welfare of citizens are also included in the tertiary sector. The rising cost of basic sustenance products like garments, footwear, cereals, edible oils, petrol and kerosene, medicines and health care items, decrease in farm output, decrease in purchasing power of poor are some of the alarming issues that have given rise to serious doubts about the benefits of globalisation.

All the privately owned production units are come under this head. Keynes introduced his own theory and wrote his famous book The General Theory of Employment, Interest and Money, which birthed the Keynesian revolution, the second primary school of economic thought.

Short Notes on the Features of Indian Economy

As per the estimate of National Building Organisation NBOin total there was a shortage of 31 million housing units at the end of March, and by the turn of the century, total backlog of housing shortage in the country is around 41 million units.

Now, wide choices are available to select electronic goods. The following points highlight the top thirteen characteristics of the Indian economy.

Short essay on Indian Economy

Consumption of crude steel and energy are the two important indicators of low capital per head in the under-developed countries like India. These schools are 1. Although India is an agro-based economy, but lot of emphasis has been given on the development of industries both consumer goods and capital goodsservice sector including construction, trade, commerce, banking system etc.

In almost all the underdeveloped countries like India there is continuous price instability. Lack of infrastructural facilities is one of the serious problems from which the Indian economy has been suffering till today.

This has affected the course fees. Some other kinds of products which were produced in restricted quantity in the country or are expensive and categorised as luxuries were subjected to heavy import duty to make them costlier in order to dissuade flow of foreign exchange and give protection to local producers.

We have now cell phones; internet and the availability of latest drugs are helping to save valuable lives along with good doctors sitting across the Web to advice.

Excessive dependence of agriculture and primary producing 3. On the basis of habitation, Indian economy can again broadly be divided into two heads: Following the aforesaid work, the United Nations International Comparison Programme ICP has introduced measures of real GDP on an internationally comparable scale using the system of purchasing power parities PPPs instead of exchange rates as factors for conversion.

The lever of technology is a common factor in under developed economy.To know and understand the nature of Indian economy, it is very necessary to have a clear idea about the meaning of Indian economy. After Independence India launched her First Five Years plan in ; then now 5-Year Plan is going on.

India has a mixed economy system. In a mixed economy system the public sector (Governed-owned) enterprises exist, along with private sector enterprises to achieve a socialistic pattern of society. After independence India adopted a planned system of economy.

Government of India constituted a. Article shared by. Indian economy is an under developed economy in which Agriculture is the back bone of Indian economic.

60% of India’s population are on the below poverty line. The Indian economy had grown by per cent inwhich included a growth rate of percent in the India Industry Sector.

There was a marked improvement in the growth rates of manufacturing (from per cent in to per cent in ) and mining and quarrying (from 2 per cent to per cent during the same period). The following points highlight the top thirteen characteristics of the Indian economy.

Some of the characteristics are: samoilo15.com per capita income samoilo15.comive dependence of agriculture and primary producing 3.

High rate of population growth 4. Existence of. (a) Indian economy is basically an agricultural economy. More than 60% of the population is engaged in agriculture and allied activities. (b) Low per capita income is the second feature of Indian economy.

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Indian economy and its basic features economics essay
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