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CHARACTERISTICS OF INDIAN ECONOMY
Transcript of CHARACTERISTICS OF INDIAN ECONOMY
Sandhya Sable Sushma Kedari
Bhagyshree Nikhil Kadam
Jivan Bhutte Megha Shipkule Tushar kedari
D Y Patil Institute of Management &
Research, Pimpri .
Low level of per capita income
Low level of growth of income
Dominance of Agriculture
Poverty & unemployment
Lower capital formation
Lack of industrialization
Poor human capital
CHARACTERISTICS OF INDIAN ECONOMY
Agriculture is the backbone of developing economy of india.From last 60 years many changes happened in Indian economy.
From economic reforms of 1991 the Indian economy moved towards planned economy to free economy .
Still Indian economy facing challenges like low growth of GDP,employment,poverty etc.
Main features of Indian economy are as follows:
1 Low level of per capita income
per capita income is the important feature of developing Indian economy.
To achieve the expected fast growth of per capita income is main objective of planning commission but still it is not achieved.
It is average growth of income so could not distributed equally.
2 Low level growth of income
The income growth of Indian economy is always low as compare to developed economies.
GDP growth rate of India from 1950 to 1980 was only in average of 3.5% & per capita income was 1.3%.
It is also known as Hindu growth rate.
3 Dominance of agriculture
Most employment is in agriculture but GDP growth is low.
Indian economy is based on agriculture but it contributes only 13.9% of total GDP .(2011-12)
Still agriculture sector provides 52.70% of total employment.
4 Economic inequality
In India high level of economic inequality seen as compare to developed countries.
Mostly economic and income inequality occurs in urban area as compare to rural area.
5 Over population
Indian economy facing problem of population explosion.
Developing countries are characterized by high birth rate.
Failure of sustain and standard of living may affect due to increasing population in developing countries.
Most of population in india is in below poverty level.
In developing countries it is not possible to provide gainful employment to entire population.
It creates deficiency of capital formation.
7 Lower capital formation
Investment in machinery and industrial project forms the capital.
Saving rate in developing economy is always low hence it directly affect the investment.
Due to low investment and capital GDP and NNP also becomes lower.
8 Lack of industrilization
Indian economy is facing lack of modern industrialization and development.
Now a days India also capable to being manufacturing hub of world due to economic reforms.
9 Poor infrastructure
India is trying to make changes in basic and important infrastructure.
Advanced transport facilities, road development,ports,airports,telecommunication,banking ,irrigation,insurance,export -import etc.
10 poor human capital
Lack of good education, employment skills, healthy life.
11 poor technology
The Indian economy suffers from typical feature of technological backwardness.
The techniques applied in agriculture, industries and other infrastructure are primitive in nature.
Though Indian economy is facing challenges of all above but still India is developing rapidly as compare to other nation.
India has big opportunity to develop its human capital and to achieve expected growth of economy in future.
6 Poverty & unemployment