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Economic Development Class X

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Sree Harsha Nelaturu

on 24 February 2017

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Transcript of Economic Development Class X

The independence-era Indian economy (from 1947 to 1991) was based on a mixed economy combining features of capitalism and socialism, resulting in an inward-looking, interventionist policies and import-substituting economy that failed to take advantage of the post-war expansion of trade.
This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation
Post 1991 Reforms :
Development And Its Effect On The Environment
The mechanisms of economic growth may impact the environment through many portals, such as pollution , over exploitation of natural resources, degradation and loss of wildlife habitat, and climate change.
Excessive consumption levels result in degradation and over exploitation of resources, which are evident in the decline of some fisheries, the growing number of threatened and endangered species, loss of natural habitats and inadvertent introduction of exotics.
Decline in environmental quality and loss of biological diversity are not easily assessed in conventional economic models, where these consequences would be regarded as extra information.
Current economic policies usually do not take into account the value of natural resources in contributing to biological processes such as flood control by wetlands, climate regulation by forests and open space through oxygen production and carbon dioxide consumption, and pollination by insects, birds, and mammals.
Thus, economic health is not measured accurately by gross domestic product alone. Instead, because of the inevitable reliance on natural resources to achieve economic growth, the strength of the economy must incorporate the condition and sustainability of natural resources.
This is not happening, and those concerned about wildlife conservation believe greater attention needs to be given to the erosive impact of economic growth on wildlife.
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy.
Economic development depends on various Factors:
1. Inflation
2. Interest Rates
3. Currency Strength
4. Tax Levels
5. Government Schemes
6. Human Resource Development
7. Resources
8. The Buisness Cycle.
The economy of The Republic of India is the tenth-largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS.
In 1991, India adopted liberal and free-market oriented principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V. Narasimha Rao the then Prime Minister who eliminated License Raj a pre- and post-British Era mechanism of strict government control on setting up new industry.
Present Day :
On a per capita income basis, India ranked 134th by nominal GDP and 130th by GDP (PPP) in 2012, according to the IMF. India is the nineteenth largest exporter and tenth largest importer in the world. Economic growth rate slowed to around 5.3% for the 2012–13 fiscal year.
Progress :
India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a significant role in the overall socio-economic development of India.
Yields per unit area of all crops have grown since 1950, due to the special emphasis placed on agriculture in the five-year plans and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies since the green revolution
Independence era :
Effect Of Development
Development and its effects on the Environment
Full transcript