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| Name of the Book | Indian Economic Development |
| Publication | Dhanpat Rai Publication |
| Author of Book | Sandeep Garg |
| Genre | Examination Preparation |
| Total Pages | 323 |
| Year of Publishing | 2023-24 |
| Class | 12 |
| PDF LINK | Given Below (Click on it) |
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Indian Economic Development Class 12 Sandeep Garg PDF
Indian economic development class 12 Sandeep garg pdf free download given above covers several topics. So among all of them, we are going to tell you about some important topics that are covered in this book.
Indian Economy after Independence
The main objective of this task, “Indian Economic Development” is to familiarize you with the basic features of the economy and its process of development. In order to understand the various phases, of development.
It is important to first look at the state of India’s economy prior to the independence and form an idea of the various considerations that shaped India’s post-dependence development strategy. The origin of British rule over India changed the course of history in India.
The foundation of the British Empire in India was laid by the Battle of Plassey, fought in 1757.
Some of the basic purposes of British Rule
The main purpose of British rule in India was to use the Indian economy as a feeder economy for the development of the British economy.
The colonial rule of Britishers tempered the Indian economy very adversely. The Britishers used to exploit India’s natural as well as human resources for the glory of their own country.
The main motive of the Britishers to make India its colony is to transport natural resources from India to their nation.
There were several natural raw resources that are transported from India to Britain some examples are indigo, spices, jute, cotton, etc. Finally, after 200 years of British rule, India gained independence from them on the 15th of August 1947.
In this topic, we will study a brief introduction to the state of the Indian Economy prior to independence and just after the attainment of independence. In order to appreciate the current economic status of country India, we should understand the factors that led to the underdevelopment and stagnation of the Indian economy.
Indian Economy from the year 1950 to 1990: Indian economic development class 12 Sandeep Garg
In the previous chapter, we learned that on the eve of independence, the Indian economy was completely undeveloped. After hundred years of British rule and their exploitative policies, India finally got freedom in August 1947.
Now, it was necessary to reconstruct the backward and stagnant Indian economy into a developed economy.
Before, the most important task of the Government of independent India was to do it is to focus on Indian economical growth. It was very difficult for our freedom fighters and rulers to choose the best type of ‘Economic System’, which would be most suitable for India.
Economic System means an arrangement in which central problems of any economy were fixed or solved.
Central Problems of the Economy
There are several problems in the economy but it s mainly divided into three types. The names of these three sub-divisions are given below along with a little brief description of them.
- How to Produce: It involves deciding the technique of production, i.e. whether selected goods be produced with more labor and less capital (known as Labour Intensive Technique) or with more capital and less labor (known as Capital Intensive Technique).
- For whom to produce: It involves deciding the distribution of output among people, i.e., it involves the selection of the category of people who will ultimately consume the goods. If you do not
- What to Produce: It involves deciding the final combination of goods and services to be produced, i.e., it involves the selection of goods and services and the quantity of each, that the economy should produce.
Critical appraisal of Industrial development between the years 1950 to 1990
The proportion of Gross domestic product or GDP contributed by the industrial sector increased in the period from 11.8% in 1950-51 and increased in 1990-91. This rise in the industry’s share of GDP is an important indicator of development.
The 6% annual growth rate of the industrial sector during the period is also desirable. Indian industry was no longer restricted to cotton textiles and jute. It also included engine goods and a wide range of consumer goods.
The industrial sector became verified by 1990, largely due to the public sector. Some promotions of small-scale industries gave opportunities to people with small capital to Yet into business.
New investment opportunities in this sector helped in generating more employment. It promoted growth along with equality. Protecting the national market from foreign competition enabled the development of indigenous industries in the areas of electronics and automobile sectors.
This helps the local factories to sell their product without international competition. However, this protection had two drawbacks:
(a) Lack of Competition: Due to restrictions on imports, some domestic producers made no sincere efforts to improve the quality of their goods and it forced the Indian consumers to purchase, whatever is produced by them.
The domestic industries failed to achieve international standards of product quality as they are not producing on a large scale and do not have enough fine productivity. According to some economists, we should protect our producers from foreign competition as long as the rich nations continue to do so.
(b) Inward-Looking Trade Strategy: Our policies were ‘inward oriented’ and so we failed to develop a strong export sector.
What is Industrial License?
Industrial License is written permission from the government, for an industrial unit to manufacture goods. The Industries (Development and Regulation) Act, of 1951, empowered the government, to issue licenses for
(a) Setting up of new industries
(b) Expansion of existing ones
(c) Diversification of products.
According to Industrial Licensing, no new industry was allowed unless a license is obtained from the government. It was easier to obtain a license If the industrial unit was established in an economically backward area.
The license was needed even if an existing industry wants to expand output or diversity production.
In the year 1991, there were a large number of government restrictions in India in the areas of Scenting, import and export trade, dealings in foreign exchange, etc.
In July 1991, a package of ergonomic reforms was announced, which marked the beginning of the process of ‘Liberalisation’ in India. Liberalisation means the removal of entry and growth restrictions on the private sector.
Liberalisation includes the reduction of government controls along with deregulation and greater autonomy (freedom) of private investment, to make the economy more competitive.
In the process of liberalisation the business is given free hand and is allowed to run on commercial lines. There are some main purposes of liberalisation. Some of them are given below:
To unlock the economic potential of the country by encouraging the private sector and multinational corporations to invest and expand.
The economic reforms taken by the Government under liberalisation include thy wing:
(a) Industrial Sector Reforms
(b) Financial Sector Reforms
(c) Tax Reforms
(d) Foreign Exchange Reforms
(e) Trade and Investment Policy Reforms
Privatisation
Privatisation means the transfer of ownership, management, and control of enterprises. So, the entrepreneurs in the private sector.
“Privatisation is the process that plays a vital role in the economy of any nation or country. The process of privatisation implies the greater role of sectors that are in private hands or are private sectors in the economical activities of the country”.
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Over the years, the Indian Government has diluted its stake in several enterprises, including IBP, Maruti Udyog, etc. There are several ways of privatisation but among them, the two main ways are given in your syllabus. These are noted below in 2 simple points so that you could read them easily:
(i) Transfer of ownership and management of public sector companies from the government to the Private Sector.
(ii) Privatisation of the public sector undergoes (PSU) by selling off part of the equity of PSUs to the public. This process is popularly known as disinvestment. The main purpose of privatisation was to improve financial discipline and facilitate the mission. It was also believed private capital and managerial capabilities will help improve performance.
Globalisation
Globalisation means integrating the national economy with the world economy through the removal of barriers to international trade and capital movements.
When we hear the word Globalisation, we generally understood it to mean the integration of the economy of a nation or country with the worldwide economy. However, it is a complex phenomenon.
It is an outcome of the set of variables as it aimed to transform the world toward greater interdependence and integration. It involves the creation of networks and activities transcending economical, social, and geographical boundaries. In short, globalization aims to create a border.
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Poverty
Poverty is a peculiar problem from which various countries of the world have been suffering. There cannot be a common definition of poverty, which can be broadly accepted everywhere. Broadly, it can be said: Poverty refers to a state in which an individual is unable to fulfill even the basic necessities of life.
The minimum requirements include food, clothing, housing, education, and health facilities. In a country, where a big mass of the population is deprived of even minimum amenities of life for a very long period, such a country suffers from a vicious circle of poverty.
There are several causes of poverty in India. The causes of poverty lie in the institutional and social factors at mark the life of the poor. The poor are deprived of quality education and are unable to acquire skills that enable them to earn better incomes.
Moreover, access to health care is denied by the poor. The main victims of caste, religion and other incriminatory practices are the poor.
Some of the very important causes of poverty are as follows and after their names. We will provide you with a little brief description of each of them:
- Low level of economic development
- Population Explosion
- High Illiteracy rate
- The poor state of agriculture
- Increasing unemployment
- High level of indebtedness
- Inflation
- Inequalities of income
1. Low level of economic development: The economy of India is very backward because of low development in agriculture as well as industrial sectors.
2. Population Explosion: Rapid growth of the population, particularly among the poor, is responsible for the problem of poverty in the country.
3. High Illiteracy rate: The weak sections of society have to take up low-paid jobs due to a lack of knowledge.
4. The poor state of agriculture: The condition of the agricultural sector in India is also not so good.
So, in this case, these farmers had to work on other’s land to repay their loans. This condition makes India’s agricultural sector weak.
5. Increasing unemployment: A large section of the urban poor in India is largely the overflow of the rural areas. so migrate to urban areas in search of employment and a livelihood.
Industrialization has not been able to absorb all these people. The urban poor is either unemployed or temporarily employed as casual laborers.
6. High level of indebtedness: Unemployment is also called underemployment and the casual nature of work compels people to borrow money, that too at higher interest rates.
7. Inflation: We all know that the steep and continuous rise in prices, particularly of essential commodities like food grains, has added to the miseries of the poor.
8. Inequalities of income: The unequal distribution of income, as well as assets, has also led to the persistence of poverty in India.
Programs to decrease poverty ratio in India
The Indian government is working a lot to decrease poverty in India. Deviation or reduction of poverty is a major challenge for the nation. While there has ten a steady decline in poverty in the last two decades, the total number of poor people has remained constant because of the rapid increase in population.
The government has specifically designed anti-poverty programs for the generation of both wage employment as well as self-employment. Let us discuss the various self-employment and Wage Employment Programmes that are stated by the government of India.
Self-Employment: The government of India launched many self-employment programs in India but the most popular of them are given below with their year of launch.
- Prime Minster’s Rozgar Yojana (PMRY)
- Swarna Jayanti Shahri Rozgar yojana (SJSRY)
- Rural Employment Generation Programme (REGP)
- Swarnajayanti Gram Swarozgar Yojana (SGSY)
Wage Employment: The government of India launched many anti-poverty programs in India for Wage Employment. Some of the most popular among them are given below:
- Sampoorna Grameen Rozgar Yojana (SGRY)
- Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
- National Food for Work Programme (NFFWP)
The problem of poverty poses the greatest challenge and it needs to be removed not only for ethical and humanitarian considerations but also on economic grounds.
So let’s discuss some other measures that were taken to reduce the number of poor people in India the poverty ratio of India is given below along with a little description of them.
1. Acceleration of Economic Growth: The first measure which is necessary or needed to eradicate poverty in India is accelerating the rate of economic growth.
2. Reducing Inequalities of Income: As we all know Accelerating the economic condition of any developing country is a very necessary part that helps in the eradication of poverty.
3. Population Control: High growth rate in the population of any country gives birth to a huge number of unemployed people in that country. In this condition, if the government is not able to provide proper employment opportunities to all people.
So, this will increase poverty in that country. Especially among them, the poor people are the important factor for poverty in that nation. In order to remove poverty in a country, there should be a proper population growth rate and people should be aware of population control.
Human Capital Formation
Human capital refers to a stock of ‘skill and expertise embodied in humans. Human capital is a crucial part of economic development. It is as important as physical capital for economic growth.
Human capital formation is the process of adding to the stock of human capital over a specific time period. Human capital can be developed through the creation of a trained, efficient, and skilled labor force by providing better education as well as health care facilities. As highly skilled people can create new ideas and methods of production.
Hence, the expenditure on healthcare facilities, education, and on-job training are key instruments for human capital formation. Expenditure on education is one of the most important ways for enlarging and enhancing a productive workforce in the country.
Sources of Human Capital Formation
There are many sources of Human Capital Formation but the main sources of Human Capital Formation are given below. We are only providing you with the names of the sources of Human capital formation.
- Expenditure on Education
- Expenditure on Health
- On-the-job training
- Expenditure on Migration
- Expenditure on Information
Indian Economic Development Class 12 Sandeep Garg PDF: FAQs
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Indian Economic Development Class 12 Sandeep Garg Pdf
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