2. Indian Economic Development
India has experienced significant economic development since independence, transforming from an agrarian economy to a mixed economy with a growing services sector. Key phases in this development include the legacy of colonialism, post-independence economic policies, and major economic reforms initiated in 1991. However, challenges such as poverty, unemployment, inflation, and environmental issues persist.
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What we have learnt
- Economic development improves the standard of living, education, healthcare, and infrastructure.
- The Indian economy has shifted from agriculture to a mixed economy with a focus on services and industry.
- Major economic reforms have spurred growth, but challenges like poverty and inequality remain.
Key Concepts
- -- Economic Development
- The process of improving the standard of living, increasing national income, and creating job opportunities while reducing poverty and inequality.
- -- FiveYear Plans
- A series of planning initiatives launched in India to promote economic growth and development across various sectors.
- -- Economic Liberalization
- The process initiated in 1991 that involved reducing trade barriers, deregulating industries, and promoting foreign investment to encourage economic growth.
- -- Sustainable Development
- An approach focused on balancing economic growth with environmental protection and social equity, aiming to meet the needs of the present without compromising future generations.
Additional Learning Materials
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