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INDIAN ECONOMY

INDIAN ECONOMY. Dr Itty Benjamin. Structure of India Economy. Indian Economy is a developing economy facing following problems: Low national income and per capita income Poverty and inequality High population Unemployment Inflation. Demographic features. High population growth rate

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INDIAN ECONOMY

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  1. INDIAN ECONOMY Dr Itty Benjamin

  2. Structure of India Economy Indian Economy is a developing economy facing following problems: • Low national income and per capita income • Poverty and inequality • High population • Unemployment • Inflation

  3. Demographic features • High population growth rate • High birth rate, infant mortality rate and high death rate. • Unfavorable sex-ratio • High density of population • Poor quality of human resourse

  4. Problem of overpopulation • Issue of overpopulation can be examined from different points of view • Various issues like unemployment, shortage of food, low literacy, high employment, low growth of national income etc point to the existence of problem of overpopulation.

  5. Population Policy in India • From the first Plan itself population control was part of the policy of the government but a comprehensive policy statement came only in 1975 during rule of Congress (I). This policy actually backfired. • The modified policy came in 1977 when Janta Party came into power. • In year the 2000, the NDA government announced National Population Policy. This policy defined various objectives and fixed targets to be achieved by specified dates.

  6. Economic Planning Background In India planning had begun even before independence. After independence National Planning Commission was set up to prepare and implement Five Year Plans. Each Plan has its own objectives and targets. The basic objectives like removal of poverty, greater employment level, higher growth rate have been part of all the plans. Already 12 Plans have been completed. In many areas our Plan have made major achievements. There are many shortcomings of the Plans also.

  7. Agriculture • For a country like India Agriculture is of prime importance. It provides employment to a large number of labour; contributes substantially to the national income; it is a source of foreign exchange and important source of raw material to many industries. • Agriculture products can be broadly divided into food-grains and commercial crops. • Growth of various items have followed different paths. A limited number of items have shown high growth but many items remained stagnant leading to shortages.

  8. Agriculture Finance • Agriculture needs short term as well as long term loans. • The sources of finance can be divided as Institutional and Non-Institutional sources. • Over the last few years, institutional sources are gaining importance over non-institutional • There is a long way to go before the agriculture sector is able to get the problem of agriculture finance sorted out.

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