The fall that followed the economic boom resulted in the auction of cheap fiber optic cables at one-tenth of their original price. For example, in England, the development of cotton textile industries led to the development of coal, iron and engineering industries. A sizeable amount of the Indian workforce is also employed by the service sector. Composition of India's total production of foodgrains and commercial crops, in 2003—04, by weight India worldwide in farm output. Archived from on 13 December 2007. Favourable macroeconomic performance has been a necessary but not sufficient condition for the significant reduction of poverty amongst the Indian population. Education: There has been a drastic change in the field of education in India.
During this interval, there is a drive to spread modern technology through an economic activity. Unemployment in India is more than 9% and only 10% of workforce is engaged in regular employment. Some people go for education, some leaders emerge, and some new areas of investments like trade and commerce appear. There are few states which have higher annualized 1999-2008 growth rates comparing to others. It suggested that policy makers should make policies to reduce the transaction cost to welcome remittances in the region. On one hand, one could see the mergers of banks, competitiveness and reducing government interference, on the other hand one can also see the presence of several private and foreign players in the banking and insurance sectors.
Education system in India has seen many critical changes. Nevertheless, when China and India are more closely and meticulously compared, the profound difference in development between the dragon and the elephant is immediately noticeable, with the former having a decisive advantage over the latter. New York: Oxford University Press. This produces not only a fatalistic outlook towards life but also a suspicion of outsiders and a wariness of new ideas. Likewise, Meier argues that stages in the history of economic growth cannot be generalised from the development experience of some European Countries as Rostow has done. Therefore, in India too, health care is given a prominent attention.
This is not a good time for businesses or the unemployed. No one should jump to the conclusion that India has achieved the stage of take-off because it has fulfilled at the three conditions of take-off. Supervision of the Plan 4. Nevertheless the per capita income of Chinese residents remains below the world average. The value system that prevails in such a society is what Rostow calls a long-run fatalism.
Nevertheless, following the opening of foreign investments and the reforms promoted during the Seventies, the Chinese economy recorded enormous progress and has surpassed the Indian economy in every category. The situation in India India is slowly becoming a market economy. Most of the advanced countries of today have developed to a greater extent through foreign capital say U. This is where things start to go bad for the overall economy. Drive to Maturity: Period of Self-sustained Growth: This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. Some view rapid population growth as a real problem while others assert that it is not a matter of grave concern. The reforms concentrated on three main aspects: encouraging the importation of goods and products, a light easing of control on industry on the part of the state, and an initial reform on the system of taxation.
It authenticates that India had entered the stage of take-off during 1960-61. This has a detrimental effect on the development of a healthy national economy. But tourism ministry is still not able to cope up with this whooping number. India also produces 10% of the overall fruit production in the world, holding the first position in banana and sapota production. The chief economic consequences of corruption are the loss to the , an unhealthy climate for investment and an increase in the cost of government-subsidised services. Then, final report is prepared and presented before the cabinet, National Development Council and finally before the Parliament for approval.
There is greater urbanisation and urban labour force increases. Our country has grown to a global agricultural powerhouse, after being dependent on the other countries for grain import for so many years. The internet video consumption market in India is expanding at a humongous pace. During the Internet bubble that led up to 2000, heavy investments in undersea fibre-optic cables linked Asia with the rest of the world. Traditional Society: This initial stage of traditional society signifies a primitive society having no access to modern science and technology. This contributes to the rapid increase in in humans.
This increases wages for everyone, taking the economic structure from a structure of kings and servants to a wealthy class, middle class, and lower class. The under developed countries cannot be an exception. The social spirit has already developed and the people are all-out for economic development. The development of infra-structure has been given top priority. Various developmental initiatives are also being carried out in the areas of gas, mining, electricity and quarrying.
The 12 th five-year plan also underlined various strategies related to health. However, they managed to handle it by cutting down costs, refurbishing management, banking on technology and low labor costs and concentrating on new products designing. One of his most prominent ideas was the five stages of economic development. Almost 30% of workers are casual workers who work only when they are able to get jobs and remain unpaid for the rest of the time. In the words of Prof.