Describe india economic progress by highlighting the major achievement in this field.
Answers
National Income and Per Capita Income:
During planning period national income has increased manifold. The average annual increase in national income was registered to be 1.2 per cent from 1901 to 1947.
This increase was recorded to be 3 per cent from 1950 to 2000-01. Moreover, average annual growth rate of national income was 4 per cent in 1970-80 which, further increased to 5 per cent in 1990-2000.
Development in Agriculture:
Agricultural productivity has also marked an upward trend during the plan period. The production of food-grains which was 510 lakh tones in 1950-51 increased to 176.4 million tones in 1990-91 and further to 211.9 million tones in 2001-02.
Development of Industry:
In the first five year plan much of the capital was invested to develop the industry and defence. About fifty per cent of the total outlay of the plans was invested for their development. As a result, industrial production has increased to a great extent. For instance, the production of cotton cloth which was 4215 million sq. metres in 1950-51.
India’s economic progress and major achievements:
• India is the world's fastest emergent economy.
• India is the 6th largest economy of the world and is thought to become the fifth-largest economy in upcoming years
• India has also achieved great heights in agriculture and is one of the major states in the export of agricultural products. India's foodgrain production doubled over since the 1950s.
• India has also progressed in the industrial sector and also exports its manufacturing products all over the world.
• India also industrialized its transport system on modern lines all over the length and breadth of the country.