Question

Explain how historical experience in resources have helped India

Answer 1

Answer:

India's vast natural resources have enormous potential for economic development. After Independent India's concerted efforts for planned development of resources through Five Years Plans have led to overall development of the economy.

(i) The availability of resources is necessary condition for the development of any region, but mere availability of resources in the absence of corresponding changes in technology and institutions may hinder development.

(ii) The history of colonisation reveals that rich resources in colonies were the main attraction for the foreign invaders.

(iii) It was primarily the higher level of technological development of the colonising countries that helped them to exploit resources of other regions and establish supremacy over the colonies.

(iv) Therefore, resources can contribute to development only when they are accompanied by appropriate technological development and institutional changes.

(v) Therefore in India, resource development does not only involve the availability of resources but also the technology, quality of human resources and the historical experiences of the people.

Answer 2

The economic development in India followed socialist-inspired politicians for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.[1] Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy.[1]

In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade.[1] IMF says that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%.[1] States have large responsibilities over their economies. The average annual growth rates (2007–12) for Gujarat (13.86%), Uttarakhand (13.66%), Bihar (10.15%) or Jharkhand (9.85%) were higher than for West Bengal (6.24%), Maharashtra (7.84%), Odisha (7.05%), Punjab (11.78%) or Assam (5.88%).[2] India is the sixth-largest economy in the world and the third largest by purchasing power parity adjusted exchange rates (PPP). On per capita basis, it ranks 140th in the world or 129th by PPP.

The economic growth has been driven by the expansion of the services that have been growing consistently faster than other sectors. It is argued that the pattern of Indian development has been a specific one and that the country may be able to skip the intermediate industrialisation-led phase in the transformation of its economic structure. Serious concerns have been raised about the jobless nature of the economic growth.[3][4]

Favourable macroeconomic performance has been a necessary but not sufficient condition for the significant reduction of poverty amongst the Indian population. The rate of poverty decline has not been higher in the post-reform period (since 1991)[citation needed]. The improvements in some other non-economic dimensions of social development have been even less favourable. The most pronounced example is an exceptionally high and persistent level of child malnutrition (46% in 2005–6).[5]

The progress of economic reforms in India is followed closely. The World Bank suggests that the most important priorities are public sector reform, infrastructure, agricultural and rural development, removal of labour regulations, reforms in lagging states, and HIV/AIDS.[6] For 2018, India ranked 77th in Ease of Doing Business Index. According to Index of Economic Freedom World Ranking an annual survey on economic freedom of the nations, India ranks 123rd as compared with China and Russia which ranks 138th and 144th respectively in 2014.

At the turn of the century India's GDP was at around US$480 billion. As economic reforms picked up pace, India's GDP grew five-fold to reach US$2.2 trillion in 2015 (as per IMF estimates).

India's GDP growth during January–March period of 2015 was at 7.5% compared to China's 7%, making it the fastest growing economy.[7][8][9] During 2014–15, India's GDP growth recovered marginally to 7.3% from 6.9% in the previous fiscal. During 2014–15, India's services sector grew by 10.1%, manufacturing sector by 7.1% & agriculture by 0.2%. Indian Economy grew at 7.6 & 7.1 in FY 2015–16 and FY 2016–17 respectively as major reforms had taken place like Demonitisation and implementation of GST in FY 2016–17.The Economic Growth has Been Slow Down in 2017–18 and it is expected to grow at 6.7 and forecasted to Rebound by 8.2% in 2018–19
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