Explain the effects of policies adopted during 1950-90 on Industrial Development of India.
Answers
The Indian economy saw the growing of industries during the mid and the late 1970s. It was clear back then that India would never be able to master and transcend this sector of the economy. Because industrial sector requires technological advancements, intellectual theories and finances. Since India lacks all those, it was inevitable that this economy crosses over this sector and moves directly to the service sector. Due to high population, service providing was all the most promising than industrial success.
The following were some of the most prominent features of the Indian industrial sector between 1950 and 1990.
Lack of technical knowledge
Excess of obsolete techniques and machinery
Lack of sufficient finances to acquire advanced machinery
Failure to successfully educate Indians on engineering and management techniques.
Provision of a lot of employment opportunities
Poor contribution to the national income
Intense regional imbalance and dissatisfaction among workers
The Indian economy struggled during its initial stages after independence. Due to many political, societal and personal hindrances, the economy was stagnant. For an economy to succeed, it is important to have a good leader, both in the political as well as sectional sense. Apart from leader, sufficient finances, adequate support and supply of intellectuals is crucial. The years from 1950 to 1990 saw the economy still recouping from chains and the British rule. it took may years for the economy to stand up and work for itself.
Right now, India has, without a doubt, one of the quickest developing economies of the world.
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