explain the types of economic
Condition on the eve
of independence
Answers
Answer:
1. Indian Economy-Underdeveloped-
On the eve of independence, Indian economy was underdeveloped economy. As an underdeveloped economy.
2.Stagnant Economy-
During the British period, Indian economy remained almost stagnant. There was very slow growth of economy. This was clear from the fact that for almost a century, the average annual growth rate of per capita income in India was not more than 0.5%.
3. Semi-Feudal Economy
During the British rule, Indian economy had a mixed mode of production. Feudalism was more prominent than other modes of production.
4. Depreciated Economy
On the eve of Independence Indian economy was depreciated. In every economy, extensive use of factors of production, inevitably leads to their wear and tear. If no arrangements are made to replace the depreciated factors then the stock of gross capital declines.