suggest the remedy to remove vicious circle of poverty
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1. Proper Use of Natural Resources :-
The developing countries can achieve rapid economic growth by making the efficient use of natural resources. By proper use of resources we can increase the production and per capita income of the country.
2. Self Reliance Policy :-
The less developing countries should reduce their dependence on foreign aid. The heavy reliance on foreign aid and its repeated suspension, delay and breach of agreements have created multiple problems. The policy of self reliance should be followed for financing development projects.
3. Encouragement of Private Sector :-
The less developed countries should encourage the private sector to increase the rate of investment in the country. The government has also given incentives to the private sector to promote the rate of development in the country.
4. Increase in Savings :-
The government of less developed countries should provide incentives to encourage the rate of savings in the country. New and attractive savings schemes should be introduced.
5. Increase in Exports :-
We should increase our exports to make our balance of payment favorable. We should increase the exports of manufactured goods instead of primary commodities.
6. Reduction in Imports :-
The developing countries should produce substitutes of imports in side the country to save the foreign exchange. Import of luxuries should be curtailed.
7. Development of Agriculture :-
To increase the per acre yield government should expand the credit facilities to the farmers. Due to low yield of wheat it has imported many times to meet the needs of the country.
Improve the Quality of Labour :-
Poor countries should improve the quality of labour by providing the education and technical skill to the labour. It will increase the efficiency of the people and the rate of production.
17. Political Stability :-
It is the basic requirement for the development of any country. All the poor countries should prevail peace and political stability if they want to achieve development.
18. Stable Economic Policy :-
The poor countries should adopt the stable economic policy. There should be no frequent changes in the taxation and import export policy. Because it discourage the rate of investment in the country.
19. Effective Planning :-
The less developed countries can prepare the development plans to accelerate the rate of development in the country.
The developing countries can achieve rapid economic growth by making the efficient use of natural resources. By proper use of resources we can increase the production and per capita income of the country.
2. Self Reliance Policy :-
The less developing countries should reduce their dependence on foreign aid. The heavy reliance on foreign aid and its repeated suspension, delay and breach of agreements have created multiple problems. The policy of self reliance should be followed for financing development projects.
3. Encouragement of Private Sector :-
The less developed countries should encourage the private sector to increase the rate of investment in the country. The government has also given incentives to the private sector to promote the rate of development in the country.
4. Increase in Savings :-
The government of less developed countries should provide incentives to encourage the rate of savings in the country. New and attractive savings schemes should be introduced.
5. Increase in Exports :-
We should increase our exports to make our balance of payment favorable. We should increase the exports of manufactured goods instead of primary commodities.
6. Reduction in Imports :-
The developing countries should produce substitutes of imports in side the country to save the foreign exchange. Import of luxuries should be curtailed.
7. Development of Agriculture :-
To increase the per acre yield government should expand the credit facilities to the farmers. Due to low yield of wheat it has imported many times to meet the needs of the country.
Improve the Quality of Labour :-
Poor countries should improve the quality of labour by providing the education and technical skill to the labour. It will increase the efficiency of the people and the rate of production.
17. Political Stability :-
It is the basic requirement for the development of any country. All the poor countries should prevail peace and political stability if they want to achieve development.
18. Stable Economic Policy :-
The poor countries should adopt the stable economic policy. There should be no frequent changes in the taxation and import export policy. Because it discourage the rate of investment in the country.
19. Effective Planning :-
The less developed countries can prepare the development plans to accelerate the rate of development in the country.
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