Question

what is backward economy

Answer 1

Answer:

Backward economy is the economy which is characterised by low standard of living, poor health services, high death rates, high birth rates, low per capita income and dependence on foreign countries.Indian economy was a backward and per capita income was very low and in India, it was just Rs. 230 from 1947-1948.The backward countries lack an adequate and efficient means of transport and communications, a well-organised and developed banking system and adequate facilities for technical education. Without these no country can develop economically. Lack of adequate infrastructure is a big abstracted to economic growth.