What is underdevelopment ? what are the policy options to control underdevelopment?
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Economic Factors
1. Natural Resources:
The main factor influencing economic development is the natural resources available in the country, particularly ‘Land’.
‘Land’ includes all natural resources, including fertility of land, its situation and composition and :
Existence of natural resources alone cannot initiate economic development, unless the resources are properly harnessed. In underdeveloped countries, the resources are either unutilized or underutilized. This is one of the reasons of their backwardness.
2. The means of transport and communications:
This will initiate economic development. More facilities of transport would reduce the cost of transport and thereby increase the external and internal trade of the country. Transport and communications ensure easy mobility of the factors of production
1. Natural Resources:
The main factor influencing economic development is the natural resources available in the country, particularly ‘Land’.
‘Land’ includes all natural resources, including fertility of land, its situation and composition and :
Existence of natural resources alone cannot initiate economic development, unless the resources are properly harnessed. In underdeveloped countries, the resources are either unutilized or underutilized. This is one of the reasons of their backwardness.
2. The means of transport and communications:
This will initiate economic development. More facilities of transport would reduce the cost of transport and thereby increase the external and internal trade of the country. Transport and communications ensure easy mobility of the factors of production
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