write the underdeveloped features of indian economy at the time of independence class 12
Answers
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Stagnant economy: There was very slow or no economic growth in the country. As a result of stagnation, there was unemployment, death, and suffering due to lack of food. ... Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs. 230 from 1947-1948.
Answer:
Feature of Indian economy on the eve of independence:
1. Stagnant economy: There was very slow or no economic growth in the country. As a result of stagnation, there was unemployment, death, and suffering due to lack of food.
2. Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs. 230 from 1947-1948.
3. Agricultural backwardness: With 70% of people engaged in agriculture, its contribution to GDP was only 50%. Productivity and production too were extremely low.
4. Industrial backwardness: Industrial sector was not developed, there was a lack of basic and heavy industries in the country.
5. Widespread Poverty: The people in the country could not even meet their basic needs i.e food, shelter and clothing. Unemployment and Illiteracy were other issues faced by the country.
6. Poor Infrastructure: Infrastructure like communication, transport, power or energy was underdeveloped.
7. Major dependence on imports: As a result of industrial backwardness in the country several consumer goods like medicines were imported from abroad.
8. Limited Urbanisation: Majority of the population lived in villages meaning that they lacked opportunities outside agriculture.
9. Colonial economy: As India was a British colony, Britishers exploited Indian economy for their own benefits.
Explanation:
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