Question

I want you to choose a country, and then write a few lines about the kind of economic growth that has happened in the country over the last 30-40 years. What factors played a role behind this growth? What other changes have taken place in the country due to this development?

Answer 1

INDIA: India before 30-40 years it was very much backward and was a underdeveloped country. But due to many economic reforms and policies it has developed a lot and now it is a developing country. The economic development in India followed many socially inspired politicians for their independency. India was under the control of British and got independence in 1947 15th August. India's per capita income raised for 1% after the independence. After 30 years from its independence India started to open few markets because of Economic liberalization. After another decade they stepped into free market economy because of various industrial reforms of 1991and in 2000 india's growth rate increase to 7.5%, which will provide a double income to the nation. The agricultural economy is the backbone of India's GDP and promoted livelihood for than half of the population. The advent of green revolution in 1960 is a magic to the country. It adopted new methodology in producing and new technologies for more production. Industrial policy of 1991 dismantled the licensing policy and paved way for private sectors to invest. The length of roads was also increased in India and which paved way for building up of infrastructure. Which also increased transportation in the country from state to state and outside state. Slowly the living standard of people increased and they started developing. People started educating their children who are the future citizens of India. They earned a good earnings which therefore leads to economic growth and developed. Slowly Airways, roadways and railways were introduced. India started trading with other countries and trade is the main factor for a country's economic growth. Taxes were imported and banks started to immense and slowly RBI provided loans for many banks to give it to clients for starting up new businesses. Many private sectors invested in the economy they established new companies and MNC's stepped inside the country and provided various employment opportunities. India's space research developed and now it is going to be a developed country within half a decade or less. To be noted LPG that is liberalization, privatizatiom and globalisation is the magic words behind india's developed.