ECONOMIC DEVELOPMENT IN INDIA: ALL YOU NEED TO KNOW!
“Intellectual Property is a key aspect for economic development- Craig Venter”.
In ancient times India was known as ‘The Golden Sparrow’. It means that at the time India was a prosperous and developed country. Here the economy was mainly based on simple living, hard work and mutual brotherhood. Sufficient food grains were obtained from fertile land and cottage and rural industries made their living easy. Trade was done on large scale with people that, the state and villages were happy and prosperous. In ancient times under economic development along with materialistic facilities human values were also given important place. The great thinker, Kautilya, described these thoughts in detail in his book ‘Arthshastra’.
According to classical economist Adam Smith, economic development has been defined as increase in goods and services of a country. Karl Marx considered economic development as the establishment of socialism J.S. Mill’s opinion about economic development is totally different. He considered economic development as to follow the principle of cooperation for welfare of people and economic development. Among the new economists Paul Albert considers economic development as the increase in real national income by use of all productive resources NY a country. While I’m the opinion of Williamson and Bustricks- development is the increase in the per capita income of the people of a country.
Economic planning-
Economic planning is a process in which economic resources are used to obtain some clear and defined aims in a specified period of time. Thus it can be said that two things are essential in economic planning such as
1. Pre decided aims which have to be accomplished.
2. Description of the use of available resources to obtain the pre determined aims.
In economic planning the government decides how will the economic resources be utilized for the maximum satisfaction of the society. The economic resources of the country are estimate before planning.
Planning in India and aims of planning-
After the independence, in order to Make plans for the country and planning commission was set up on 15th March 1950, for the country. In India the national leaders and experts emphasized on the need of construction of the nation before achieving independence. In 1934, Sir Vishweshvarya presented a ten years plan for the economic development and reconstruction of India for the first time. After that in 1944 The Bombay plan by the major industrialists of the country and The Gandhian Plan (Gandhiwadi Yojana) by Shriman Narayan was presented, but these plans could not implemented due to some practical reasons.
Indicators of development-
Gross national income is accepted as measure to compare the level of development between different countries for a long period of time. Professor Morris developed a physical quality of the life index (or PQLI) in this direction. Similarly, Professor Paul Streetan emphasized on accepting the basic need approach. In the year 1990 United nations organization “Human Development Indicator or Index” by giving absolute form, to these thoughts. After this, these indicators of economic development were published in the reports of Human Development Indicators. Both physical and non physical factors are included in Human Development Index. Gross domestic product such as physical factor and child mortality rate, life expectancy and educational achievements as non physical factors are included in it.
Tenure/ Duration of various five years plan in India-
From 1947 to 2017, the Indian economy was premised on the concept of planning. This was carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission (1951-2014) and the NITI Aayog (2015-2017).
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