Economy in India. Economy of India. The independence-era Indian economy (from 1947 to 1991) was based on a mixed economy combining features of capitalism and socialism, resulting in an inward-looking, interventionist policies and import-substituting economy that failed to take advantage of the post-war expansion of trade.[22] This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation.[22] In 1991, India adopted liberal and free-market principles and liberalised its economy to international trade under the guidance of Former Finance minister Manmohan Singh under the Prime Ministrship of P.V.Narasimha Rao, who had eliminated Licence Raj, a pre- and post-British era mechanism of strict government controls on setting up new industry.
Overview[edit] The combination of protectionist, import-substitution, and Fabian social democratic-inspired policies governed India for sometime after the end of British occupation. History[edit] Economic history of India. The known Economic history of India begins with the Indus Valley civilization. The Indus civilization's economy appears to have depended significantly on trade, which was facilitated by advances in transport. Around 600 BC, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development.
By 300 B.C., the Maurya Empire united most of the Indian subcontinent. The political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity. For the next 1500 years, India produced its classical civilisations such as the Rashtrakutas, Hoysalas and Western Gangas. According to economic historian Angus Maddison in his book The World Economy: A Millennial Perspective, India was the richest country in the world and had the world's largest economy until 17th century AD.[1][2] Indus Valley civilisation[edit] Ancient and medieval characteristics[edit] Religion[edit]
Economic development in India. The economic development in India followed socialist-inspired policies for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.[1] Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy.[1] The economic growth has been driven by the expansion of services that have been growing consistently faster than other sectors. It is argued that the pattern of Indian development has been a specific one and that the country may be able to skip the intermediate industrialisation-led phase in the transformation of its economic structure. Serious concerns have been raised about the jobless nature of the economic growth.[3] The progress of economic reforms in India is followed closely.
Agriculture[edit] Demographics of India. Demographics of India. Infant mortality rate trends in India (per 1000 births, under age 1, national average) The demographics of India are inclusive of the second most populous country in the world, with over 1.21 billion people (2011 census), more than a sixth of the world's population. Already containing 17.5% of the world's population, India is projected to be the world's most populous country by 2025, surpassing China, its population reaching 1.6 billion by 2050.[4][5] Its population growth rate is 1.41%, ranking 102nd in the world in 2010.[6] Indian population reached the billion mark in 2000.
India has more than 50% of its population below the age of 25 and more than 65% below the age of 35. It is expected that, in 2020, the average age of an Indian will be 29 years, compared to 37 for China and 48 for Japan; and, by 2030, India's dependency ratio should be just over 0.4.[7] Salient features[edit] India occupies 2.8% of the world's land area and supports over 17.5% of the world's population. Age structure. List of most populous cities in India. The following is the list of most populous cities in India. The population statistics indicated in this article are for the year 2011. The list does not indicate the population of the urban agglomerations. Often cities are bifurcated into multiple regions (municipalities) which results in creation of cities within cities which may figure in the list. List 1.
Mumbai 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. The cities which are listed in bold are the capital of the respective state / union territory / country. See also Notes Jump up ^ The area of Bangalore was expanded in 2007. External links. Transport in India. Transport in the Republic of India is an important part of the nation's economy. Since the economic liberalisation of the 1990s, development of infrastructure within the country has progressed at a rapid pace, and today there is a wide variety of modes of transport by land, water and air.
However, India's relatively low GNP per capita has meant that access to these modes of transport has not been uniform. In the interim, public transport remains the primary mode of transport for most of the population, and India's public transport systems are among the most heavily used in the world.[1] India's rail network is the 4th longest and the most heavily used system in the world,[1] transporting 8224 million passengers and over 969 million tonnes of freight annually, as of 2012.[2] Traditional means[edit] Walking[edit] In ancient times, people often covered long distances on foot.
Palanquin[edit] Bullock cart and horse carriage[edit] Bicycle[edit] Hand-pulled rickshaw[edit] Cycle rickshaw[edit] How economic growth has become anti-life | Vandana Shiva. Limitless growth is the fantasy of economists, businesses and politicians. It is seen as a measure of progress. As a result, gross domestic product (GDP), which is supposed to measure the wealth of nations, has emerged as both the most powerful number and dominant concept in our times.
However, economic growth hides the poverty it creates through the destruction of nature, which in turn leads to communities lacking the capacity to provide for themselves. The concept of growth was put forward as a measure to mobilise resources during the second world war. GDP is based on creating an artificial and fictitious boundary, assuming that if you produce what you consume, you do not produce. In effect , “growth” measures the conversion of nature into cash, and commons into commodities. Thus nature’s amazing cycles of renewal of water and nutrients are defined into nonproduction. Water available as a commons shared freely and protected by all provides for all.