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The government was even able to exceed the targeted growth figure with an annual growth rate of 5.0–5.2% over the five-year period of the plan (1974–79). [1] [4] The economy grew at the rate of 9% in 1975–76 alone, and the Fifth Plan, became the first plan during which the per capita income of the economy grew by over 5%. [19]
Composition of India's total production of foodgrains and commercial crops, in 2003–04, by weight. India ranks second worldwide in farm output. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005, employed 60% of the total workforce [13] and despite a steady decline of its share in the GDP, is still the largest economic sector and plays a ...
[3] The reform process had significant effects on the Indian economy, leading to an increase in foreign investment and a shift towards a more services-oriented economy. The impact of India's economic liberalisation policies on various sectors and social groups has been a topic of ongoing debate.
Schemes that the central government fully funds are referred to as "central sector schemes" (CS). In contrast, schemes mainly funded by the center and implemented by the states are "centrally sponsored schemes" (CSS). [1] In the 2022 Union budget of India, there are 740 central sector (CS) schemes. [2] [3] and 65 (+/-7) centrally sponsored ...
A key principle of the Bombay Plan was that the economy could not grow without government intervention and regulation. Under the assumption that the fledgling Indian industries would not be able to compete in a free-market economy, the Plan proposed that the future government protect indigenous industries against foreign competition in local ...
A government budget is prepared by the Central government or other political entity. In most parliamentary systems, the budget is presented to the legislature and often requires approval of the legislature. The government implements economic policy through this budget and realizes its program priorities. Once the budget is approved, the use of ...
The Great Depression, along with the resulting economic policies from the colonial government, worsened already deteriorating Indo-British relations. When the first general elections were held as stipulated in the Government of India Act 1935 , anti-British feelings resulted in the pro-independence Indian National Congress winning in most ...
Jefferies Group said that the government can spend ₹ 1.3 lakh crore (equivalent to ₹ 1.5 trillion or US$18 billion in 2023) to fight the impact of coronavirus. [188] Bloomberg's economists say at least ₹ 2.15 lakh crore (equivalent to ₹ 2.5 trillion or US$29 billion in 2023) needs to be spent. [ 188 ]