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Under the Seventh Five-Year Plan, India strove to bring about a self-sustained economy in the country with valuable contributions from voluntary agencies and the general populace. The target growth rate was 5.0% and the actual growth rate was 6.01%. [17] and the growth rate of per capita income was 3.7%.
India: Vision 2020 is a document prepared under the chairmanship of S. P. Gupta, Planning Commission. [ 1 ] This vision document was inspired by APJ Abdul Kalam 's 1998 book India 2020: A Vision for the New Millennium , which Kalam co-authored with Y. S. Rajan .
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 ...
The liberalisation of the Indian economy was followed by a large increase in inequality with the income share of the top 10% of the population increasing from 35% in 1991 to 57.1% in 2014. Likewise, the income share of the bottom 50% decreased from 20.1% in 1991 to 13.1% in 2014. [89]
Economic analysts have argued that the economy of the Soviet Union actually represented an administrative or command economy as opposed to a planned economy because planning did not play an operational role in the allocation of resources among productive units in the economy since in actuality the main allocation mechanism was a system of ...
Global analysts cut their forecasts of India's real GDP growth rate for the financial year 2016–17 by 0.5 to 3% due to demonetisation. [147] [148] India's GDP in 2016 is estimated to be US$2.25 trillion, hence, each 1 per cent reduction in growth rate represents a shortfall of US$22.5 billion (₹1.54 trillion) for the Indian economy. [149]
On 1 May 1923 the Labour Kisan Party of Hindustan was founded in Madras, by Singaravelu Chettiar. The LKPH organised the first May Day celebration in India, and this was also the first time the red flag was used in India.
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