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The Bombay Plan is the name commonly given to a World War II-era set of Import substitution industrialization-based proposals for the development of the post-independence economy of India. The plan, published in 1944/1945 by eight leading Indian industrialists, proposed state intervention in the economic development of the nation after ...
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 ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 22 January 2025. Integrated Schematic National Programs for Economic Development This article is part of a series on the Politics of India Constitution Amendment Basic structure doctrine Fundamental Rights, Directive Principles and Fundamental Duties of India Human rights Judicial review Taxation Uniform ...
For a continuous duration of nearly 1700 years from the year 1 CE, India was the world's largest economy, constituting 35 to 40% of the world GDP. [107] The combination of protectionist, import-substitution, Fabian socialism, and social democratic-inspired policies governed India for sometime after the end of British rule.
Mahalanobis became essentially the key economist of India's Second Five Year Plan, becoming subject to much of India's most dramatic economic debates. [ 3 ] The essence of the model is a shift in the pattern of industrial investment towards building up a domestic consumption goods sector.
However, in 2016, the International Monetary Fund, in its regional economic outlook for Asia and the Pacific, said that India's Gini coefficient rose from 0.45 (1990) to 0.51 (2013). [19] According to the 2015 World Wealth Report, India had 198,000 high-net-worth individuals with a combined wealth of $785 billion. [20]
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.
[11] India experienced deindustrialisation and cessation of various craft industries under British rule, [12] which along with fast economic and population growth in the Western world, resulted in India's share of the world economy declining from 24.4% in 1700 to 4.2% in 1950, [13] and its share of global industrial output declining from 25% in ...