Class notes
Lecture notes Indian Economy (EcoC-11)
- Course
- Institution
This is the notes for Ranchi University Economics B.A for sem 5 and has a syllabus of sem 5 mid-sem and end sem exam notes.
[Show more]
Seller
Follow
abhishekkumar9
Content preview
1) Economic Development sinceIndependence
Economic development since independence varies greatly from
country to country, as each nation has pursued its own path
influenced by factors such as resources, governance, and historical
context. However, common themes include industrialization,
infrastructure development, education, and healthcare
improvements, as well as shifts in economic policies like import
substitution, export-led growth, and more recently, globalization
and technology-driven growth strategies. Some countries have
experienced rapid economic growth and poverty reduction, while
others have faced challenges such as corruption, political
instability, and inequality, hindering their development progress.
✓ Major feature of the economy at independence; growth
and development under different policy
regimes – goals, constraints, institution and policy
framework.
At independence, major features of the economy typically include a
heavy reliance on primary industries such as agriculture, limited
industrialization, and often significant colonial legacies like unequal
distribution of land and resources.
Subsequent growth and development under different policy
regimes are influenced by various factors including:
,1. **Goals:** These can vary from achieving self-sufficiency in food
production to industrialization, export-led growth, or poverty
reduction.
2. **Constraints:** These encompass both internal and external
factors such as limited access to capital, infrastructure deficiencies,
political instability, global market fluctuations, and institutional
weaknesses.
3. **Institutions:** The effectiveness and stability of institutions,
including governmental, legal, and regulatory bodies, play a crucial
role in shaping economic development. Strong institutions
facilitate policy implementation and create an environment
conducive to investment and growth.
4. **Policy Framework:** Different policy regimes adopt diverse
approaches such as import substitution, export promotion,
deregulation, privatization, or state-led development. These
policies are implemented through fiscal, monetary, and trade
measures, with varying degrees of success based on the specific
context and execution.
For example, some countries may pursue import substitution
industrialization to reduce reliance on imports and foster domestic
industries, while others might focus on export-oriented growth to
tap into global markets. The success of these policies depends on
their alignment with the country's resources, capabilities, and
external market conditions, as well as the effectiveness of
institutional frameworks in implementing and sustaining them.
, ✓ An assessment of performance
To assess performance effectively, consider setting clear goals,
measuring progress towards those goals regularly, soliciting
feedback from relevant stakeholders, analyzing data and metrics,
identifying areas for improvement, and implementing strategies to
address weaknesses while leveraging strengths. Additionally,
consider the context, such as industry standards and best practices,
when evaluating performance.
✓ Sustainability and regional contrasts.
Sustainability practices can vary significantly across regions due to
differences in resources, infrastructure, cultural attitudes, and
governmental policies. For instance, regions with abundant
renewable energy resources might prioritize transitioning to clean
energy more readily than areas heavily reliant on fossil fuels.
Similarly, regions with water scarcity issues might focus more on
water conservation measures. Understanding these regional
contrasts is crucial for implementing effective sustainability
initiatives tailored to each area's specific needs and challenges.
✓ Structural change, savings and investment.
Structural change refers to significant shifts in the composition and
organization of an economy, typically involving changes in the
relative importance of different sectors (such as agriculture,
manufacturing, and services), technological advancements, and
changes in workforce skills.
Savings and investment are crucial components of economic
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller abhishekkumar9. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
