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Indian Economy BC 3.8.Pdf B.Com 3rd Year Course Code- BC 3.8 Indian Economy Lesson 1- 21 International Centre for Distance Education & Open Learning Himachal Pradesh University, Summer Hill, Shimla – 171005 Table of Contents Chapter-1: Economic Growth, Development and Underdevelopment Chapter-2: Economic and Human Development Chapter-3: National income: Measurement, Growth and Industrial Origin Chapter-4: Economic Planning: Rational Features and Objectives Chapter-5: India’s Fiscal Policy Chapter-6: Monetary Policy Chapter-7: Poverty in India Chapter- 8: Some Demographic Issues Chapter- 9: Basic Issues in Agriculture Chapter- 10: Green Revolution Chapter- 11: Food Problem and Public Distribution System Chapter-12: Industrial Growth: Performance and Problems Chapter: 13: Public Sectors in India: Role, Growth and Problems Chapter- 14: Services Sector: Chapter-15: Financial Sector Chapter- 16: WTO and India Chapter- 17: India’s Foreign Trade Chapter- 18: India’s Balance of Payments Chapter- 19: Trade Policy of the Government of India Chapter- 20: Inflation Chapter- 21: Unemployment and Labour Force Chapter-1 Economic Growth, Development and Underdevelopment 1.1 Introduction 1.2 Concept of Economic Development 1.3 Underdevelopment: Meaning and Characteristics 1.4 Indicators of Development 1.5 Exercise 1.1 Introduction Today, economic growth is everybody‘s concern and in such a milieu, growth theory has received particular attention of economists. Yet surprisingly, there is no consensus on the definition of the term. Different economists have used the term ‗economic growth‘ to convey different meanings. In some cases the concepts differ in essence whereas in others only in emphasis. Some other economists are of the view that the term ‗economic growth‘ is very much obvious and there is no need to frame a precise definition of it. Thus, quite often no distinction is made between ‗economic growth‘ and ‗economic development‘ and the two terms are used interchangeable. In this chapter, we propose to address the following issues: Concept of Concept of Economic Development Underdevelopment Meaning and Indicators Common Characteristics of Underdevelopment/developing Countries 1.2 Concept of Economic Development Till the 1960s the term ‗economic development‘ was often used as a synonym of ‗economic growth‘ in economic literature. Now, economic development is no longer considered identical with economic growth as economic development is a broader concept than economic growth. Development reflects social and economic progress and requires economic growth. Growth is a vital and necessary condition for development, but it is not a sufficient condition as it cannot guarantee development. Concept of Economic Development Till the 1960s, economic development was often used as a synonym of economic growth Once economic development was not conceptualized as economic growth, two different approaches developed; The Traditional Approach i. Sustained annual increase in GDP at the rate of 5to7 percent or more ii. Structural transformation of an agrarian economy into an industrialized economy The New Economic View of Development i. It has been defined to include improvements in material welfare, specially for persons with the lowest incomes, the eradication of mass poverty with its correlates of illiteracy, disease and early death and finally alleviation of unemployment and income inequality. ii. Protection of Environment is now considered to be a part of the new concept of development. 1.3 Underdevelopment: Meaning and Indicators In understanding the phenomenon of underdevelopment, it is useful first to know as to what constitutes its essence. It is also necessary to know its various dimensions and extent of the same. This will help us in identifying the underdeveloped countries and in recognizing the gravity of the problem these countries face. The term underdevelopment refers to that state of an economy where levels of living of masses are extremely low due to very low levels of per capita income resulting from low levels of productivity and high growth rates of population. Underdeveloped countries are now known as ‗developing countries‘ signifying that such nations are capable of and are indeed making serious efforts to overcome their problems of poverty and low income. Characteristics of Underdeveloped Economy 1. Low Level of Income: Underdeveloped countries are maintaining a very low level of income in comparison to that of developed countries. The per capita incomes of these groups of countries are extremely low if we compare it with that of developed countries. Moreover, inequality in the distribution of income along with this low level of income worsens the situation in these economies to a disastrous level. 2. Mass Poverty: Existence of chronic mass poverty is another characteristic of underdeveloped economies. This problem of poverty arises not due to any temporary economic maladjustment but arises mainly due to existence of orthodox methods of production and social institutions. The degree of poverty in these economies gradually increases due to increase in its size of population, growing inequality in income and increasing price level. 3. Lack of Capital Formation: Developing or underdeveloped countries of the world are suffering from poor rate of capital formation. As the level of per capita income in these countries is very low thus their volume and rate of savings are also very poor. This has resulted lack of capital formation and which is again responsible for low rate of investment in these countries. 4. Heavy Population Pressure The underdeveloped countries are also characterized by heavy population pressure. The natural growth rate of population in these countries is very high due to its prevailing high birth rate and falling death rate. This excessive population pressure has been creating the problem of low standard of living and reduction in the average size of holding. The population in these countries is increasing by 2 to 3 per cent per annum which has created various problems like scarcity of agricultural land, small size of holding, problem of unemployment, food crisis, poverty etc. 5. Unemployment Problem: Excessive population pressure and lack of alternative occupations have resulted in huge unemployment and underemployment problem in these underdeveloped countries. In the absence of growth of alternative occupations both in the secondary and tertiary sector of these countries, this increasing number of population is being thrown on land to eke out their living from agricultural sector. This sort of increasing dependence on agricultural sector leads to disguised unemployment or under-employment in these economies to a large scale. Moreover, problem of educated unemployment in these economies is also increasing gradually day by day due to lack of industrial development. 6. Mass Illiteracy: Underdeveloped countries are mostly characterized by the existence of mass illiteracy. Due to illiteracy the people in these countries are very much superstitious and conservative which is again responsible for lack of initiative and enterprise on the part of people of these countries. 7. Poor Socio-Economic Condition: Underdeveloped countries are also suffering from totally poor socio-economic conditions. The path of economic development in these countries is being obstructed by various socio-economic factors like-joint family system, universal marriage, costly social customs and the law of inheritance. 1.4 Indicators of Development The extent to which a country has developed may be assessed by considering a range of narrow and broad indicators, including per capita income, life expectancy, education, and the extent of poverty. 1. Per Capita Income The most important indicator of economic underdevelopment is low per capita income. Usually, an LDC is defined as one in which per capita real income is low when compared with that of USA, Canada, Australia and Western Europe. Statistical studies show low-in- come countries are much poorer than advanced countries like the USA. In fact, their measured per capita incomes are above 20% of those in high-in- come countries. However, Prof. Samuelson states that standard comparisons are distorted by the use of official exchange rates to compare living standards. 2. Life expectancy A variety of factors may contribute to differences in life expectancy, including: The stability of food supplies War The incidence of disease and natural disasters According to World Bank figures, life expectancy at birth in developing countries over the past 40 years has increased by 20 years. However, these increases were not evenly distributed. Indeed, in many countries in sub-Saharan Africa, life expectancy is falling due to the AIDS epidemic 3. Poverty The next important indicator of economic underdevelopment is poverty. Not only per capita income is low, there is inequality in the distribution of income. Many people in LDCs do not get the minimum level of income necessary for a minimum caloric intake are said to be living below the poverty line. In India it is 25% at present, however it is not easy to define and whatever be the approach, there is bound to be an element of arbitrariness in it. 4. Operational Pattern Another important indicator of economic back•wardness is occupational pattern. It is widely believed that the countries in which most of national output or national income is derived from the primary sector (i.e., agriculture, forestry, animal husbandry, mining etc.) are underdeveloped. In other words, the greater the contribution of agricul•ture, the more economically backward a country is supposed to be. Most people in LDCs live in rural areas and work on farms. In India, for example, 70% of the total population depends on agriculture directly or indirectly. In advanced countries most people work on factories or are engaged in trade and professions. Similarly, the contribution of agriculture and allied activi•ties to net national product is quite high. In India, it is around 40% at present. In advanced countries the percentage is in between 8 to 10 1.5 Exercise: 1. Short answer type Questions A. Multiple Choice Questions 1. Which of the following explains the term economic growth? a. Increase in per capita production b.
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