Ch-3 - UNIT II STRUCTURAL CHANGE IN INDIAN ECONOMY SINCE...

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In this unit, you will basically learn the growth of and structural changes in the Indian economy particularly since Independence. As most of the data are available since 1950-51, the study of changes will mostly confine to the period since 1950-51. In one case, data is available from 1960-61 only. Towards the end, in a section, we shall use data since 1972-73. The end year of a series will be determined by the relevant publications giving the data. With growth, every economy diversifies itself in terms of contribution of different economic activities. Besides structural changes in the economy in terms of contribution of different sectors, you will have an idea as to how the labour force is engaged in different economic activities. As it is felt that growth will be hampered if our economic infrastructure in terms of energy, transport and communication is weak, you shall see how our economy is faring in this respect. We also feel concerned about our education, health and housing and, therefore, you will have an idea about these social sectors as well. It is understood that there has come a great break in our policies in 1991 in terms of what has come to be known as Liberalization, Privatization and Globalisation (LPG). We shall, therefore, discuss major policy planks before and after 1991 and contrast the two sets of policies. UNIT II STRUCTURAL CHANGE IN INDIAN ECONOMY SINCE INDEPENDENCE
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C HAPTER 3 Growth and Structural Change in the Indian Economy Introduction In this chapter you will study the growth of and structural change in the Indian economy in the last fifty years since 1950-51 for which data on most of the macro aggregates are available on an annual basis. We shall concentrate on the growth of gross domestic product at factor cost valued at 1993-94 prices. We shall consider the growth of per capita national income, also valued at 1993-94 prices, which can be taken as the simplest indicator of the level of living or development. In an earlier chapter, one of the notions of development was posed in terms of structural change along with growth. What do we mean by structure? Most people mean by it production structure, that is, composition of output produced by the economy. Some would like to find out how and where our labour is absorbed. Other factors such as land and capital are not given equal importance. Some would also like to find out how the production of output is divided between rural and urban areas of the country or between public and private sectors of the economy or between organised and unorganised sectors. We shall discuss all of them. But we can appreciate developments since Independence better once we have a little hint about the scene on the eve of Independence. Economy on the eve of Independence
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Ch-3 - UNIT II STRUCTURAL CHANGE IN INDIAN ECONOMY SINCE...

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