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Features of the Indian Economy

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UNIT 17 FEATURES OF THE INDIAN
ECONOMY
Structure
1 7.0 Objectives
17.1 Introduction
17.2 Features of the Indian Economy
17.3 Growth and Development
1 7.4 Mixed Economy
1 7.5 Demographic Transition
1 7.6 Sectoral Composition of GDP
1 7.7 Employment Structure
1 7.8 Inter-Governmental Fiscal Relations
17.9 Let Us Sum Up
17.10 Key Words
1 7.1 1 Answers to Check Your Progress Exercises
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17.0 OBJECTIVES
After going through this unit, you will be able to: identify the important features of the Indian economy; distinguish between economic growth and economic development; explain the pattern of demographic transition in India; explain the sectoral composition of the Indian economy; and explain the pattern of employment in India.
17.1 …show more content…

Even some parts of the country ' do not have provisions for schools, colleges, hospitals, and safe drinking-water supply- Let us discuss some of the above issues in detail. 17.3 GROWTH AND DEVELOPMENT
Economic development is a broader term than economic growth Economic growth usually means the growth in production of an economy. On the other hand, economic development includes other fsctors such as litemcyy health, child mortality rate, equality, regional balance, infbtmchrre, etc.
Country GDP Per Capita GDP Per Capita
(PPP US$) (annual growth rate)
1999 (1 990-99)
United States 3 1,872 2.0
United Kingdom 22,093 2.1
France 22,897 1.1
Mexico - 8,297 1.0 l3mil 7,037 1.5
China 3,617 9.5 *
India 2,242 4.1
- -- -
Bangladesh 1,483 3.1
Sri Lanka 3,279 4.0
Nigeria 853 -0.5
Tanzania 501 -0.1
*
The difference between economic growth and economic development is a subtle Features of the one. Let us take the example of a child. As a child grows her weight and height increases. Simultaneously, her capacity to leam, recognize and distinguish between objects develops. Thus growth is not sufficient; we need development also.
Similarly, in the case of the Indian economy economic growth is not enough; we need economic development. We need better health of people, education for all, reduction in inequality among sections of people and regions, reduction in infant mortality rate (IMR), access to drinking water for all, etc. The government has to devise policies and allocate government

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