Understanding the economic development of India from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
To comprehend the economic development of India, one must delve into the various factors that have shaped the country's growth trajectory over the years. India's economy has undergone significant transformations, transitioning from an agrarian-based economy to a more diversified and industrialized one. The process of economic development in India has been influenced by a multitude of factors, including government policies, technological advancements, global economic trends, and societal changes. One of the key drivers of India's economic development has been the liberalization and globalization policies that were implemented in the early 1990s. These reforms opened up the Indian economy to foreign investment and trade, leading to increased competition, efficiency, and growth. The liberalization of the economy also resulted in the privatization of many state-owned enterprises, which further boosted productivity and innovation in various sectors. Another crucial aspect of India's economic development is the role of the agriculture sector. While the share of agriculture in the country's GDP has been declining over the years, it still remains a ...
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