Economics For Managers
<<Previous Chapter
Chapter 22 : Economic Growth, Development and Planning
The Process Of Economic Growth
Economic Growth
Measurement of Economic Growth
Determinants of Economic Growth
Economic Growth Theories
The Concept Of Economic Development
Differences between Economic Growth and
Economic Development
Elements/ Factors Contributing to Economic Development
Economic Reforms In India
Need for Economic Planning
Importance of Economic Planning for India
Economic Reforms Undertaken by the Indian Government
Impact of Economic Reforms in India
Future Economic Scenario Of India
Globalization and its Impact
Population Growth
Foreign Exchange Reserves
Financial System in India
Unemployment
Chapter Summary
|
This chapter is presented to explain the process of economic
growth and development and the various economic reforms in India. Economic
growth is measured in terms of increase in the Gross Domestic Product (GDP) or
Gross National Product (GNP). Different theories for the process of economic
growth are explained under the classical model and the Neo-classical models.
Economic development involves a change in social attitudes, cultural set-up and
institutional framework along with the economic growth. The scope of coverage of
economic growth is narrow and economic development is more comprehensive. The
major factors which influence the economic development of a country are natural
resources, human resources, capital formation and technical knowledge. |
|
Economic planning has a significant role to play
in economic growth and stability of a country. It helps an
underdeveloped country to get out of the vicious circle of
underdevelopment. For a developing economy like India, appropriate
economic planning is very important for economic growth. The
prominence and significance of economic planning for India was
highlighted by the economic crisis in 1991. As a measure to resolve
the crisis, economic reforms were taken up by the Indian government.
The major reforms were in the sectors of industrial, financial,
trade, and public sectors. The economic reforms initiated in 1991
have helped India to emerge as a fast-growing economy in the world.
The opening up of economy provided impetus to India to gain from the
process of globalization. However, the future economic status of
India depends a great deal on the changes on the fronts of
population growth, foreign exchange reserves, the financial system
in India, and the tackling of unemployment in the country.
|
|
Short Case Studies / Caselets