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Meaning of growth and development

1. A Country's economic growth is usually measured by national income, indicated

by Gross Domestic Product (GDP)
2. The GDP is the total monetary value of the goods and services produced by that
country over a specific period of time usually one year
3. The quality of life is being assessed by several indicators such as Human
development index (HDI), Physical quality of life index (PQLI) and the Gross
national happiness index (GNHI)
4. The term gross national happiness index was coined by the fourth king of
Bhutan, Jigme singye wangchuk in 1972.
5. It measures sustainable development, environmental conservation, promotion of
culture and good governance
6. On the basis of economic development countries are classified as developed and
developing economy
7. Developed economies are also termed as advanced countries
8. Some examples of underdeveloped countries are sub Saharan Africa, Bangladesh,
Myanmar, Pakistan Indonesia etc they are also called as underdeveloped countries
or backward nation or third world nation

Indian economy
1. Indian economy is the seventh largest economy of the world
2. It has an average growth rate of 7 percentage approximately

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Features of a developed economy

1. High national income
2. High per capita income
3. High standard of living
4. Full employment of resources
5. Dominance of industrial sector
6. High level of Technology
7. High industrialisation
8. High consumption level
9. High level of urbanization
10. Smooth economic growth
11. Social equity, gender equality and low levels of poverty
12. Political stability and good governance

Features of Indian economy

Strengths of Indian economy

India has a mixed economy

1. It means it has both private and public sectors co-exist and function smoothly

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Agriculture place the key role

1. Agriculture being the maximum pursued occupation India
2. Around 60 percentage of the people in India depend upon agriculture for their
livelihood
3. About 17 % of our GDP today is contributed by the agriculture sector

An emerging market
1. India has emerged as vibrant economy sustaining stable GDP growth rate even in
the midst of global downtrend
2. India has a high potential of prospective growth
3. This also makes it an emerging market for the world

Emerging economy
1. India bags the 7th position is terms of Nominal Gross Domestic Product and 3rd
in terms of purchase power parity (ppp)

Fastest growing economy

1. It has emerged as the world's fastest growing economy in 2016-17 with the
growth rate of 7.1% in GDP next to People's Republic of China

Fast growing service sector

1. The service sector contributes lion's share of the GDP in India
2. Service sector have contributed to the growth of the economy

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Large domestic consumption

1. With the faster growth rate in the economy the standard of living has improved
a lot
2. Resulted in rapid increase in domestic consumption
3. The standard of living has considerably improved and lifestyle has changed

Rapid growth of urban areas

1. Urbanisation is a key ingredient of the growth of any economy
2. There was a rapid growth of urban areas in India after independence
3. Improved connectivity in transport and communication, education and health have
speeded up the pace of urbanisation

Stable macroeconomic
1. According to the economic survey for the year 2014-15, 8 percentage plus GDP
growth rate has been predicted but actual number was 7.6%
2. Indian economy to be A heaven of macroeconomic stability, resilient and
optimism

Demographic dividend
1. The human capital of India is young
2. India is the pride owner of the maximum percentage of youth

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3. The human capital plays a key role in maximizing the growth prospects in the
country
4. It has invited foreign investment to the country and outsourcing opportunities too

Weakness of Indian economy

Large population
1. India stand second in terms of size of population next to China
2. Population growth rate of India is very high and this is always a hurdle to
growth rate
3. The population growth rate in India is as high as 1.7 per 1000
4. Annual addition of population equals the total population of Australia

Inequality and poverty

1. There exists a huge economic disparity in the Indian economy
2. The proportion of income and asset owned by top 10 % of the Indians goes on
increasing
3. This led to poverty level increase in the society

Increasing prices of essential goods

1. Even though there has been a constant growth in the GDP and growth
opportunities in the Indian economy there has been a steady increase in the
price of essential goods
2. The continuous rise in price erodes the purchasing power and adversely affects
the poor people whose income is not protected
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Weak infrastructure
1. Even though there has been a gradual improvement in the infrastructural
development in the past few decades there is still scarcity of the basic
infrastructure like power, transport, storage etc

Inadequate Employment generation

1. With the growing young population there is a need of the employment

opportunities
2. The growth in production is not accompanied by creation of jobs
3. The Indian economy is characterized by jobless growth

Outdated technology
The level of Technology in agriculture and small scale still outdated and obsolete

Demographic trends in India

1. The scientific study of the characteristics of population is known as demography
The various aspects of demographic trends in India are
1. Size of population
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2. Rate of growth
3. Birth and death rates
4. Density of population
5. Sex ratio
6. Life expectancy at birth
7. Literacy ratio

Size of the population

1. Over a period of 100 years India has quadrupled its population size
2. India ranks second in the world after China
3. India has only about 2.4% all the world's Geographic area and contributes less
than 1.2% of the world's income
4. It accommodates about 17.5% of the world's population (every 6 people in the
world is an Indian)
5. The combined population of just two States Uttar Pradesh and Maharashtra is
more than the population of United States of America
6. The year 1921 is known as The year of great divide for India's population as
population starts increasing
7. During 1951 population growth rate has come down from 1.33% to 1.25% hence it
is known as The year of small divide
8. In 1961 population of India started increasing at the rate of 1.96% hence it is
known as year of population explosion
9. In the year 2001 the population of India crossed 1 billion mark (100 crore)
10. The 2011 census reveals growth of youth population which is described as
demographic transition

Birth rate and death rate

1. Crude birth rate: It refers to the number of births per 1000 of population
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2. Crude death rate: It refers to the number of deaths per thousand of population

3. Birth rate was 39.9 percentage in 1951 it fell to 21.8% in 2011

4. The death rate has declined from 27.4% in 1951 to 7.1% in 2011
5. The Fall of birth rate is less than that of death rates

6. Kerala has the lowest birth rate 14.7% and Uttar Pradesh has the highest birth
rate 29.5%
7. West Bengal has the lowest death rate 6.3% and Orissa has the highest death
rate 9.2%
8. Bihar has the highest decadal (2001-2011) growth rate of population while Kerala
has the lowest growth rate
9. The four states Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh called
BIMARU states have very high population

Density of population
1. It refers to the average number of persons residing per square kilometre
2. It represents man land ratio

𝑇𝑜𝑡𝑎𝑙 𝑝𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛
Density of population=
land area of the region

1. In 1951 117 person per square kilometre

2. In 2011 382 person per square kilometre
3. Kerala, West Bengal, Bihar and Uttar Pradesh have density higher than the India's
average density

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4. Bihar is the most densely populated state in the country with 1102 persons living
per square kilometre followed by West Bengal 880 person per square kilometre
5. Arunachal Pradesh has low density of population of only 17 person per square
kilometre

Sex ratio

1. It refers to the number of females per 1000 males

2. It is used to measure the extent of prevailing equity between Males and females at
a given point of time
3. In 1951 the sex ratio was 946
4. But in 2011 the sex ratio was 940
5. In India the sex ratio is more favourable to male than to female
6. Kerala have the highest sex ratio is 1084 as on 2011
7. Haryana has the lowest sex ratio of 877

Life expectancy at birth

1. It refers to the mean expectancy of life at birth

2. In 1951 the life expectancy at birth was 32.1
3. In 2011 the life expectancy at birth is 63.5 (male 62.6) (female 64.2)

Literacy ratio

1. It refers to the number of literates as a percentage of the total population

2. In 1951 one fourth of the males and one twelfth of the female were illiterates
3. In 2011 82% of the male and 65.5 percentage of females were literate
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4. The overall literacy rate in 2011 is 74.04%

5. Kerala has the highest literacy ratio 94%
6. Mizoram 91.3%,
7. Goa 88.7%
8. Himachal Pradesh 82.8%
9. Maharashtra 82.3%
10. Sikkim 81.4%
11. Tamil Nadu 80.1%
12. Bihar has the lowest literacy ratio 61.8% in 2011

Natural resources
1. The major natural resources are land, forest, water, mineral and energy
2. India is rich in natural resources but majority of the Indians are poor

Types of natural resources

1. Renewable resources: Resources that can be regenerated in a given span of time

eg: Forest, wildlife, wind, biomass, tidal, hydro energy etc

2. Non-renewable resources: Resources that cannot be regenerated eg: Fossil fuels,

coal, petroleum, minerals ect

Land resources
India ranks 7th in the world with the total area of 32.8 lakh square kilometre
It accounts for 2.4% total area of the world

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Forest resources

1. India's forest cover in 2007 is 69.09 million hectare which constitute 21.02% of
the total geographical area of this 8.35 is very dense forest
2. 31.90 million hectares is moderately dense forest and the rest 28.8 million hectare
is open forest

Important mineral resources

Iron ore
1. India possesses high quality iron ore
2. The total reserves of iron ore in the country are about 14.630 million tons of
hematite and 10619 million tonnes of magnetite
3. Hematite ore is mainly found in Chhattisgarh, Jharkhand, Odisha, Goa and Karnataka
4. The major deposit of magnetite ore is available at western coast of Karnataka
5. Some deposits of iron ore are also found in Kerala, Tamilnadu and Andhra Pradesh

Coal and lignite

1. Coal is the largest available mineral resources
2. India ranks 3rd in the world after China and USA in coal production
3. The main centres of coal in India are West Bengal, Bihar, Madhya Pradesh,
Maharashtra, Odisha and Andhra Pradesh
4. The bulk of coal production comes from Bengal-Jharkhand coalfields

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Bauxite
1. Bauxite is the main source of metal like aluminium
2. Major reserves are concentrated in the east coast bauxite deposits of Odisha and
Andhra Pradesh

Mica
1. Mica is a heat resistant mineral which is also a bad conductor of electricity
2. It is used in electrical equipment as an insulator
3. India stands first in sheet mica production and contribute 60 percentage of mica
trade in the world
4. The important mica bearing pegmatite is found in Andhra Pradesh, Jharkhand, Bihar
and Rajasthan

Crude oil
1. Oil is being explored in India at many places of Assam and Gujarat,
2. Digboi, Badarpur, Nagar Katia, Kasimpur, Palliaria, Rudrapur, Shiv Sagar, mourn (all in
Assam)
3. Hay of gulf of khambhat, Ankleshwar, kalol (all in Gujarat) important places of Oil
exploration in India

Gold
1. India possesses only limited gold reserve
2. There are only three main gold mine regions they are Kolar Gold Field, Kolar district
and Hutti gold field in Raichur district (both in Karnataka)
3. Ramgiri gold field in Anantapur district (Andhra Pradesh)

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Diamond
1. As per UNECE (united Nations economic Commission for Europe) the total reserves
of diamond is estimated at around 4582 thousand Carats which are mostly available
in Panna, Madhya Pradesh, Ramallakota, of Kurnur district of Andhra Pradesh and
also in the basin of Krishna river
2. The new Kimberlile fields have been discovered in Raipur and Bastar district of
Chhattisgarh
3. Nuapada and Bargarh district of Odisha
4. Naryanpet-maddur krishna areas of Andhra Pradesh and Raichur - gulbarga district
of Karnataka

Infrastructure

1. Infrastructure development means the development of many support facilities

It is divided into
A. Economic infrastructure- transport, communication, energy, irrigation, monetary and
financial Institutions
B. Social infrastructure- education, training and research, health, housing and civil
amenities

Economic infrastructure
1. Economic infrastructure supports the system which helps in production and
distribution
2. Example; railway track, post, telegraph offices, ports, canals, power plants, banks,
insurance companies
3. They help in the production of goods and services

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Transport
1. For sustained economic growth a well-connected and efficient transport system is
needed
2. India has a network of rail, road, coastal shipping and air transport
3. The total length of the road in India being over 30 lakh kilometres
4. India has a broad network of road lines, the largest in Asia and fourth largest in
the world
5. The total rail route length is about 63000 kilometre and of these 13000 kilometres
is electrified
6. The major Indian ports including Kolkata, Mumbai, Chennai Visakhapatnam and Goa
handle about 90 percentage of seaborne trade
7. The domestic air services are being looked after by Indian Airlines and private
Airlines
8. The International Airport service is looked after by Air India
9. Indian Railways provide wi-Fi facility first in India is Bangalore railway station
10. Air India and Indian Airlines were merged on August 27 2007
11. The national Harbour board was set up in 1950 to advise the central and state
governments on the management and development of ports particularly minor ports

Energy
1. Electrical energy is one of the necessary components of our life
2. The energy sources are classified under two heads based on the availability of the
raw material used
They are
A. Non renewable energy sources
B. Renewable energy sources

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Non renewable energy sources

1. The source of energy cannot be renewed or reused are called non renewable energy
sources
Example coal, Oil, gas, etc

Renewable energy source

1. Energy source which can be renewed or reused again and again
Example solar energy, wind energy, tidal energy, geothermal energy, biomass energy
2. Renewable Sources are also called as non-conventional sources of energy

Social infrastructure
1. Those structures which are improving the quality of manpower and contribute
indirectly towards the growth of an economy
2. These structures are outside the system of production and distribution
3. It will increase the efficiency and productivity of manpower
Example; school, colleges, hospitals and other Civic amenities
4. One of the reasons for the low productivity of Indian workers is a lack of
development of social infrastructure

The social infrastructure in India are

Education
Education in India
1. Imparting Education on an organised basis dates back the dates of Gurukul in India
2. Since then the Indian education system has flourished and developed with the
growing needs of the economy
3. The Ministry of Human Resource Development in India formulates Education Policy
in India
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Education system in India

1. Education in India until 1976 was the responsibility of the state government
2. It was then brought under concurrent list
3. The centre is represented by the Ministry of Human Resource Development which
decides India's education budget

Education institutions in India

1. Education in India have been followed the old pattern 10 + 2, this pattern was
changed by the new education policy in 2020 with 5 + 3 + 3 + 4 pattern
2. The budget share of the education sector is around 3 percentage of GDP of this
the largest proportion goes for school education
3. However, per student expenditure is the lowest for school students

Health
Health in India
1. Health in India is a state government responsibility
2. The central council of Health and welfare formulate the various Healthcare projects
and health department reform policies
3. The administration of health industry as well as the technical needs of the health
sector are the responsibility of the Ministry of Health and Family Welfare
Healthcare in India has many forms,
they are
Ayurvedic medicine practice, Unani or Galenic herbal care, Homeopathy, Allopathy,
Yoga and many more
4. The medical practicing in India needs a proper licensing from the Ministry of Health
5. All Medical Systems are now under one ministry viz AYUSH

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Health care services in India

1. It is the responsibility of the Ministry of Health
2. State wise health status is better in Kerala as compared to other states
3. Compared to other developed countries india's health status is not satisfactory
4. India's health status is poor compared to Sri Lanka

Contribution of Indian economic thinkers

Thiruvalluvar
1. The economic ideas of Thiruvalluvar are found in his immortal work Thirukkural,
book of ethics
2. He belongs to the Sangam age in Tamil Nadu around 3rd Century AD
3. Thiruvalluvar's work is marked by pragmatic idealism
4. The large part of the Thiruvalluvar's economic ideas are found in the second part
of the Thirukural the porutpal, it deals with the wealth

Factors of production
1. Thiruvalluvar made many passing references about the factor of production Land,
labour, capital, organisation, time, technology, etc

Agriculture
1. Agriculture is the most fundamental economic activity
2. It is the axle pin of the world
3. Agriculture is superior to all other occupation

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Public Finance
1. He stated that, Creation of revenue, collection of revenue, management of revenue
and public expenditure

Public expenditure
1. Recommended a balanced budget
2. He advocated the following main items of public expenditure
a. Defence
b. Public works
c. Social services

External assistance
1. Valluvar was against the seeking external assistance
2. According to him countries taking external assistance are not to be considered as
countries at all
3. He advocated self-sufficient economy

Poverty and begging

1. Valluvar considers freedom from hunger as one of the fundamental freedoms that
should be enjoyed by every citizen
2. According to him poverty is the root cause of all other evils
3. It is to be noted that the number of people living below poverty line, begging,
sleeping on the road sides and rag picking in India has been increasing

Wealth
1. Thiruvalluvar regarded wealth as only a means and not an end
2. He said acquire a great fortune by noble and honourable means
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3. He condemned hoarding and described the hoarded wealth as profitless richness

4. To him industry is real wealth and labour is the greatest resource

Welfare state
1. Thiruvalluvar is for a welfare state
2. In welfare state there won't be any poverty, illiteracy and disease
3. The important elements of welfare state are
a. Perfect health of the people without disease
b. Abundant wealth
c. Good crops
d. Prosperity and happiness
e. Full security for the people

Mahatma Gandhi

Salient features of Gandhian economics thought

Villages republics
1. India lives in villages
2. He was interested in developing the villages as self-sufficient units
3. He opposed extensive use of machinery, urbanisation and industrialisation

On machinery
1. He described the machinery as great sin
2. It is necessary to realise that machinery is bad

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Industrialism
1. Gandhi considered industrialism as a curse on mankind
2. He thought industrialism depend entirely on a country's capacity to exploit

Decentralization
1. Advocated decentralized economy
2. Production at a large number of places on a small scale or production in the
People's home

Village Sarvodaya
1. According to Gandhi, real India was to be found in villages and not in towns or
cities
2. So, he suggested the development of self-sufficient and self-dependent villages

Bread labour
1. Gandhi realised the dignity of human labour
2. He believed that God created man to eat his bread by the Sweat of his brow
3. Gandhi used to mean bread labour as manual labour

The doctrine of Trusteeship

1. It means transforming the present capitalist order of society into an egalitarian
2. It gives no quarter to capitalism
3. Now India experience both casino capitalism and crony capitalism

On the food problem

1. Gandhi was against any sort of food controls
2. It will create artificial scarcity
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3. Initially India was begging for food grain but India tops the world with very large
production of food grains, fruits vegetables milk egg etc

On Population
1. Gandhi opposed the method of population control through contraceptives
2. He favoured of birth control through Brahmacharya or self-control
3. He considered self-control as a sovereign remedy to the problem of over population

On prohibition
1. Gandhi advocated cent percent prohibition
2. Regarded the use of liquor as a disease rather than a vice
3. He felt that it was better for India to be poor than to have thousands of drunkards
4. But now many states depend on Revenue from liquor sales

Jawaharlal Nehru
1. He was the first Prime Minister of independent India; he was in the post till his
death in 1964

Democracy and secularism

1. Jawaharlal Nehru was a firm believer in democracy
2. He believed in free speech, civil Liberty, Adult franchise and the rule of law and
parliamentary democracy
3. Secularism is another contribution of Nehru to India
4. Secularism means equal respect for all religion

Planning
1. Jawaharlal Nehru was responsible for the introduction of planning in our country
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2. Planning was essentially an integral approach for development

3. Initiating the debate on the second plan in the Lok Sabha in May 1956
4. During his period, many IITs and Research institutions were established
5. He always insisted on scientific temper

Democratic socialism
1. Socialism is another contribution of Nehru to India
2. He put the country in the path of socialistic pattern of society
3. But Nehru's socialism is democratic socialism

B.R Ambedkar
1. B.R Ambedkar (1891 - 1956), he was versatile personality
2. He was the architect of the Indian Constitution
3. Custodian of Social justice and champion of socialism and state planning
4. Ambedkar writings included "Ancient Indian commerce", National dividend of India,
The evolution of provincial finance in British India, The problem of the Rupee
5. RBI was conceptualized as per the guidelines presented by Ambedkar in his book

The main economic ideas of Ambedkar may be studied under four broad heading

a. Financial economics

b. Agricultural economics
1. He published a paper in 1918, Smallholding in India and their remedies
2. He made fine distinction between consolidation of holdings and enlargement of
holding

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Economics of caste
1. Ambedkar believed that caste was an obstacle to social mobility
2. It resulted in social stratification
3. Individuals must be free to change their occupation
4. Caste system creates social tensions and resulted in the absence of social
democracy in India

Economics of socialism
1. Ambedkar was a socialist, he was a champion of state socialism
2. Advocated the nationalisation of all key industries and suggested state ownership of
land and collective farming
3. Advocated state Monopoly of insurance business
4. Advocated compulsory insurance for every citizen
5. Ambedkar was a great economist but his contribution in the field of politics
eclipsed the work of an economist
6. Above all he was a great social reformer

J.C kumarappa
1. Joseph Chelladurai kumarappa was born on 4th January 1892. Thanjavur, Tamil Nadu
2. Pioneer of Rural economic development theories
3. Kumarappa is credited for developing economic theories based on Gandhism- school
of Economics thought coined Gandhian economics

Gandhian economics
1. He supported village industries and promoted village Industries Association
2. He combined Christian and Gandhian values of Trusteeship, non-violence and focus
on human dignity and development in place of materialism

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3. He opposed Material development, competition and efficiency in free market

economies
4. Gandhi and kumarappa envisioned an economy focused on satisfying human needs
and challenges while rooting out socio economic conflict, unemployment, poverty
and deprivation
5. Kumarappa worked as a professor of economics at the Gujarat Vidyapith in
Ahmedabad, and serving as an editor of Young India during Salt Satyagraha
6. He founded all India village Industries Association in 1935
7. He was imprisoned for more than a year during the Quit India Movement
8. He wrote during his imprisonment, Economy of permanence: The practice and
precept of Jesus (1945) and Christianity: Its economy and way of life (1945)
9. Several of Gandhi and followers developed the theory of environmentalism
10. Historian Ramachandra Guha call kumarappa “The green Gandhian” portraying him as
the founder of modern environmentalism in India
11. Kumarappa worked for the planning commission of India and the Indian National
Congress to develop national policies for agriculture and rural development
12. He travelled to China, Eastern Europe and Japan on diplomatic assignments and to
study the rural economic systems

V.K.R.V. Rao
He was deeply interested in three large themes
A. National income
B. Food nutrition and distribution of goods
C. Employment and occupational distribution

National income methodology

1. Rao was the people of J.M.keynes and he worked with colin Clark

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Rao attempted
1. To develop the national income concept suited to India and developing countries
generally
2. To analyse the concepts of investment, saving and the multiplier in an
underdeveloped economy
3. And to study the compatibility of the national income of industrialization and
underdeveloped countries

Rao paper on full employment and economic development

International food aid

1. He was influential in creating ideas and shaping policy in the international attack
on World poverty not only through his contribution to the question of international
aid and improved flows of external resources but also through his activities in the
field of food aid

Support for socialism

1. During the early phases of planning in India, Rao supported the case of a socialist
India

Rao views on industrialization

1. In his Pamphlet, what is wrong with Indian economic life? 1938,
2. the following reasons for low per capita income and low levels of per capita
nutrition in India
A. Uneconomic holdings with subdivisions and fragmentation
B. low levels of water availability for crops
C. Excess population pressure due to the absence of a large industrial sector

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D. Absence of capital
E. Absence of autonomy in currency policy and in general in monetary matters
encouraging holding of gold

Village clusters
1. He felt that rural communities had to be given a visible base
2. He suggested that a cluster of villages should form unit for rural development
3. Both social and economic interactions between villages could develop their own
development with more meaningful participation by people

Institution builder
He founded three National level Research Institute namely
A. Delhi School of Economics
B. Institute of economic growth
C. Institute for social and economic change

Amartya Kumar Sen

1. The Nobel citation refers to Sen's contribution to social choice theory, development
economics, study on poverty and famines and concept of entitlement and capability
development (1998)

Poverty and famines

1. Sen's poverty and famines: An essay on entitlement and deprivation
2. Examine various meanings of poverty and Drew attention to the incidence of
absolute and relative deprivation

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poverty and inequality

1. Sen's major point has been that the distribution of income/ consumption among
the persons below the poverty line is to be taken into account

Entitlement
1. He included the concept of entitlement items like nutrition, food, medical and
Health Care, employment, security of food, supply in times of famine
2. He considered famine as arising out of failure of establishing a system of
entitlement

Choice of technique
1. In a labour surplus economy, generation of employment cannot be increased at the
initial stage by the adaptation of capital-intensive technique
2. More than an economist, he is an ethical philosopher
3. He viewed poor not an object of Pity requiring charitable hands but as
4. disempowered, folk needing empowerment, education, health, nutrition, gender
equality, safety net in times of distress
5. All are needed to empower people

GOOD LUCK

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