Prove that indian economy developed due to new economicpolicy in 1991?
397314
India has struggled financially since independence, experiencing slow economic growth and economic setbacks due to climatic extremes or political disturbances. The country has been gradually transforming its economic base from agrarian to industrial and commercial. Under British rule in the 19th century, India's cottage industries and thriving trade were virtually destroyed to make way for European manufactured goods, paid for by exports of agricultural products such as cotton, opium, and tea. Beginning in the late 19th century a modern industrial sector and an extensive infrastructure of railways and irrigation works were slowly built with British and Indian capital. Nevertheless, India’s economy stagnated during the last 30 or so years of British rule. At independence in 1947 India was desperately poor, with an aging textile industry as its only major industrial sector.\n\n\n  \n\nEconomic policy after independence emphasized central planning, with the government setting goals for and closely regulating private industry. Self-sufficiency was promoted in order to foster domestic industry and reduce dependence on foreign trade. These efforts produced steady economic growth in the 1950s, but less positive results in the two succeeding decades. By the early 1970s India had achieved its goal of self-sufficiency in food production, although this food was not equally available to all Indians due to skewed distribution and occasional shortfalls in the harvest. \n\nIn the late 1970s the government began to reduce state control of the economy, making slow progress toward this goal. By 1991, however, the government still regulated or ran many industries, including mining and quarrying, banking and insurance, transportation and communications, and manufacturing and construction. Economic growth improved during this period, at least partially as a result of development projects funded by foreign loans.\n\nA financial crisis in 1991 stimulated India to institute major economic reforms. After the Persian Gulf conflict of 1990-1991 caused a sharp rise in oil prices, India faced a serious balance of payments problem (its foreign expenditures exceeded its foreign income). To obtain emergency loans from international economic organizations, India agreed to adopt reforms aimed at liberalizing its economy. These economic reforms removed many government regulations on investment, including foreign investment, and eliminated a quota and tariff system that had kept trade at a low level. Also, reform deregulated many industries and privatized many public enterprises. These reforms continued through the mid-1990s, although at a slower rate because of political changes in India’s government. In 1993 India permitted Indian-owned private banks to be established along with a minority of foreign banks.\n\nWith the reforms, India made a dramatic shift from an economy relatively closed to the global economy to one that is relatively open. By 1996-1997, foreign investment had increased to nearly $6 billion, up from $165 million in 1990-1991. Exports and imports also grew dramatically in this same period. Economic growth since the 1980s has brought with it an expansion of the middle class, which was estimated to form 20 to 25 percent of India's population in the mid-1990s. As a result, the demand for consumer goods from soap to luxury cars has expanded rapidly.\n\nIn 1997 India’s annual gross domestic product (GDP) was $382 billion. In 1997 agriculture, forestry, and fishing made up 25 percent of GDP, compared with 30 percent for industry (including manufacturing, mining, and construction) and 45 percent for services. \n\nA Labor  The Indian economy employs 423 million people. The majority of this workforce—64 percent—labors in the agricultural sector. Of the remainder, 20 percent work in services and 16 percent in industry. Women make up 32 percent of the total labor force.\n\nSignificant numbers of children are employed in India. They not
627138
The period between the rise of Mikhail Gorbachev as Soviet leader in 1985 to the collapse of the Soviet Union in 1991.
151876
Software industry is like turbo for the economic engine of the country. Its almost like an after burner in a rocket. It gives an impetus to the growth levels. The reason India's growth rate is going to touch double digit is because of the solid and growing Software industry.
249566
I am more interested in giving serious useful info. See my other answers also please. \n\nIn history, these rules change. Always..\n\nEuropeans became superpower because they had control over vast colonies. So the money (i use this word) flow was there from colonies to British system. So British became rich because other colonies became poorer. Simple.\n\nBy the mid of 19th century, the spread of science and technology helped spread of knowledge (printing, communication) and this and spread of English education in the colony nations, created "sub national feeling" all over the colonies. This resulted in political unrest in the colony by working with economical factors. As everywhere national freedom struggle became very common, it became increasingly expensive to directly control the colonies by British and direct colony rule became less and less feasible. Colonies were freed.\n\nBy this time USA emerged as big super power. USA never spent money to control colonies directly. USA used a technique normally referred as "Neo-colonialism". But the result is that USA became rich because the "money" was flowing from other regions to that area, endlessly. And initially there were enough resources there.\n\nBy the end of 20th century, the USA system again started facing problems. The same development and economic growth USA achieved also helped to raise the standard of its workers and labor became very expensive and the system was forced to ensure certain standards for its workers like Health Insurance. And domestic market reached a saturation point. USA corporate doesn’t want to pay high salaries again. Outsourcing is inaugurated to overcome this problem. So system tries to use the cheap labor elsewhere and access to the market all over the world and sell cheaper products everywhere and bring more money back to the corporate in USA.\n\nThere are two nations which are leading in executing outsourcing jobs currently, India and China. Right now India leads outsourcing. But the point is that, china's growth is not limited in outsourcing area, but also in fundamental areas and over the next two decades this will give them enough resources to advance the technology (see how they came up in Olympic tally), But India's shining is only in "run away" areas like outsourcing and software export. But outsourcing will move on to other regions tomorrow.\n\nIndia and China also has another advantage. That is the domestic market and huge resources. India has only one advantage against China. China is getting older and it is difficult for china to train their old folks. But India is always young. And is less expensive.\n \nOne can really understand, in this case only one ‘group’, which emerges stronger, is ‘western corporate’ lead by USA corporate. Also the global Corporate in general and USA corporate in particular is coming up with very strict patent and other laws globally which is aimed at controlling the knowledge and technology. As everybody knows, the control over the technology will decide the production cost and thus the control over the market, it is clear, even if the entire USA citizen starve, the corporate led by USA corporate are still safer.\n\nIn short, in the coming days, he geographical border is going to be irrelevant, the corporate are going to be stronger, and they move capital across the border. Thus the very question of, which country is going to be the super power is irrelevant. In tomorrow’s world it is going to be corporate vs. the rest.
34496
China has had double digit GDP growth for the past 20 years (in comparison, developed countries have GD growth of about 2.5 - 3.5 %. India is growing at a very fast pace as well, with its continued dominance in IT. However, China gets approximately 10 times the amount of foreign investment as compared to India. \n\nThere is no doubt that these countries are growing: the question is whether these countries are stable politically in the long term.
988527
Well, after a long time under the British rule and some wrong turns, India is now finding herself into progress and from what I have experienced India is moving forward fast and securely! Mistakes always happen, but in general, I presume India is in the right track!
533619
Buying?..lol, than why didn't they use that money and get industrialized, rather called "developing world"? It is stealing, and these countries happened to be poor and unable to defend their resources, because puppet regimes allowed this to happen.
890668
you will study better about indian economy
132929
Wonderful thing Clinton did wasn't it.  Yet people scorn Bush for the economy he was left with.    I think it sould be repealed.... in other words done away with.  But what do I know, I'm a hard working American, seeing every job around go overseas.  Call Dell, and see what type of support you can get when talking to an Indian!
174870
am giving you a Detailed description of our PM's educational qualifications which i do hope could be matched by none in the world. hope it helps,\n\nEDUCATION /Qualification:\n\nStood first in BA (Hons), Economics, Panjab University, Chandigarh,1952;\nStood first in MA (Economics), Panjab University, Chandigarh, 1954;Wright's\nPrize for distinguished performance at St John's College, Cambridge,1955\nand 1957; Wrenbury scholar, University of Cambridge, 1957; DPhil(Oxford),\nDLitt (Honoris Causa); PhD thesis on India's export competitiveness\n\nOCCUPATION /Teaching Experience:\n\nProfessor (Senior lecturer, Economics, 1957-59; Reader, Economics, 1959-63;\nProfessor, Economics, Panjab University, Chandigarh, 1963-65; Professor,\n\nInternational Trade, DelhiSchoolof Economics,Universityof Delhi,1969-71;\nHonorary professor, JawaharlalNehruUniversity,New Delhi, 1976 and\nDelhiSchoolof  Economics, Universityof Delhi,1996 and Civil Servant\n\nWorking Experience/ POSITIONS:\n\n1971-72: Economic advisor, ministry of foreign trade\n\n1972-76: Chief economic advisor, ministry of finance\n\n1976-80: Director, Reserve Bank of India; Director, IndustrialDevelopment\nBank of India; Alternate governor for India, Board  of governors, Asian\nDevelopment Bank; Alternate governor for India, Board of governors, IBRD\n\nNovember 1976 - April 1980: Secretary, ministry of finance (Departmentof economic affairs); Member, finance, Atomic Energy Commission; Member, finance, Space Commission\n\nApril 1980 - September 15, 1982: Member-secretary, Planning Commission\n\n1980-83:  Chairman, IndiaCommittee of the Indo-Japan joint study committee\nSeptember 16, 1982- January 14, 1985: Governor, Reserve Bank of India\n\n1982-85:  Alternate Governor for India, Board of governors, International Monetary Fund\n\n1983-84: Member, economic advisory council to the Prime Minister\n\n1985: President, Indian Economic Association\n\nJanuary 15, 1985- July 31, 1987: Deputy Chairman, Planning Commission\n\nAugust 1, 1987- November 10, 1990:  Secretary-general and commissioner,south commission, Geneva\n\nDecember 10, 1990- March 14, 1991: Advisor to the Prime Minister oneconomic affairs\n\nMarch 15, 1991- June 20, 1991: Chairman, UGC\n\nJune 21, 1991- May 15, 1996: Union finance minister\n\nOctober 1991: Elected to Rajya Sabha from Assamon Congress ticket\n\nJune 1995: Re-elected to Rajya Sabha\n\n1996 onwards: Member, Consultative Committee for the ministry of finance\n\nAugust 1, 1996- December 4, 1997: Chairman, Parliamentary standing committee on commerce\n\nMarch 21, 1998onwards: Leader of the Opposition, Rajya Sabha\n\nJune 5, 1998onwards: Member, committee on finance\n\nAugust 13, 1998onwards: Member, committee on rules\n\nAug 1998-2001: Member, committee of privileges 2000 onwards: Member,\nexecutive committee, Indian parliamentary group\n\nJune 2001: Re-elected to Rajya Sabha\n\nAug 2001 onwards: Member, general purposes committee\n\nBOOKS:\n\nIndia's Export Trends and Prospects for Self-Sustained Growth -Clarendon\nPress, OxfordUniversity, 1964; also published a large number of articles in various economic journals.\n\nOTHER ACCOMPLISHMENTS:\n\nAdam Smith Prize, Universityof Cambridge, 1956\n\nPadma Vibhushan, 1987\n\nEuro money Award, Finance Minister of the Year, 1993;\n\nAsiamoney Award, Finance Minister of the Year for Asia, 1993 and 1994\n\nINTERNATIONAL ASSIGNMENTS:\n\n1966: Economic Affairs Officer\n\n1966-69: Chief, financing for trade section, UNCTAD\n\n1972-74: Deputy for Indiain IMF Committee of Twenty on International\nMonetary Reform\n\n1977-79: Indian delegation to Aid-India Consortium Meetings\n\n1980-82: Indo-Soviet joint planning group meeting\n\n1982: Indo-Soviet monitoring group meeting\n\n1993:  Commonwealth Heads of Government Meeting Cyprus1993: Human Rights\nWorld Conference, Vienna\n\nRECREATION:\n\nGymkhana Club, New Delhi; Life Member, IndiaInternational Centre, New Delhi\n\n\nName: Dr Manmohan Singh\n\nDOB: September
182215
NOT in the first half. In the latter half maybe. Indias GDP rises at about 7% every year. Whereas, America's at 1.7%. However, the major difference is: In America with a GDP of for instance 1000, it will be 1017. Whereas, in India the GDP will be 100 and be 107 in the next year. Now you figure out for yourself. I see China as the Country of the Century.
976393
here is a report on SEZ special economic zones \nthis ll give u a brief idea\nThe centre’s move has hit the Indore SEZ, the first operational SEZ in the country. The fear is that, in the absence of pragmatism on labour issues, companies in the SEZs will never be able to compete in the international markets. “The new SEZ law is unlikely to address this critical issue of labour flexibility,” says a Morgan Stanley report. “A restrictive labour law environment has been one of the major hurdles to the development of the Indian manufacturing sector.”\n\nIt is worth noting in this context that the Left parties are taking their cues not from their counterparts in China but from the trade unions in the West. The latter have their own agenda, principally the protection of the jobs of their constituents.\n\nIs there anything to be said for the other side ? the argument that India does not have a social security system and, thus, jobs have to be protected? There is some logic on the face of it. But the protection is being granted to a minor fraction of the population ? the organised sector workforce. In welfare societies, it applies to the entire population.\n\nSo is the SEZ bill going to lead to a huge jump in foreign direct investment, exports and growth? Not in the short term. Though trade unions have been somewhat defanged these days, they can still act as roadblocks. “We are getting to where we want to go,” says an economist. “But at the Hindu rate of growth. That, thankfully, is no longer 4 per cent, but half of what we can easily achieve.”
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=there is so much now a days going on there that all has been forgiven for thee most part.  India has seen many changes in the recent past thanks to us.  It will be competition for many but they are welcome.
485608
India is not only progressing fast in economy...it is far above China in spiritual knowledge, the most important factor for a country/society
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The impact can be described in one word... globalization. Globalization reforms are actually going to boost India's economy enormously and make them a viable global market competitor to be taken very serious.
699542
Indian politics is somewhat based on exploiting sentiments and situations of illiterate and poor people, in spite of that India has huge potential of becoming one of the developed nations if our natural and human resources are properly utilised.
593058
Govt. deals with the economy by means of levying taxes, restrictions, quotas, duties etc.\nLike for restricting monopolies by increasing capital base in the organization, govt. has Monopolies Restricted Trade Pratices Act.\nFor barring imports and exports in bulk quantities, govt. has Quotas fixed.\nThen you have all kinda taxes like Income, Service, VAT etc.\nThen you have duties like Import, Excise etc.\nRegards\nt$k\nhttp://tsk911.hi5.com