Lesson 38 of 53 • 19 upvotes • 10:18 mins. In India, the national income and per capita income is very low and it is considered as one of the basic features of underdevelopment. As for example, for mobilisation of savings and to meet other financial needs, more particularly in the rural (areas, development of certain financial institutions are very much essential. Extensive online help - available wherever you are in CAB Direct. 0000005742 00000 n In 1987, the per capita consumption of steel in India was only 20 kg as against 582 kg for Japan, 417 kg for U.S.A., 259 kg for U.K. and 64 kg for China. 3. 0000092542 00000 n %PDF-1.5 %���� This shows high degree of assets concentration in the hands of very few powerful business houses of our country. Table 1.3 will clarify the position. Moreover, lower income level, low level of living including absence of balanced diet and proper housing and medical facilities are responsible for low life expectancy of 63.9 years in India in comparison to that of 75 years in most of the developed countries of the world and high rate of infant mortality in India, i.e., about 53 per 1000 children as against only 5 to 7 per 1000 in developed countries. Thus the Third Five Year Plan mentioned, “Urban and Rural unemployment in fact constitute an indivisible problem.” On the basis of NSS data, the planning commission has estimated that the total backlog of unemployed at the end of Seventh Plan, i.e., in 1990 would be around 28 million. 0000007036 00000 n In order to convert national currency figures to the US dollars, the utilisation of official exchange rates does not allow to measure the relative domestic purchasing power of currencies. Even after making necessary adjustment, the per capita income differences, although narrowed down, yet remain quite significant and huge. Survey of the history, society, and culture of the Australian Aboriginal peoples, who are one of the two distinct Indigenous cultural groups of Australia. They believe in spirits, magic and witchcraft. This has resulted in inefficient and insufficient production leading towards general poverty in our economy. CAB Direct is the most thorough and extensive source of reference in the applied life sciences, 0000009763 00000 n <<9f483b3d347ac54fbba5e9dd921a4c65>]>> Out of the total working population of our country, a very high proportion of it is engaged in agriculture and allied activities, which contributed a large share in the national income of our country. 10:58 mins. 0000003233 00000 n Thus the pressure of population in our country is very heavy. Save. In India the rate of saving as per cent of GDP has gradually increased from 14.2 per cent in 1965-66 to 30.6 per cent in 2013-14 which is moderately high in comparison to that of 30 per cent in Japan, 23 per cent in Germany, 15 per cent in U.K. and 17 per cent in USA. There are over 13,514,000 records available in CAB Direct | Last updated on October 1, 2020. Low per capita income 2. Linguistics Anthropology. CAB Direct It is generally held that they originally came from Asia via insular Southeast Asia and have been in Australia for at least 45,000–50,000 years. 0000006520 00000 n Thus the standard of living of Indian people remained all along very low in comparison to that of developed countries of the world. Following the aforesaid work, the United Nations International Comparison Programme (ICP) has introduced measures of real GDP on an internationally comparable scale using the system of purchasing power parities (PPPs) instead of exchange rates as factors for conversion. Moreover, due to the absence of proper infrastructural facilities, development potential of different regions of the country largely remains under-utilised. A command economy is where a central government makes all economic decisions. Share. Following this a study of the primitive economy and problems of tribal adjustment are emphasized. 0000349301 00000 n 0000298690 00000 n Excessive dependence of agriculture and primary producing: Indian economy is characterised by too much dependence on agriculture and thus it is primary producing. The standard of living of Indian people in general is considered as very low. Share Your PPT File, Underdeveloped Countries: Meaning and Classification of Definitions, Business: Meaning, Definitions, Characteristics, Objectives, Scope and Growth Strategies. A huge quantity of mineral and forest resources of India still remains largely unexplored. 0000092931 00000 n The two most vital sectors, i.e. Co-existence of Public and Private Enterprises: The main feature of a mixed economy is the co-existence of both Public and Private enterprises. Table 1.4 reveals that in India 58 per cent of its active population is engaged in agriculture but agriculture contributes only about 21 per cent of the national income of our country.
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