GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Developed economy
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Developing economy
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Underdeveloped
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All the above
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Detailed explanation-1: -Our natural resources, iron ores, gold mines, wealth and manpower was subject to intense exploitation. Due to these atrocities, the Indian economy on the eve of independence showed poor/low economic growth. Immense efforts and knowledge were essential in order to move ahead.
Detailed explanation-2: -The Indian economy was an agro-based economy on the eve of independence. 75% of the Indian population was earning a livelihood from agriculture. Despite being a primary source of income for a major population, this sector faced a decline under the British rule.
Detailed explanation-3: -1.2 ECONOMY AT THE TIME OF INDEPENDENCE On the eve of independence, Indian economy was underdeveloped. Low per capita income and low national income were the reasons behind widespread poverty. The distribution of national income was not equitable and hence the gap between the wealthy and poor was high.
Detailed explanation-4: -Answer: Little industrializations and the collapse of handicrafts were the most pressing economic concerns at the time of Independence. Low agricultural productivity and a significant reliance on grain imports National wealth and per capita income were low, indicating extreme poverty.