GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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steady growth begins
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economy is stagnant
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economy is about to collapse
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all controls are removed
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Detailed explanation-1: -Take-off occurs when sector led growth becomes common and society is driven more by economic processes than traditions. At this point, the norms of economic growth are well established and growth becomes a nation’s “second nature” and a shared goal.
Detailed explanation-2: -The third significant stage of growth is the stage of take-off. The period of this stage is 20 to 30 years during which the economy development process is automatic and the economy becomes self-reliant. Self-reliance, means that the economy can develop without external assistance.
Detailed explanation-3: -Using these ideas, Rostow penned his classic “Stages of Economic Growth” in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.