GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the growth rate percapita income on the eve of Independence?
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4%
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1/2 %
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2.5%
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none of the above
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Explanation:
Detailed explanation-1: -Explanation: 0.5% was the growth rate of per capita income during the eve of independence.
Detailed explanation-2: -Backward economy: Indian economy was a backward and per capita income was very low and in India, it was just Rs. 230 from 1947-1948. 3. Agricultural backwardness: With 70% of people engaged in agriculture, its contribution to GDP was only 50%. Productivity and production too were extremely low.
Detailed explanation-3: -Before independence, 95% of the economy was based on agriculture, and the income was generated from agriculture. Besides, around 85% of the population was living in small-town or villages, and the only means of subsistence was agriculture.
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