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Explain the Developmental path based on GDP and employment. |
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Answer» Developmental path based on GDP and employment: 1. In the development path of India, at first undertook the policy of closed trade. It means that trade and interaction with the outside world remained limited. 2. In 1991, India finally decided to open its borders to free trade and liberalised its economy by allowing foreign companied to enter the Indian economy. 3. A thrust was given to employment generation under the Five Year Plans. Rural development was also given importance in India. 4. The public sector was given significant importance. Private companies and industries were subject to strict regulations and standards. It was believed that the Government was the sole protector of the people and would work towards social welfare. 5. India has sustained rapid growth of GDP for most of the last two decades leading to rising per capita income and a reduction in absolute poverty. Per capital incomes have doubled in 12 years. |
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