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Explain the effects of policies adopted during 1950-90 on Industrial Development of India. |
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Answer» Industrial Development is considered to be a foundation stone to the economic development. The effects of policies adopted during 1950-90 on Industrial Development of India : Achievements : (a) Economic growth got a push due to increased agricultural production. Industrial production also increased. (b) Growth of large scale industry projected an infra-structural shift in the Indian economy. (c) Growth of small scale industries made a substantial contribution in achieving the objectives of growth with equity and social justice. Failures : (a) The public sector industries by incurring huge losses caused a drain of several scarce national resources. (b) Domestic industries failed to achieve international standards of product quality. (c) Foreign exchange reserves depleted to a very low level. Briefly, the growth process started showing signs of stagnation across all sectors of the economy, industry in particular. |
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