Plutus IAS Indian Economic and Social Development For UPSC and IAS Exam Book

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In this we discuss the Product Indian economic and social development. In this mention all about indian economics and social development for better preparation of UPSC Coaching.

INDIAN ECONOMICS AND SOCIAL DEVELOPMENT

In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. “Modernization”, “Westernization”, and especially “industrialization” are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure, but since the 1960s, it has increasingly focused on poverty reduction. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but “one aspect of the process of economic development”. Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well.

GOALS of INDIAN ECONOMICS AND SOCIAL DEVELOPMENT

The development of a country has been associated with different concepts but generally encompasses economic growth through higher productivity, political systems that represent as accurately as possible the preferences of its citizens, the extension of rights to all social groups, and the opportunities to get them and the proper functionality of institutions and organizations that can attend more technically and logistically complex tasks (i.e. raise taxes and deliver public services). These processes describe the State’s capabilities to manage its economy, polity, society, and public administration. Many times the economic development goals of specific countries cannot be reached because they lack the State’s capabilities to do so. For example, if a nation has little capacity to carry out basic functions like security and policing or core service delivery it is unlikely that a program that wants to foster a free-trade zone (special economic zones) or distribute vaccinations to vulnerable populations can accomplish their goals. This isomorphic mimicry –adopting organizational forms that have been successful elsewhere but that only hide institutional dysfunction without solving it in the home country –can contribute to getting countries stuck in ‘capability traps’ where the country does not advance in its development goals.

INDIAN ECONOMY

The economy of India is a middle-income developing market economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122nd by GDP (PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterized as dirigisme, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalization in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018 and in 2021, India is the world’s fastest-growing major economy, surpassing China. India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.

WHY WE SHOULD LEARN ABOUT THE INDIAN ECONOMY?

Studying economics provides one with not just an understanding of human behavior, but also cultivates in students the problem-solving, analytical, communication, and persuasion skills that are critical for success in today’s job market. In business, economists can provide key insights into how to make a product or service appeal more to customers by de-constructing their incentives and desires. The deep insights into customer behavior, business strategy, and volatile markets that economics provides can help companies make intelligent decisions to promote greater business growth and success. Companies are always eager to find better ways to make their value proposition clearer and more compelling; this is why skilled economists and economic analysts are in heavy demand across industries today. This is one of the reasons that graduate in economics and postgraduates with a background in economics command some of the highest wages in the global job market.

ADVANTAGES of INDIAN ECONOMICS AND SOCIAL DEVELOPMENT

India is an attractive country for outsourcing and a cheap source of imports. Its economy has these five comparative advantages:

  1. The cost of living is lower than in the United States. Its gross domestic product per capita is $7,200, half that of China or Brazil.14 This is an advantage because Indian workers don’t need as much income since everything costs less. India has many well-educated technology workers.15
  2. English is one of India’s official subsidiary languages.10
  3. 16 Many Indians speak it. This, combined with the high level of education and the wage differential, attracts U.S. technology and call centers to India.18 It’s hard to quantify how many jobs have been lost to outsourcing, and estimates range from 104,000 to 700,000.19
  4. India’s 1.3 billion people come from a wide range of economic and cultural backgrounds.10 This diversity can be a strength or a challenge. Socioeconomic status is largely determined by geography. Many people leave the rural areas to live in the cities.20 Most of them are young and educated. They seek a higher quality of life. The level of urbanization reached 34% in 2018.21
  5. The profitable Indian film industry is called “Bollywood.” It’s a portmanteau of Bombay, now called Mumbai, and Hollywood. Bollywood makes more than twice the number of movies Hollywood makes.22 The most popular actor in the world is India’s, Shah Rukh Khan.23 In 2016, Bollywood contributed $4.5 billion to India’s GDP. It generates less revenue than Hollywood’s $51 billion only because its ticket prices are much lower. On the plus side, Bollywood films cost less to make: $1.5 million on average versus $47.7 million in Hollywood.

DEMAND AND SUPPLY

Economics underpins many of the phenomena unfolding around us every day. India needs more of its citizens educated about the basic principles of economics so that they can understand the forces that materially move and determine the markets and prices around them. As the Indian economy becomes more sophisticated and more connected with the rest of the world, the demand for economists in government, business, and policy-making will rise. India’s economy needs greater participation from those well-versed with economic principles, to guide the discussions in corporate boardrooms and governmental organizations so that the country can show greater growth. India has weathered more than seven decades of economic mismanagement, borne largely out of widespread economic illiteracy. This certainly needs to change.

SOCIAL AND ECONOMIC FACTORS of Indian Economics

Social and economic factors, such as income, education, employment, community safety, and social support can significantly affect how well and how long we live. These factors affect our ability to make healthy choices, afford medical care and housing, manage stress, and more. The social and economic opportunities we have, such as good schools, stable jobs, and strong social networks are foundational to achieving long and healthy lives. For example, employment provides income that shapes choices about housing, education, child care, food, medical care, and more. In contrast, unemployment limits these choices and the ability to accumulate savings and assets that can help cushion in times of economic distress. Social and economic factors are not commonly considered when it comes to health, yet strategies to improve these factors can have an even greater impact on health over time than those traditionally associated with health improvement, such as strategies to improve health behaviors. Across the nation, there are meaningful differences in social and economic opportunities for residents in communities that have been cut off from investments or have experienced discrimination. These gaps disproportionately affect people of color – especially children and youth.

WHAT IS SOCIAL DEVELOPMENT?

Social development is about improving the well-being of every individual in society so they can reach their full potential. The success of a society is linked to the well-being of every citizen. It means investing in people. It requires the removal of barriers so that all citizens can journey toward their dreams with confidence and dignity. It is about refusing to accept that people who live in poverty will always be poor. It is about helping people so they can move forward on their path to self-sufficiency.

WHY WE SHOULD LEARN ABOUT SOCIAL DEVELOPMENT?

  1. Good social skills allow kids to enjoy better peer relationships. But the benefits of robust social skills reach far beyond social acceptance. Children with better social skills are likely to reap immediate benefits. For example, one study found that good social skills may reduce stress in children who are in daycare settings.
  2. Social skills are a set of skills that need ongoing refinement as your kids get older. They aren’t something your child either has or doesn’t have. These are skills that can be learned and strengthened with effort and practice.
  3. Look for teachable moments where you can help your kids do better. Some social skills are quite complicated—like understanding it’s important to be assertive when a friend is being bullied, or understanding staying silent when you don’t agree with a call from the umpire.

BENEFITS of Social Development

  1. Social skills give kids a wide range of benefits. They are linked to greater success in school and better relationships with peers.
  2. Better educational and career outcomes: Researchers from Penn State and Duke University found that children who were better at sharing, listening, cooperating, and following the rules at age five were more likely to go to college. They also were more likely to be employed full-time by age 25.
  3. Better success in life: Good social skills also can help kids have a brighter future. According to a study published in the American Journal of Public Health, a child’s social and emotional skills in kindergarten might be the biggest predictor of success in adulthood.
  4. Stronger friendships: Kids who have strong social skills and can get along well with peers are likely to make friends more easily. A study published in the International Encyclopedia of the Social & Behavioral Sciences indicates that childhood friendships are good for kids’ mental health.

Conclusion of INDIAN ECONOMICS AND SOCIAL DEVELOPMENT

India did not exist as a contiguous country until it became part of the British Empire. Under the British Empire, India encompassed present-day Bangladesh, and Pakistan and was administered together with modern-day Burma and Sri Lanka. Before the advent of the British, India was represented by a sub-continent which was a disparate mix of kingdoms, north, and south. China, however, existed as a unitary state for centuries, expanding its borders over time as well as facing invasions did India. India became independent from Britain in August 1947and China was declared a republic by Mao Tse-Tung in October 1949. Both countries then followed a development path emulating the Soviet Union, based on a centrally planned economy and heavy industrialization. China for the next three decades and India for the next four decades. India’s economic development after 1949 was hampered by the disadvantages to its economy which resulted from British rule and were exacerbated by central planning. Firstly, Indian infrastructure was oriented to serve the needs of the British economy. In other words, to ease the transport of raw materials from India to Great Britain. Secondly, British rule diminished Indian entrepreneurial activity, such that future generations simply did not find it easy to be entrepreneurial .

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