Volume : VII, Issue : III, March - 2018

DEMONETISATION AND ITS EFFECT ON ONLINE SHOPPING IN INDIA

G. Venkateshwaran

Abstract :

 

Devel­opment goals of the country consisted of higher economic growth, self–reliance, poverty eradication, social justice, etc. Developmental strategy of the time came to be known as ‘in­ward–looking strategy’ that consisted of con­trols and regulations of the economy through industrial licences and import controls. That is to say, state intervention was essentially inevitable. The Indian economy started its journey in 1951 when the First Five Year Plan was launched. This first phase of devel­opment could be characterised as the ‘decade of crisis’ when the country faced the problem of Partition (1947–48) and the consequent food crisis and foreign exchange crisis. It was be­cause of the crisis of such grave nature that the country could not overcome the ‘teething troubles’ associated with the early develop­ment of the country after independence. During the 1960s, a higher growth was achieved and ‘pre–conditions for take off’ be­came visible. Economic output and growth depend mainly on productivity growth and on increases in labour and capital; most commentators mistakenly tend to focus instead on the uses of this output—consumption, investment and exports. Productivity growth, the main driver of growth, depends on structural reforms that would require better institutions and improving human skills. Structural reforms are reforms aimed at changing the structure of the economy to make it more market–oriented, and consequently efficient and productive. India needs to focus on reforms in several areas—liberalizing markets, legal, civil service, tax structure, financial sector, education, and labour, amongst others. 

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

G.VENKATESHWARAN, DEMONETISATION AND ITS EFFECT ON ONLINE SHOPPING IN INDIA, INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH : Volume-7 | Issue-3 | March-2018

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