Volume : IV, Issue : V, May - 2015

Description of an underdeveloped Economy : With reference to India

Mrs. Seema Goyal

Abstract :

 India, which for long has been defined as the underdeveloped country, now is called a developing economy. It is  an economy which has shed off some of its backwardness and making perceptible progress is many socio–economic  spheres. Thus a developing economy is one which has many sections that are making rapid progress, but has many activities still stepped  in stagnation and backwardness. The world today present a picture of applying contract. Some of the countries though a few in number are  fabulously rich. On the other hand, nearly three–forth of the world population in habiting more of the countries of Asia, Africa, Latin America,  Eastern Europe can farely affored a minimum existence. India is a developing economy but it has features of an underdeveloped economy like  low per capita in come, low levels of living, Rapid growth of population, unemployment, poor quality of human capital etc. The above features  point out that India is an underdeveloped country. The other underdeveloped countries of the world also possesses similar features. In the year  after independence the government of India has awakened to the need for economic development of the country and has made an organized  efforts. As a result of there efforts the pace of development has gathered momentum.

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

Mrs. Seema Goyal Description of an underdeveloped Economy : With reference to India International Journal of Scientific Research, Vol : 4, Issue : 5 May 2015

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