Essays

Our economic development is emerging by leaves and bound. It all began with the long journey of single step and miles. Before the advent of the British rule, India had a self-sufficient, village-based economic system pre- dominated by agriculture and handicrafts. The manufacturing industry was confined to making of agricultural tools and implements, utensils, weapons and jewellery. The Britishers had their vested interest. Initially they were interested in the loot and plunder of the country but finally they looked upon India for their further aim. During the 200 years of British rule the land of plenty was reduced to a land of hunger and misery. But the challenge of the removal of poverty was taken up immediately after independence in the shape of five-year plans. We have tried to highlight the fact that our country's economy is in full swing. It is transition from poverty to plenty.

The process of this transition has been slow but it has been steady which indicates well for the future. After independence the era was known as 'financial imperialism' India developed its market policy and economy while the objective of self-reliance and self-sufficiently influenced the trade policy formulation in the 1950s and 1960s, factors like export -led growth, improving efficiency and competitiveness of Indian Industries. During the late 1970's and early 1980's the concerns of Indian economy adverse balance of payments. After devaluation of Indian rupee, the Union Budget 1991-92 announced various policies to boost economy. In 1997 the new export and import policy was introduced to accelerate India's economy towards global world. In 1998 the policy was further revised under the World Trade Organization (WTO).

There is much hope left for us in future. Our hope lies in the vast store of resources that we possess. These resources can be broadly classified into three parts,

a) Natural Resources

b) Manpower

c) Heavy infrastructure of capital goods and basic industries.

It is necessary commitment of the approach that agricultural

productions will it self depend on certain industrial output. Thus our achievement in the field, social and economic capital is being laid for quicker growth. This made it possible for India to emerge as a self-reliant economy. The country development can rightfully boast of an indigenously development technology base which is sufficient equipped to meet the need of rapid economic development.