What Are The Main Features of A Developing Economy?
In India, the country's national income grew slowly but steadily. It is evident from the Rs 2, 69,624 in 1950/51 to Rs 49,58,849 for 2011/12, which showed a growth of 173 8.5% over the last 61 years, that Indian national earnings at the prices of 2004/5 have increased by 1738.5%. Also, national income in India rose from Rs 9,820 in 1950-51 to Rs 1,12.17,079 in 2014-15 which showed an increase of 1141 times over the current 64-year period. The sectoral share of national revenues is a significant measure of the extent of economic growth. Agriculture, forestry, fishing, and mining contributions by the primary sector gradually decreased from 56.4% of GDP in 1950-51 to 45.8% in the 1970-71 period, then finally to 19.07% in 2014-2015. In speeding a country's rate of economic development , capital formation plays an important role. The expected gross domestic savings in India since planning started would be of great interest. The gross domestic savings rate has risen dramatically in