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Economic Development in India 


An economist and an administrator will took upon these changes as an indication of increasing social welfare. But a layman has his own way of judging the economic development. He is primarily concerned with the betterment of his own lot. A Government exists for individuals; it exists and functions for the good of the common man.
The economists simply guide the government to enable it to serve the interest of the common man. But where is the common man today? The answer is clear; the common man, today, is neither materially better off nor mentally, as well as, psychologically happier than what he was under the alien rule in the country.
Along with the huge economic development, prices of all consumer-goods are soaring dreadfully and there are many classes of people whose incomes have relatively fallen. Food, the primary necessity of life, is becoming dearer and dearer. The agriculturist seems to benefit there form; but in the long run he, too, must suffer, sharing with his brethren the common miseries of life.
Apart from the miseries of common individual, as a nation, too, we are most discontented. As a nation, we are steeped in debt. Of course it is necessary for a growing country to borrow money; the international situation is such that foreign powers willingly lend us money. From, where has money to come for the repayment of all our debt? We are hoping for a greatly increased productivity of our economy. But it must be noted that it is the debt.
The common man has to put his hands in his pocket to supply the money for the redemption of the mounting foreign loans. But it is the common man whose interest is neglected today.
Our Government is proud of the great industrial plants which have started functioning under the Plans, and more are to be established under the new Plan. For example, we have mighty steel and power plants in various parts of the country. But the failure to move requisite quantities of coal to the plants has been adversely commented upon.
Agriculture is the backbone of Indian Economic Development. Regarding agriculture, it is clear fact that there has been much more to do. Of course, with the abolition of zamindari system, peasants have heaved a sigh of relief. But due to inadequate management and slackened control over the ownership of ‘seer’ Land by the ex-zamindars, especially in Uttar Pradesh., Bihar and Madhya Pradesh, the relief which peasants expected, has not been offered to.
There is lack of the latest scientific tools for cultivation work. Further, The village dwellers are streaming into urban areas, being attracted by a false notion that the industries would absorb them. But in reality migration tends to intensify the complexity of our unemployment problem.
To sum up, the economic situation in the country since the independence has been that the rich have become richer whereas the poor have become poorer. The laborers and common men have not yet been able to spare themselves from their economic wants of life.