Describe the briefly the feature of …

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Describe the briefly the feature of the economy tgat india inherited from her colonial past

Posted by Taniya Goyal 2 years, 9 months ago

CBSE > Class 12 > Economics

1 answers

Preeti Dabral 2 years, 9 months ago

Following are three main features of the economy that India inherited from her colonial past:

Stagnant Economy- A stagnant economy is an economy which is characterized by a prolonged period of slow economic growth. The Indian economy was stagnant in the sense that the rate of growth of per capita income was just 0.5% per annum.
Agricultural Economy- Indian economy was primarily an agricultural economy. Agriculture contributed about 60% to the GDP.
Backward Industries- At the time of independence, Indian industries were in a backward state. The industrial base of the economy was very small. Industries were facing the problems of shortage of raw materials, lack of credit facilities, bad industrial relations, and low level of technology.

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