After independence both India and Pakistan adopted same strategies for growth such as; Mixed-growth and both were dependent on public sector more whereas private sector was allotted secondary role for the development of the country. On the other hand, China adopted rigorous model of growth for all the government activities were handled by government and there
Infrastructure refers to the all the basic services and facilities which are provided to different kinds of sectors of the economy. It acts as a support system for the economic and social development of a country by raising the productivity of factors of production and by improving the quality life of people living in the
Unemployment refers to a situation in which a person is able and willing to work at the existing wage rate but fails to do so. But, those who are not willing to work at the existing wage rate, they are not considered as unemployed.
Rural development refers to those action-plans which are taken for the social and economical development of the rural areas in India. These plans focus on two basic challenges of rural development which are given below after the objective.
The education and health sector needs high investment along with fixed expenditure. It is difficult for private sector to invest such a huge amount unless they are allowed to recover the amount from the person. Therefore, the government intervenes so that every person of our country can get better education and health facility for they
Poverty refers to the inability in which a person is not able to fulfill hix minimum basic requirement of life like food, cloth, house, education and health care facility. As a result, person becomes helpless. lives in poverty generation after generation, grows in poverty and dies in poverty.
New economic reform refers to the set of policies which were undertaken to accelerate the speed of growth and development in the country. In 1991, government of India had implemented three major reforms in the country which drastically affected the Indian economy, such as; the liberlisation policy replaced the licensing policy for trade and industries,
Export and import of goods and services across different countries is known as international trade. When the domestically produced goods are sent to some other country, it is known as export of goods and services whereas when the foreign products are demanded by the domestic people, it is known as import of goods and services.