Agricultural and Industrial Growth
In the years immediately following Independence, India’s economy grew significantly in two areas: agriculture and industry. The Green Revolution of the 1960s and 1970s sought to boost agricultural productivity and lessen poverty at a time when agriculture was the foundation of the Indian economy.
New agricultural technologies, such as high-yielding crop varieties and contemporary irrigation techniques, were introduced as part of the Green Revolution. Increasing crop yields and enhancing food security were the goals, and they were mostly achieved. India achieved food self-sufficiency as a result of the Green Revolution, which also reduced poverty by raising agricultural productivity.
In addition to agrarian growth, artificial growth was also a priority for the Indian government. The government should promote diligence, similar to a sword, and reduce reliance on significance. Industrialization was seen as crucial to modernizing frugality and reducing poverty. The government established public-sector enterprises, similar to the Steel Authority of India and Bharat Heavy Electricals Limited, to promote artificial growth. Still, public-sector enterprises were frequently hamstrung and agonized by corruption, and artificial growth was slow. In recent times, India has concentrated on promoting both agrarian and artificial growth through colourful reforms and enterprise. The government has introduced programs to promote private investment in husbandry and ameliorate pastoral structures. In addition, the government has launched enterprises similar to Make in India and Atmanirbhar Bharat to promote artificial growth and self-reliance. Still, the challenges of fostering sustainable growth and addressing inequality remain.
How was the Economic Development of India visualised in the early decades after Independence?
On August 15, 1947, India declared its freedom from British colonial domination. The country’s economic development was critical throughout the first few decades following Independence. Economic expansion was one of India’s leaders’ top priorities as they worked to create a self-sufficient, industrialized, and modern nation. To speed up growth and improve the nation’s infrastructure and industries, the government put into place several policies and programs, including the Five-Year Plans, the Green Revolution, and Nehruvian Socialism. But the nation also had to deal with issues like poverty, unemployment, and income inequality. Notwithstanding these difficulties, India’s early post-independence decades laid the groundwork for long-term economic growth and helped to influence its development for decades to come.