Economic Condition After Independence
After the Britishers left India, the Indian economy was left in ruins. Just after independence, the Indian economy was highly underdeveloped. The per capita income was meager; people did not have food, clothing, or shelter. The country depended heavily on imports from foreign countries, even for primary machines. More than 82% of people in India were illiterate, which was the cause and effect of poverty. After independence, around 75% of the total population depended on agriculture for their livelihood, and the agricultural sector contributed 50% of the national income. The industrial sector was underdeveloped, and the production capacity was deficient. The ever-increasing population was a risk to the economy.
The newly formed Indian Government proposed five-year plans to tackle all these problems. The five-year plans were an economic strategy used by the governments to improve the economy. Joseph Stalin first implemented these programs in the Soviet Union in 1928. Since then, many countries have adopted this technique to strengthen and revive their economies. India is among the countries which adopted this method and used it with few modifications. The main aim of these plans was to rebuild the economy.
Economic Condition and Planning After Independence
India has always been a rich cultural and historical heritage country, officially called the Republic of India. It’s in South Asia and is the seventh-largest country by area and second-largest by population. It is called a peninsular because it is surrounded by oceans on three sides, i.e., the Bay of Bengal, the Arabian Sea, and the Indian Ocean. It shares the border with Nepal, Pakistan, China, Bangladesh, and Sri Lanka. Due to this place’s tremendous potential, the British colonized the country. After a constant struggle, the people of India achieved independence from British rule in 1947. Though the British Government had left India, the problems of India were far from over.