discuss the principal cause of the backwardness of indian economy at the time of independence.
- Little industrialisation and decline inhandicrafts
- low agricultural output and high importsof foodgrains
- low levelofper capita income and national income which resulted in extreme poverty
- slow economic growth
- unemployment and under employment
- low standard of living,low life expectancy and high rate infant mortality rate
The following points highlight for the principal reasons of industrial backwardness of India
- Social and religious thought emphasizes the role of economics, people prioritize social and religious believes hinder industrial growth
- Shortage of capitalists and hesitation to invest, maximum entrepreneurs purchase share or franchise of foreign companies or having huge deposits in Swiss Bank, the image like Bill Gates, Steve Jobs hardly born in India.
- Government policy discourages and unfavourable
- Manpower is shortage and unskilled
- Miscellaneously a number of reasons like economic and industrial policy of the Govt. is so designed that do not preserve or promote to boost up industry, close-hartaal , festive holidays, climatic challenges and political interference hinder industrial development not doubted.