what do mean by modernalisation of an ecomomy ?
Dear student,
Modernisation in general words means bringing positive changes and to be more advanced. Similarly Modernisation of an economy means adoption of new technology in development and growth and getting updated with the ways which are prevalent around the world. It leads to increase in productivity. By using advanced technology we can reduce the labour cost per unit and increasing the output. Output can be increased either by increasing the pool of resources or by using innovative technology. Green revolution in Indian agriculture is a well known example of modernisation which really helped in increasing the output in less time.
Modernisation does not only means advancement in technology but a better lifestyle and standard of living to the people which includes good education, good health facilities, reducing regional disparities, etc. Together they help to build a modern economy.
Regards
Modernisation in general words means bringing positive changes and to be more advanced. Similarly Modernisation of an economy means adoption of new technology in development and growth and getting updated with the ways which are prevalent around the world. It leads to increase in productivity. By using advanced technology we can reduce the labour cost per unit and increasing the output. Output can be increased either by increasing the pool of resources or by using innovative technology. Green revolution in Indian agriculture is a well known example of modernisation which really helped in increasing the output in less time.
Modernisation does not only means advancement in technology but a better lifestyle and standard of living to the people which includes good education, good health facilities, reducing regional disparities, etc. Together they help to build a modern economy.
Regards