Indian Economy
Gujarat Board · Class 11 · Economics
Quick revision notes for Indian Economy — Gujarat Board Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.
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Ancient India (Pre-British Period)
- Ancient India was predominantly agricultural with a self-sufficient village economy
- India commanded 25% of world wealth during Maurya dynasty according to historian Angus Maddison
- During Mughal rule, India controlled 90% of South Asian wealth
Indian Economy Before Independence (British Rule)
- Railway: First train ran between Boribandar and Thane on April 16, 1853; 53,000 km network by 1947
- Roads: 4,47,105 km roads by 1943 (32% concrete, 68% kachcha roads)
- Banks: Over 700 banks by 1946; RBI established in 1935
Indian Economy After Independence
- Per Capita Income: $5,150 in 2013 (PPP) - lower than China ($11,477) and Sri Lanka ($9,250)
- Agriculture: Employment share declined from 72% (independence) to 49% (2013-14)
- Industry: Employment share increased from 10.6% (1950-51) to 24.3% (2011-12)
Characteristics of India as a Developing Economy
- Growth Rate: Average 3.5% (1950-91), above 6.8% post-1991 reforms
- Structural Change: Agriculture's share in GDP declined from 53.1% (1950-51) to 17.6% (2014-15)
- Industrial Growth: Share in GDP increased from 16.6% (1950-51) to 29.7% (2014-15)
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