Market imperfection is largely responsible for wide spread poverty in such economies. In recent years, economic planning has been playing an important role in accelerating the pace of economic development in different countries.
The development process of an underdeveloped or developing economy is not an easy task rather it is a complicated one as these countries are not having any common characteristics.
Attaining structural changes in the economy is considered as one of the pre-conditions for economic development.
The economic organisation of the country should be of that type which can respond well to the requirements of planning for economic development.
Thus in order to attain economic growth, raising the level of investment alone is not sufficient rather it is also equally important to gradually transform outdated social, religious and political institution which put hindrances in the path of economic progress.
Underdeveloped countries like India are facing serious obstacles due to inadequate infrastructural facilities. Foreign capitalists mostly invested their capital on mining, oil drilling and plantation industries where they exploited the domestic workers to the maximum extent and remitted their profit to their parent country.
Most of the underdeveloped countries are facing the problem of political instability resulting from frequent change of government, threats of external aggression and disturbed internal law and order conditions. Thus with the increase in capital accumulation in such countries, the supply of other co-operant factors should be increased so as to enhance the capital absorption capacity of such countries.
Under such a poor structure, the agricultural productivity in these countries is very poor. The existence of a weak corrupt and inefficient administrative machinery leads the country into chaos and disorder. Therefore, in order to attain structural change in the economy, there is the necessity of change in the social structure of its society.
Under such a situation, the rate of investment in these countries is very low leading to low level of capital formation and low level of income. In respect of changes in the contribution of services sector, the result is not so marked or consistent among the various countries.
The development experience in various countries shows that the share of agricultural sector in GDP of all developing countries has declined excepting Australia.
Low productivity results in low level of income and low rate of savings leading to low rate of investment, which is again responsible for low rate of productivity.
Secondly, the production frontier, i. The following are some of the important obstacles or constraints on the path of economic development of underdeveloped countries: These vicious circles of poverty are mutually aggravating and it is really difficult to break such circles.
If the development strategy of the country is to be efficacious then it should be preceded by a proper economic organisation promoting such development and not hindering it any way.
This vicious circle operates not only on demand side but also on supply side.Role of Youth in National Development Essay.
A. Pages:2 Words This is just a sample.
To get a unique essay. They have a vital role to play in the development of the country a duty they must perform. We will write a custom essay sample on Role of Youth in National Development specifically for you. for only $ $/page. Order. ROLE OF GUJARAT IN FREEDOM STRUGGLE Gujarat played a vital role in Indian freedom struggle.
Many incidents such as Satyagraha were started in Gujarat. Many freedom fighters took part in Indian freedom mint-body.com are as follows: Mohandas Karamchand Gandhi Mahatma Gandhi (Mohandas Karamchand Gandhi) was born into. ADVERTISEMENTS: In this essay we will discuss about the Economic Development of a Country.
After reading this essay you will learn about:.
Development related to any field has the main factor that is the students so my opinion is that the government should invest in the education fields. Education enables a person to learn the usage of anything, by the education a person learns to how to use a thing in a proper way which is another important factor in the development of the country.
The Role Of Education In A Country Education Essay. Print It plays like a model role in the development of one country if the people of a country are educated then they can easily helps them in development.
Due to education we can improve our technology and mostly our defense technology by which we can secure our country. if the.
This essay has been submitted by a law student. This is not an example of the work written by our professional essay writers. Industries play vital role in development of a countrys economy Introduction: Industries play a vital role in the development of a country’s economy.Download