Let us make an in-depth study of the omissions, drawbacks and usefulness of plan models in India. Omissions of the Plan Models: Ashok Rudra found some of the omissions by Indian Plan Models. 1. Neglect of Institutional Factors: These plan models completely fail to take into account the social framework of political and historical conditions and the regime of institutions [...]
Globalisation and India Economy! Effect on Economic Growth: The chief argument for globalisation and liberalisation was that they would lead to higher economic growth. As a result of balance of payments crisis in 1991, growth in GDP which collapsed to 13 per cent in 1991 -92 gained momentum thereafter in the next 5 years period (1992-2001), the annual average growth [...]
Some of the measures to promote globalization in India are as follows: Measure 1# Import Liberalization: For liberalizing foreign trade, import controls through licensing was abolished. With this almost all items of capital goods, raw materials, intermediate goods can be freely imported subject only to payment of customs duties. For some time quantitative restrictions on consumer goods remained but with [...]