Indian Economic Development: An insight on savings and investment From 1950 to 2013
Introduction The overall growth in India since independence has been largely enabled by the availability of domestic savings and investment, which have increased steadily over decades. The increasing extent of Household savings, Private investment and corporate growth coupled with a relative decline in the public investment has been the forerunner of India’s growth. Although our growth process continues to be dominated by domestic factors, however, the notion of growth driven by saving and investment can only be substantiated upon analysing the growth trends in the economy from the demise of colonial rule to the present day. Growth trends Of India It is widely believed that the Indian economy witnessed near stagnation in real GDP growth till the late 1970s. The Indian economy continued its real GDP growth over each decade since Independence. Growth of manufacturing production, was roughly constant at around 5.6- 5.9 ...