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The volume of India’s exports undoubtedly expanded but its benefits rarely occurred to the indian people. The social benefits which the indian people gained owing to the introduction of the railways were thus outweighed by the country’s huge economic loss. Along with the development of roads and railway the colonial dispensation also took measures for developing the inland trade and sea lanes. However these measures were far from satisfactory. The inland waterways at times also proved uneconomical as in the case of the coast canal on the Orissa coast. Though the canal was built at a huge cost to the government exchequer yet it failed to complete with the railways which soon traversed the region running parallel to the canal and had to be ultimately abandoned.
The economic policy followed by the government upto 1990 failed in many aspects and landed the country in an unprecedented economic crisis. The situation was so alarming that India's foreign reserves were barely enough to pay for two weeks of imports. New loans were not available and NRIs were withdrawing large amounts. There was an erosion of confidence of international investors in the indian economy. Finally india approached the international bank for reconstruction and development popularly known as world bank and international monetary fund (IMF) and received $7 million as a loan to manage the crisis. International agencies expected india to liberalize and open up economy by removing restrictions or private sector and remove trade restrictions between india and foreign countries. India agreed to the conditions of the work bank and IMF and had announced new economic policies which consist of a wide range of economic reforms. Liberalization was introduced to put an end to these restrictions and open various sectors of the economy. It is generally defined as loosening of government regulations in a country to allow for private sector companies to operate business transactions with fewer restrictions. This is one of the important outcomes of the globalization process. In outsourcing a company hires regular service from external sources mostly from other countries which was previously provided internally or from within the country.
It refers to a state in which an individual is unable to fulfill basic necessities like food clothing education. It refers to the total number of people living below the poverty line. Poverty line is a cutoff point on the line of distribution which usually divides the population of the country as poor & non poor. The simplest method to determine the number of poor is the head count ratio. Head count ratio is calculated by dividing the number of people below the poverty line by line by the total population. They are generally physically weak due to ill health disability from serious illness. Their children are less likely to survive or born healthy.
Physical capital refers to all those inputs which are required for further production like plant and machinery factory buildings raw material etc. employment is an activity which enables a person to earn his means of capable of working and willing to work get an employment at a prevailing wage rate. When the worker uses his own resources to work and make a living then we call it as self employment. A worker is an individual who is involved in some productive activities to earn a living. It is not only people those who are paid workers also includes self employed people like shopkeepers barbers cobblers etc. workers include all those people who are engaged in work weather for others (paid workers or self employed). All persons who are working and though not working are seeking and are available for work are dram to be in the labour force. Technical education plays a vital role in human resources development of the country by creating skilled manpower enhancing industrial productivity and improving the quality of life. Elementary education in india means eight years of schooling from the age of six i.e., primary & middle school education together is called elementary education. Elementary education therefore is the foundation on which the development of every citizens and the nation as a whole hinges. The government has made elementary education compulsory and free. Gross enrollment ratio is the total enrolment of pupil in grade or cycle or level of education regardless of age expressed as percentage of the corresponding eligible official age group population in a given school year.
Rural development is comprehensive term. It essentially focuses on action for the development of areas that are lagging behind in the overall development of the village economy. All this means that farming communities have to be provided with various means that help them increase the productivity of grains cereals vegetables and fruits. They also need to be given opportunities to diversify into various non farm productive activities such as food processing. Growth of rural economy depends primarily on infusion of capital from time to time to realise higher productivity in agriculture and non-agriculture sectors.rapid expansion of the banking system had a positive effect on rural farm and non farm output income and employment especially after green revolution it helped farmers to avail services and credit facilities and a variety of loans for meeting their production needs. Famines become events of the past we have now achieved food security which is reflected in the abundant buffer stocks of gains.
A worker is an individual who is involved in some productive activities to earn a living. All persons who are working and though not working are seeking and are available for work are dram to be in the labour force. The number of persons who are actually employed at a particular time are known as work force. Worker population ratio is the percentage of total population engaged in work. Informalisation of workforce refers to a situation whereby the proportion of workforce in the informal sector to total workforce increases. Employment is an activity which enables a person to earn means of living. Workers who are not hired by their employers on a regular or permanent basis and do not get social security benefits are termed as casual wage labour. Full employment is a situation in which all the workers who are capable of working and willing to work get an employment at a prevailing wage rate. When the worker uses his own resources to work and make a living then we call it as self employment. The ratio of labour force to total population is called labour force participation rate. Temporary unemployment which exists during the period wherein. Workers leave one role and join some other are called frictional unemployment. People those who are not working and are neither seeking nor available for work are consider to be outside the labour force.
Infrastructure provides supporting services in the main areas of industrial and agricultural production domestic and foreign trade and commerce. Infrastructure is the support system which depends on the efficient working of a modern industrial economy. Modern agriculture also largely depends on it for speedy and large-scale transport of seeds pesticides fertilisers and the produce by making use of modern roadways railways and shipping facilities. Modern agriculture also has to depend on insurance and banking facilities because of its need to operate on a very large scale. It was found that the government investment in infrastructure was inadequate. Today the private sector by itself and also in joint partnership with the public sector has started playing a very important role in infrastructure development. Energy is critical aspect of the development process of a nation. It is of course essential for industries. Now it is used on a large scale in agriculture and related areas like production and transportation of fertilisers pesticides and farm equipment. It is required in house for cooking household lighting and heating. Always remember that to be happy we must not be too concerned with others. Stay focused and work hard. Electricity generated by various power station is not consumed entirely by ultimate consumers a part is consumed by power station auxiliaries. Also while transmitting power a portion is lost in transmission.