India's Development Path: Social-Cultural, Economic and Political Factors

INDIA’S DEVELOPMENT PATH
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India 1
Abstract
Remarkably, the Indian economy has been growing since the 1980s. The growth has
been attributed to social-cultural, economic and political factors such as the global financial
crisis, demonetization, income, and educational opportunities inequalities among other forms of
inequalities. Also, there is a rising crime, illiteracy levels which have curtailed the development
of the Indian economy. Further, per capita income index and the human development index
illustrate the areas the Indian economy needs to address such as educational and income
inequalities among others. Overall, the Indian economy is among the fast-growing economy.

India 2
TABLE OF CONTENTS
1.0 Introduction.............................................................................3
1.0.1 Process of Economic development in India................................. .3
2.0 Reasons for the development performance......................................... 4
2.0. 1 Social-cultural......................................................... ........5
2.0.2 Political............................................................................7
2.0.3 Economic factors................................................... .............8
3.0 Key Statistics/Development theory and model................................. .11
3.0.1 Human Development Index...................................................11
3.0.2 Income per capita...............................................................11
4.0 Comparison with other countries (Table) Graphs.............................. .14
5.0 Conclusion.............................................................................14
6.0 References..............................................................................15
7.0 Table of Figures......................................................................16

India 3
Introduction
Unlike other countries, India’s development story is unique owing to the fact that the
economic development from agriculture to services (Riley 2019). Remarkably, the Indian
economy has experienced steady growth since the 1980s to date. The reasons for the economic
trend can be attributed to the social-cultural, economic and political factors. Such factors include
increased demand and consumption levels, favorable legal policies, demographic transition
increased consumption and demand for Indian goods through exports and imports among others.
Further, the Indian development phase has been affected by the global financial crisis of 2007-
09, the demonetization policy, corruption, high income and opportunities inequalities in
education and labor participation.
Process of economic development in India
There are different theories of development. Such as Rostow's model. Basically,
Rostow’s holds the view that development stems from a traditional society characterized by
hunting, gathering, and farming for subsistence purposes. The second development stage is
manufacturing take off which are the preconditions for takeoff. Under this stage of development,
the manufacturing sector begins to develop and later takes off. Under this third stage,
urbanization and industrialization intensify due to technological innovations. Fourthly, there is
industrial diversification (Drive to maturity stage). Lastly, the mass consumption phases whereby
consumer needs are fulfilled by mass production (BBC .Com 2019 ). All, these stages have
contributed to the growth of other economies other than India which evolved from agriculture to
the service industry.