The government has been committed to promoting accelerated growth the industrial sector. The role of foreign direct investment as a means to support domestic investment for achieving a higher level of economic development. FDI benefits domestic industry as well as the Indian consumer by providing opportunities for technological upgradation access to global managerial skills and practices etc. To reduce delays, a simplified approval mechanism for FDI proposals has been put in place via:
The following conditions must be satisfied for attaining technological advancement in a country: As underdeveloped countries have failed to fulfill these conditions thus their development process is neither self-sustaining nor cumulative.
Thus in order to attain a higher rate of development, the underdeveloped countries should adapt only that type of technology which can suit their requirements.
Developing countries like Mexico, Brazil and India have been applying technologies developed by advanced countries as per their own conditions and requirements. Thus to attain a high level of economic development, the under-developed countries should try to achieve technological progress at a quicker pace.
In recent years, economic planning has been playing an important role in accelerating the pace of economic development in different countries. Economic development is considered as an important strategy for building various social and economic overhead infrastructural facilities along with the development of both agricultural, industrial and services sectors in a balanced manner.
Planning is also essential for mobilisation of resources, capital formation and also to raise the volume of investment required for accelerating the pace of development. Countries like former U. The present situation in the world economy necessitates active support of external factors for sustaining a satisfactory rate of economic growth in underdeveloped economies.
Moreover, domestic resources alone cannot meet the entire requirement of resources necessary for economic development. Therefore, at certain levels, availability of foreign resources broadly determines the level of economic development in a country.
The external factors which are playing important role in sustaining the economic development include: Economic factors alone are not sufficient for determining the process of economic development in a country.
In order to attain economic development proper social and political climate must be provided. The people of a country must desire progress and their social, economic, legal and political situations must be favourable to it. It is spirit itself that builds the body. 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.
Thus following are some of the important non-economic factors determining the pace of economic development in a country: It is the mental urge for development of the people in general that is playing an important determinant for initiating and accelerating the process of economic development.
In order to attain economic progress, people must be ready to bear both the sufferings and convenience. Experimental outlook, necessary for economic development must grow with the spread of education.
Economic progress is very much associated with the spread of education. Thus education is working as an engine for economic development. In this connection, Prof. So, education plays pioneer role for the creation of human capital and social progress which in turn determines the progress of the country.
Changes in Social and Institutional Factors: Conservative and rigid social and institutional set up like joint family system, caste system, traditional values of life, irrational behaviour etc. Thus to bring social and institutional change as per changing environment and to realise the modern values of life are very much important for accelerating the pace of economic development in a country.
Proper Maintenance of Law and Order: Maintenance of law and order in a proper manner also helps the country to attain economic development at a quicker pace. Stability, peace, protection from external aggression and legal protection generally raises morality, initiative and entrepreneurship.
Formulation of proper monetary and fiscal policy by an efficient government can provide necessary climate for increased investment and also can stimulate capital formation in the country. Thus in order to accelerate the pace of economic development the government must make necessary arrangement for the maintenance of law and order, defence, justice, security in enjoyment in property, testamentary rights, assurance to continue business covenants and contracts, provision for standard weights and measures, currency and formulation of appropriate monetary and fiscal policies of the country.
But the economy of underdeveloped countries is now facing serious threat from large scale disorder, terrorism, disturbances in the international border etc.Education plays a major role in the economic development of any country, may it be developed or developing.
Many resources play a part in the growth of a country's economy one of which and perhaps the most important is human capital, which means the workforce of the country.
The Role of Government in Economic Development 1. The Role Of Government In Economic Development 2.
Introduction The ultimate goal of a government is to . The Role of Government in Economic Development 1. The Role Of Government In Economic Development 2.
Introduction The ultimate goal of a government is to promote human welfare in the country. The Role of Industrialization in the economic development of India! Industrialization refers to a process of change in the technology used to produce goods and service.
Role of the Youth Economic Development Introduction. The larger population in any society is composed of the youth (ages between ). As such, they contribute significantly to the development of society.
Role Of Technology In Economic Development The development of technology is rapidly altering every aspect of the lives of human beings and extending the changes towards economic development.
Technology refers to the body of information whose utilization elicits the manufacture of products and services from various sources of the economy.