Underscore some of India’s most crucial economic challenges at the time of independence.
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The Indian economy was a backward economy at the time of Independence:
- Low Level of Agricultural Productivity: Over 70 percent of total population of India was engaged in agriculture but the total output was very low.
- Industrial Sector: There were not many industries and capital was mostly invested by foreigners. Moreover, the need to increase the share of the industrial sector to India's GDP was one of the important economic challenges for India.
- Lack in Infrastructure: The famed railway network, needed up gradation, expansion and public orientation. There was a complete absence of infrastructure for imparting knowledge or technical skills to the labourers.
- Poverty and Inequalities: India was trapped in the vicious circle of poverty and inequality. The colonial rule drained out a significant portion of India's wealth to Britain. Consequently, the majority of India's population was poverty trodden. This further exaggerated economic inequalities across the country.
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