What are different types of growth strategies?
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There are mainly two types of development strategies:
- Balanced Growth Strategy means proper development of all sectors of the economy with almost same rate of growth. It requires that the different sectors like agriculture, industry, transport, communication, power etc. should grow together.
- Unbalanced Growth Strategy implies the development of certain key sectors of the economy only. According to this strategy, all sectors of the economy cannot grow together because of scarcity of resources. When there is development of key sectors, other sectors automatically develop because of forward and backward linkages. For example, development of power sector will induce farmers to install tube wells and industrialists to set up factories.
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