Characteristics of Underdeveloped Countries - Basic Issues in Economic Development, Indian Economy Video Lecture | Indian Economy - B Com

now let us talk about what type of
economy is India is India and
underdeveloped economy so before we talk
about that whether India is an
underdeveloped economy let us understand
that what are the features of an
underdeveloped economy why do we call an
economy underdeveloped an economy is
underdeveloped when the main occupation
of the people of that country is
agriculture there is widespread poverty
in that country then we call it an
underdeveloped country when it is highly
populated or overpopulated when the
standard of living of the people is low
and the production techniques are
backward or primitive and they use
backward techniques for production when
the unemployment is very high human
wellbeing is low there is widespread
income inequality income inequality is
rich or richer are getting richer and
poor are getting poorer so this is there
is a wide gap between the rich rich
section and poor section and there is
low participation of foreign trade and
they have people are Orthodox and
traditional they are not modern in their
approach so these are the features of an
underdeveloped economy why do we call
India an underdeveloped economy because
it has all these features it has all it
had now it does not have but earlier it
had we take them up one by one