The main objective of the report is to know about the economic condition of India. It gives immense pleasure of being part of group presentation in a span of a week. This precious time spend on the presentation is fruitful and effective. It helps us in increasing our knowledge and we are thankful to the faculty for making this report a part of our syllabus.
My deepest and heartfelt thanks to Mrs.Smita Das (Economics lecturer, Maharaja Sayaji Rao University, Baroda) for guiding me and providing valuable suggestion and sparing their valuable time for me from her busy schedule. I express my profound reverence and heartfelt gratitude to all other persons who supported me and gave me guidance in my report.
WHAT IS DEVELOPED, DEVELOPING AND UNDER-DEVELOPED COUNTRY?
DEVELOPED COUNTRY: A developed country is a country that has a high level of development according to some criteria. A developed country is a one which is advanced in Industrial capability, Technological, Sophistication and Economic productivity. A group of industrialized nations including Australia, Austria, Canada, France, Germany, Italy, Japan, the UK, and the United States are called developed country. Kofi Annan, former Secretary General of the United Nations, defined a developed country as follows: “A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.”
DEVELOPING COUNTRY: “Developing country” is a term generally used to describe a nation with a low level of material well-being. Countries with more advanced economies than other developing nations, but which have not yet fully demonstrated the signs of a developed country, are categorized as developing country. Developing countries are in general countries which have not achieved a significant degree of industrialization relative to their populations, and which have, in most cases a medium to low standard of living. There is a strong correlation between low income and high population growth. A developing country can be a result of many characteristics: resources, historical background, population, economic structure and system. They are basically under developed country that reflects a failure to gain levels of living throughout most of their population. Yet there has been a significant improvement by these countries general level of living as growth.
UNDER-DEVELOPED COUNTRY:”Under-developed country” is a term generally used to describe a nation with lack of access to job opportunities, health care, drinkable water, food, education and housing. Underdevelopment takes place when resources are not used to their fullsocio-economic potential, with the result that local or regional development is slower in most cases than it should be. Furthermore, it results from the complex interplay of internal and external factors that allow less developed countries only a lop-sided development progression. Underdeveloped nations are characterized by a wide disparity between their rich and poor populations, and an unhealthy balance of trade
It is considered that the countries with more than $735 per capita income per year is termed as developed country. In 2002 PCI was $480. So, Technically India is a Developing country not a Developed Country.