India’s 75 Years of Socio-Economic Development Before Independence Day Celebrations: 10 points
India is set to celebrate its 75th Independence Day on Monday. Ahead of India’s Independence Day, let’s take a look at the country’s progress in several socioeconomic indicators over the years.
Here is India’s socioeconomic trajectory through 10 indicators:
gross domestic product
Gross domestic product, a monetary measure of all goods and services produced in a country in a year, increased from Rs 2.79 lakh crore (at constant prices) in 1950-51 to estimated level of 147.36 lakh crore in 2021-22. The size of India’s GDP is more apparent in US dollars.
According to the report, the Indian economy is currently at $3.17 trillion, expected to become the fifth largest economy in the world by 2022.
Net national income per capital
Net National Product is depreciation subtracted from Gross National Product (GDP + income from foreign sources). India’s net national income per capita has increased from Rs 12,493 in 1950-51 to Rs 91,481 in 2021-22 (interim estimate).
The Center’s total revenue – which did not create any liability or cause any decrease in government assets – increased from Rs 171.15 in 1947-48 to 20 Rs ,78,936 in 2021-22, as estimated by this year’s Revised Budget.
Foreign exchange reserves
India’s foreign exchange reserves increased from 911 crore in 1950-51 crore to 45,42,615 crore on 5 Aug 2022. The latest figure includes India’s Special Drawing Rights and reserve positions. in the IMF.
Currently, India has the 5th largest foreign exchange reserves in the world.
During the 1950s-51s, India’s nascent foreign trade stood at Rs 1,214 crore, with imports slightly exceeding exports. After India’s economic liberalization, the trade deficit increased significantly.
In July 2022, foreign trade (goods and services) reached more than 143 billion dollars. However, the overall trade deficit amounted to $21 billion as imports outstripped exports.
India’s food grain production is a success story, thanks to the Green Revolution of the late 1960s and early 1970s. In 1950-51, food grain production reached 50.8 million tons. , rising to an estimated 316.06 million tonnes in 2021-22.
According to the Food and Agriculture Organization (FAO), India is one of the leading producers of milk, beans and jute, rice, wheat, sugarcane, peanuts, vegetables, fruits and cotton.
Percentage of literacy
India’s literacy rate has increased from just 18.3% in 1951 to 77.7% in 2017-18.
Notable is the dramatic increase in women’s literacy rates – from just 8.9% in 1951 to 70.3% in 2017-18.
The increase in literacy rate is also related to the growth of educational institutions across India. From just over 2,000 primary and secondary schools in 1951, India had over 14,000 registered schools in 2015-16.
In terms of higher education, India had 578 colleges and 27 universities in 1951. That number grew to a whopping 760 universities and 38,498 colleges in 2015-16.
India’s sex ratio – total female population per 1,000 males – stood at 946 in the 1951 census. In 2021, the sex ratio is 1,020 females per 1,000 males, putting India on par. with some developed countries.
Notably, the fifth National Family Health Survey found that the sex ratio was better in rural areas than in urban areas.
As an emerging power, India’s defense budget has grown exponentially since 1947.
India’s defense budget was Rs 92.74 crores in 1947, accounting for 46% of total budget expenditure.
That figure rose to Rs 5,25,166 in the 2022 budget, representing 13.3% of government spending in 2022-23.
At the time of independence, India had more than 80,000 phone connections.
55 years later, India’s total phone subscriptions hit 117 crores in May 2022.
However, India’s bigger success story is its vast and rapidly growing internet connectivity. In January 2022, India’s Internet usage rate was 47%, covering more than 65.8 population.