India Since Independence by Chandra Bipan

Author:Chandra, Bipan [Chandra, Bipan]
Language: eng
Format: mobi, epub
Published: 0101-01-01T00:00:00+00:00

This growth pattern went a long way in reducing India’s near-total dependence on the advanced countries for basic goods and capital equipm ent, which was necessary for investm ent or creation of new capacity . At independence, to m ake any capital investm ent, virtually the entire equipm ent had to be im ported. For exam ple, in 1950, India m et 89.8 per cent of its needs for even m achine tools through im ports. In contrast to this, the share of im ported equipm ent in the total fixed investm ent in the form of equipm ent in India had com e down to 43 per cent in 1960

and a m ere 9 per cent in 1974, whereas the value of the fixed investm ent in India increased by about two and a half tim es over this period. In other words, by the m id1970s, India could m eet indigenously m ore than 90 per cent of her equipm ent requirem ents for m aintaining her rate of investm ent. This was a m aj or achievem ent, and it considerably increased India’s autonom y from the advanced countries in determ ining her own rate of capital accum ulation or

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