Development & Standard of Living
India is an L.E.D.C as it suffers a lot of poverty and the general standard of living is poor.
Population: 1,241,491,960
Birth rate: 1.3 seconds
Death rate: 3.6 seconds
There is a lot of development with economic growth in India but it is not at all balanced. There are a few who are mega-rich and many live in very difficult conditions. The living standard of about 60 to 70% of the population is not satisfactory because they belong to the economically weaker section. This is the result of poor or non-existent planning, and the policies to keep majority of the people deprived of the best facilities. Planning can be done and the best facilities can be provided only when there is a clear vision with a comprehensive balanced growth program.
With one of the fastest growing economies in the world, clocked at a growth rate of 8.3% in 2010, India is fast on its way to becoming a large and globally important consumer economy. The Indian middle class is estimated to be 50 million people, by McKinsey & Company. It will reach 600 million by 2030. According to Deutsche Research the estimates are nearly 300 million people for all Middle Class. If current trends continue, Indian per capita purchasing power parity will significantly increase from 4.7 to 6.1 percent of the world share by 2015. In 2006, 22 percent of Indians lived under the poverty line. India aims to eradicate poverty by 2020.
The standard of living in India shows large disparity. For example, rural areas of India exist with very basic (or even non-existent) medical facilities, while cities boast of world class medical establishments. Similarly, the very latest machinery may be used in some construction projects, but many construction workers work without mechanisation in most projects.
Since independence, India has allocated nearly half of the total outlay of the five-year plans for infrastructural development. Much of the total outlay was spent on large projects in the area of irrigation, energy, transport, communications and social overheads. Development of infrastructure was completely in the hands of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale investment. Calcutta city was the first city in India to boast of a metro-system.Today the calcutta metro is considered among the world's best in terms of service and infrastructure. India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 has prevented India from sustaining a growth rate of around 8%. This has prompted the government to partially open up infrastructure to the private sector allowing foreign investment. India holds second position in the world in roadways' construction.
Population: 1,241,491,960
Birth rate: 1.3 seconds
Death rate: 3.6 seconds
There is a lot of development with economic growth in India but it is not at all balanced. There are a few who are mega-rich and many live in very difficult conditions. The living standard of about 60 to 70% of the population is not satisfactory because they belong to the economically weaker section. This is the result of poor or non-existent planning, and the policies to keep majority of the people deprived of the best facilities. Planning can be done and the best facilities can be provided only when there is a clear vision with a comprehensive balanced growth program.
With one of the fastest growing economies in the world, clocked at a growth rate of 8.3% in 2010, India is fast on its way to becoming a large and globally important consumer economy. The Indian middle class is estimated to be 50 million people, by McKinsey & Company. It will reach 600 million by 2030. According to Deutsche Research the estimates are nearly 300 million people for all Middle Class. If current trends continue, Indian per capita purchasing power parity will significantly increase from 4.7 to 6.1 percent of the world share by 2015. In 2006, 22 percent of Indians lived under the poverty line. India aims to eradicate poverty by 2020.
The standard of living in India shows large disparity. For example, rural areas of India exist with very basic (or even non-existent) medical facilities, while cities boast of world class medical establishments. Similarly, the very latest machinery may be used in some construction projects, but many construction workers work without mechanisation in most projects.
Since independence, India has allocated nearly half of the total outlay of the five-year plans for infrastructural development. Much of the total outlay was spent on large projects in the area of irrigation, energy, transport, communications and social overheads. Development of infrastructure was completely in the hands of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale investment. Calcutta city was the first city in India to boast of a metro-system.Today the calcutta metro is considered among the world's best in terms of service and infrastructure. India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 has prevented India from sustaining a growth rate of around 8%. This has prompted the government to partially open up infrastructure to the private sector allowing foreign investment. India holds second position in the world in roadways' construction.