Economics-For Managers

Economic development involves a change in social attitudes, cultural set-up and institutional framework along with the economic growth. The scope of coverage of economic growth is narrow and economic development is more comprehensive. The major factors which influence the economic development of a country are natural resources, human resources, capital formation and technical knowledge. Economic planning has a significant role to play in economic growth and stability of a country. It helps an underdeveloped country to get out of the vicious circle of underdevelopment. For a developing economy like India, appropriate economic planning is very important for economic growth. The prominence and significance of economic planning for India was highlighted by the economic crisis in 1991. As a measure to resolve the crisis, economic reforms were taken up by the Indian government. The major reforms were in the sectors of industrial, financial, trade, and public sectors. The economic reforms initiated in 1991 have helped India to emerge as a fast-growing economy in the world.