Indian Economy on the Eve of Independence test - 6

High growth of population, lower level of human development, agricultural dominance, unequal distribution of income and wealth, scarce resources of production, high rate of unemployment, high dependency ratio, lack of entrepreneurs and low level of technology reflect Backward economies at the time of independence.

The partition of India caused a rude setback, it created manifold problems.

Out of 394 cotton mills in undivided India, 380 remained in India and 14 went to Pakistan.

Estimating Net Factor Iincome from Abroad and adding it to NDPfc, which gives NNPfc (national income).

''Green NNP'' is a national accounting concept that subtracts off from GNP not just. depreciation of capital, but also depletion of environmental assets.

The real economic growth rate is expressed as a percentage that shows the rate of change for a country's GDP from one period to another, typically from one year to the next.

Economic growth is quantitative change in an economy. On the other hand, economic development is quantitative plus qualitative change in an economy.

The service sector consists of the production of services instead of end products.

Economic structure is defined as the composition of various components of the macro aggregates.

The public sector is that portion of an economic system that is owned and controlled by national, state or provincial, and local governments.