Growth of GDP and Economic Policies
Many Economic Policies have been framed by the
Government of India since independence for increasing rate of economic growth
and economic development. The important economic policies are
Agricultural policy is the set of government
decisions and actions relating to domestic agriculture and imports of foreign
agricultural products. Some over arching themes include risk management and
adjustment, economic stability , natural resources and environmental
sustainability research and development, and market access for domestic
Some Agricultural policies are Price policy, land
reform policy, Green Revolution, Irrigation policy, Food policy, Agricultural
Labour Policy and Co-operative policy.
Industrial development is a very important aspect
of any economy. It creates employment, promotes research and development, leads
to modernization and ultimately makes the economy self-sufficient. In fact,
industrial development even boosts other sectors of the economy like the
agricultural sector (new farming technology) and the service sector. It is also
closely related to the development of trade.
industrial policies have been enacted. Since 1948, Industrial policy on large
scale industries Eg. Textile Industry policy, Sugar Industry policy, Price
policy of industrial
Small scale industrial policy and Industrial Labour policy.
economy of India had undergone policy in the beginning of the 1990s. This new
model of economic reforms is commonly known as the LPG known as Liberalisation,
Privatisation and Globalisation. These economic reforms had influenced the
overall economic growth of the country in a significant manner.
The term Gross National Happiness was
coined in 1972 during an interview by a British journalist for the Financial
Times at Bombay airport when the then king of Bhutan, Jigme Singye Wangchuck,
said "Gross National Happiness is more important than Gross National
In 2011, The UN General Assembly
passed Resolution "Happiness: towards a holistic approach to
development" urging member nations to follow the example of Bhutan and
measure happiness and well-being and calling happiness a "fundamental
The four pillars of GNH's are
1. sustainable and equitable
2. environmental conservation
3. preservation and promotion of
4. good governance.
The nine domains of GNH are
psychological well-being, health, time use, education, cultural diversity and
resilience, good governance, community vitality, ecological diversity and
resilience, and living standards.