Late Prof. The factors can also define regions and neighborhoods. However, just like other developing countries, the economy of India is also faced with numerous challenges. In addition, foreign direct investment FDI in China brought with it new technology and processes that boosted efficiency.
State-owned enterprises were to be privatised. Prosperity in one country may breed prosperity in another but it may also create difficulties by provoking consumption that it cannot afford and which it should avoid for some time at any rate. This, in turn, paved the way for sustainable development and economic growth of the country.
Since then, the whole scenario of economic development of India has changed dramatically. The government of the country assessed the problematic areas and came up with policies to raise its economy. The merchandise exports and imports of India are growing at a good rate.
Economic development involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates but econommic growth does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice.
Keynes remained occupied with the problem of involuntary unemployment and depression as severe depression causing huge unemployment took place in in the industrialized countries.
For this, economists laid stress on capital accumulation, mobilization of surplus labour for growth and industrialization based on import-substitution through economic planning and with active role of the government.
All these become possible only with the active participation of women who are the catalysts of qualitative growth of future generation as well.