What Are The Non-Economic Factors In Economic Development

INTRODUCTION

The ECONOMIC DEVELOPMENT of India was ruled by communist affected approaches, state-claimed areas, and formality & far reaching regulations, all in all known as "Permit Raj". It headed the nation and its economy disconnected from the world economy. However the situation began transforming from the mid-1980s, when India started opening up its market gradually through monetary liberalization. The arrangement played a tremendous effect on the monetary advancement of India. The Indian monetary improvement got a support through its financial change in 1991 and again through its recharging in the 2000s. From that point forward, the substance of monetary improvement of India has changed totally.

The financial change of 1991 assumed

There was a time when a country could have a laissez faire economy and yet face no difficulty in making economic progress. In today’s entirely different world situation, a country would find it difficult to grow along the England’s path of development.

B) Non-Economic Factors in Economic Development:

From the available historical evidence, it is now obvious that non- economic factors are as much important in development as economic factors. Here we attempt to explain how they exercise influence on the process of economic development:

1) Human Resources:

Human resources are an important factor in economic development. Man provides labour power for production and if in a country labour is efficient and skilled, its capacity to contribute to growth will decidedly be high.

2) Technical Know-How and General Education:

It has never been, doubted that the level of technical know-how has a direct bearing on the pace of development

3) Political Freedom: ‘Poverty and Un-British Rule in India’ that the drain of wealth from India under the British was the major cause of the increase in poverty in India during that period, which in turn arrested the economic development of the country.

 Iyer, K and Jha K (2006) “Critical Factors Affecting Schedule Performance : Evidence from Indian Construction Projects .” J .Constr.Eng.Manage.,132(8), 871-881

In excess of 40% of Indian development ventures are confronting time overwhelm extending from 1 to 252 months; the explanations behind which are continuously examined via specialists to recommend conceivable healing measures. This paper recognizes 55 characteristics in charge of affecting execution of the undertakings. These credits were then introduced to Indian development experts as a survey. Factual investigation of reactions on the qualities isolated them into unique sets of achievement characteristics and disappointment traits. Component investigation of sets of achievement characteristics and disappointment qualities independently assembled them into six basic achievement variables and seven discriminating disappointment components. To comprehend the degree of commitment these elements have on the conclusion of a development extend, a second stage survey review was likewise embraced. The examines of reactions of the second stage poll headed us to infer that two achievement variables and one disappointment component: responsibility of task members; holder's fitness; and clash among venture members help fundamentally in