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For India as a developing country which economic growth model is perfect and How? Explain. (...

For India as a developing country which economic growth model is perfect and How? Explain. ( I am giving some model name here)

Which economic model is perfect to explain Indian economy from the following : (select any one and based on that model explain the Indian economic growth)

a. Rowtow's Stages of Growth

b. Harrod Domar Mode

c. Lewia Thoery of Development

d. Newcolonial Dependence Model

e. The false Paradigm Model

f. O Ring model

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Answer #1

Rostows stages of growth. The reason is India is on path of development moving through stages of Rostows model even though it is not in complete agreement with the model. Other models are not right. E. G harrod domar model assumes fixed input coefficients. Though India possess sufficient labour but Lewis model is not applicable because no one in India will willingly work away from agriculture and that too on meagre wages. This model assumes too much. We can see that even after 70 years of independence almost 70-80% population prefers village life in India.

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