Meaning of an Underdeveloped Economy:
There is a big difference between underdeveloped and developed countries. The United Nations group of experts states, “We have had some difficulty in interpreting the term ‘underdeveloped countries’. We frankly consider that, per capita real income is low when compared with the per capita real incomes of the United States of America, Canada, Australia & Western europe. Briefly a poor country.
The term ‘underdeveloped countries’ is relative. In practical, those countries which have real per capita incomes less than a quarter of the per capita income of the United States, are underdeveloped countries. But recently UN publication prefer to describe them as ‘Developing economies’. The term ‘developing economies’ signifies that though still underdeveloped, the process of development has been initiated in these countries. Thus, we have two economies ‘developing economies’ & ‘developed economies’. The World Bank issued in its World Development Report (1991) classified the various countries on the basis of Gross National Product (GNP) per capita. Developing countries are divided into: (a) Low income countries with GNP per capita of $580 and below in 1989; and Middle income countries with GNP per capita ranging between $ 580 and $ 6,000. As against them, the High-income Countries which are mostly members of the Organisation for Economic Co-operation and development (OECD) and some others have GNP per capita of more than $ 6,000.
The above data given in the table noted that in 1989 low income countries comprise nearly 57 percent of the world population (2,948 million), but account for only 5 percent of total world GNP. The middle income countries, which are less developed than the highly developed than the low income countries comprise about 21 percent of world population but account for 11 percent of world GNP. Taking these two groups which are popularly described as developing economies or ‘underdeveloped economies’, it may be stated that they comprise over three-fourths of the world population but account for about one-sixth of the world GNP. Most countries of Asia, Africa, Latin America and some countries of Europe are included in them.
Objectives
=> To revise the financial capability of the lending agencies in rural ares to analysis the drawbacks & advantage of flow of credit in rural areas.
=> The rural credit system should be strengthen
=> To study the role of rural finance in Indian Economy.
Methodology
Assigned project task is completed by going through various books, committee reports regarding Indian agriculture & non-farming sector, also role of various financial institutions in this grassland.
The project report entitled here is purely study project and does not include any predictions or forecast regarding the future trends in the rural sector.
The project is based on various references taken from book & reports mentioned in the bibliography at the end of the assign project.
Download Full Project Report
There is a big difference between underdeveloped and developed countries. The United Nations group of experts states, “We have had some difficulty in interpreting the term ‘underdeveloped countries’. We frankly consider that, per capita real income is low when compared with the per capita real incomes of the United States of America, Canada, Australia & Western europe. Briefly a poor country.
The term ‘underdeveloped countries’ is relative. In practical, those countries which have real per capita incomes less than a quarter of the per capita income of the United States, are underdeveloped countries. But recently UN publication prefer to describe them as ‘Developing economies’. The term ‘developing economies’ signifies that though still underdeveloped, the process of development has been initiated in these countries. Thus, we have two economies ‘developing economies’ & ‘developed economies’. The World Bank issued in its World Development Report (1991) classified the various countries on the basis of Gross National Product (GNP) per capita. Developing countries are divided into: (a) Low income countries with GNP per capita of $580 and below in 1989; and Middle income countries with GNP per capita ranging between $ 580 and $ 6,000. As against them, the High-income Countries which are mostly members of the Organisation for Economic Co-operation and development (OECD) and some others have GNP per capita of more than $ 6,000.
The above data given in the table noted that in 1989 low income countries comprise nearly 57 percent of the world population (2,948 million), but account for only 5 percent of total world GNP. The middle income countries, which are less developed than the highly developed than the low income countries comprise about 21 percent of world population but account for 11 percent of world GNP. Taking these two groups which are popularly described as developing economies or ‘underdeveloped economies’, it may be stated that they comprise over three-fourths of the world population but account for about one-sixth of the world GNP. Most countries of Asia, Africa, Latin America and some countries of Europe are included in them.
Objectives
=> To revise the financial capability of the lending agencies in rural ares to analysis the drawbacks & advantage of flow of credit in rural areas.
=> The rural credit system should be strengthen
=> To study the role of rural finance in Indian Economy.
Methodology
Assigned project task is completed by going through various books, committee reports regarding Indian agriculture & non-farming sector, also role of various financial institutions in this grassland.
The project report entitled here is purely study project and does not include any predictions or forecast regarding the future trends in the rural sector.
The project is based on various references taken from book & reports mentioned in the bibliography at the end of the assign project.
Download Full Project Report
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