75 years Of India’s Socio-Economic Development Ahead Of Independence Day Celebrations: 10 Points

By | August 14, 2022

India is geared up to celebrate its 75th Independence Day on Monday

India is geared up to celebrate its 75th Independence Day on Monday. Ahead of India’s Independence Day, we look at the country’s progress in some socio-economic indicators over the years. 

Here’s India’s Socio-Economic Trajectory Through 10 Indicators: 

Gross Domestic Product

The Gross Domestic Product, the monetary measure of all goods and services produced in a country in a year, rose from Rs 2.79 lakh crore (at constant prices) in 1950-51 to an estimated 147.36 lakh crore in 2021-22. The size of India’s GDP is more pronounced in US dollar terms. 

According to reports, India’s economy, currently at $3.17 trillion, is expected to become the fifth largest in the world in 2022. 

Per Capital Net National Income 

Net National Product is depreciation deducted from Gross National Product (GDP + income from foreign sources). India’s per capita Net National Income rose from Rs 12,493 in 1950-51 to Rs 91,481 in 2021-22 (provisional estimates). 

Total Revenue 

The Centre’s total revenue receipts – these don’t create any liability or cause any reduction in the government’s assets – rose from Rs 171.15 crore in 1947-48 to Rs 20,78,936 crore in 2021-22, as per this year’s Budget revised estimates. 

Forex Reserves 

India’s foreign exchange reserves rose from Rs 911 crore in 1950-51 to Rs 45,42,615 crore on August 5, 2022. The latest figure includes India’s Special Drawing Rights and reserve position in the IMF. 

Currently, India has the fifth largest forex reserves in the world. 

Foreign Trade  

In 1950-51, India’s nascent foreign trade stood at Rs 1,214 crore, with imports slightly exceeding exports. After India’s economic liberalisation, the trade deficit widened substantially. 

In July 2022, foreign trade (merchandise and services) stood at over $143 billion. However, the overall trade deficit amounted to $21 billion as imports far exceeded exports.   

Foodgrain production 

India’s foodgrain production is a success story, thanks to the Green Revolution of the late 1960s and early 1970s. In 1950-51, foodgrain production stood at 50.8 million tonnes, which rose to an estimated 316.06 million tonnes in 2021-22. 

According to Food and Agriculture Organisation (FAO), India is among the leading producers of milk, pulses and jute, rice, wheat, sugarcane, groundnut, vegetables, fruit and cotton. 

Literacy rate 

India’s literacy rate rose from a mere 18.3 per cent in 1951 to 77.7 per cent in 2017-18. 

The substantial rise in female literacy rate is worth noting – from just 8.9 per cent in 1951 to 70.3 per cent in 2017-18. 

The rise in literacy rate is also linked to the growth in educational institutions across India. From just over 2,000 primary and upper primary institutions in 1951, India had over 14,000 registered schools by 2015-16. 

In higher education, India had 578 colleges and 27 universities in 1951. That figure rose to a whopping 760 universities and 38,498 colleges by 2015-16. 

Sex Ratio 

India’s sex ratio — the total female population per 1,000 males — stood at 946 in the 1951 census. In 2021, the sex ratio read 1,020 females for every 1,000 males, which put India on par with several developed nations. 

Significantly, the fifth National Family Health Survey found that the sex ratio was better in rural areas compared to urban areas. 

Defence Budget 

As an emerging power, India’s defence budget has risen exponentially since 1947. 

India’s defence budget was Rs 92.74 crores in 1947, representing 46 per cent of the total budget expenditure. 

That figure rose to Rs 5,25,166 crore in the 2022 budget, constituting 13.3 per cent of the government expenditure in 2022-23. 

Telephone connectivity 

At the time of Independence, India had over 80,000 telephone connections. 

Seventy-five years later, India’s total telephone subscribers stood at 117 crores in May 2022. 

However, India’s greater success story has been its vast and rapidly-growing internet connectivity. In January 2022, India’s internet penetration rate was 47 per cent, covering over 65.8 crore people. 

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