The state ought to be a great innovator and industrial pioneer to bring about the desired change. Please find information on … and. State economic development efforts, however, typically encompass many programs administered by several agencies at different levels of government, making it difficult to coordinate investments across the state. It should be looked upon not as an end but as means to attain economic development. Essay # 2. In fact, foreign aid is beneficial at initial stages of development but the process cannot go endlessly. Conduct of a proper survey of natural resources and their proper exploitation is not possible without active participation of state. Please note that complaints involving the internet may also be referred to the FBIâs Internet Crime Complaint Center (IC3), which accepts complaints here. It was supported by state funds and by a grant from the Economic Development Administration of the U.S. Department of Commerce, under Section 302(a) of the Public Works and Economic Development Act, as amended. The government can promote exports, facilitate the import of goods necessary for promoting and accelerating economic growth and restrict the import of luxury goods. 4 0 obj The main obstacle in the way of economic development of under-developed countries is the lack of economic overheads such as means of communications and transportations, ports, electricity irrigation etc. It fixes working hours, payment of wages, establishes machinery for the settlement of labour disputes, provides for social securities measures etc. In this regard government adopts certain measures. According to UN Study Group, “In addition to the functions, governments normally perform, there is a large borderland of functions which they ought to perform for the simple reason that they are important, and are not carried out sufficiently, by private effort. EDA grants can only be obtained by following the procedures described in the Notices of Funding Opportunities provided for the programs listed on our Funding Opportunities page: https://www.eda.gov/funding-opportunities/. The scammers behind these fraudulent communications often pose as EDA employees or agents in an attempt to extract payment. There is problem of conservation of natural resources like forests and minerals. To secure the balanced economic growth greater employment opportunities must be taken. A policy should be framed to promote exports which may substitute import which in turn will be helpful for rapid economic development. The rapid expansion the role of state has resulted into corruption but it is dangerous in case of LDC where the standard of public morality is low. Action is needed on all fronts simultaneously. The Economic Development Administration provides grants to economically distressed communities to generate new employment, and stimulate industrial and commercial growth. It includes, “maintaining public services, influencing the use of resources, influencing the distribution of income, controlling the quantity of money, controlling fluctuations, ensuring full employment and influencing the level of investment.”. A proper monetary policy helps economic and industrial development by increasing the volume of scarce resources, raising the productivity of factor of production, improving the economic and social conditions and removing the various bottlenecks in the process of economic development. EDA will provide public works investments to support the construction or rehabilitation of essential public infrastructure and facilities necessary to generate or retain private sector jobs and investments. Share Your PPT File, Business: Meaning, Definitions, Characteristics, Objectives, Scope and Growth Strategies. States can better leverage scarce resources by coordinating investments across agencies and incorporating executive or legislative mechanisms for interagency communication, data sharing, … Thus, it becomes essential for government to accelerate the rate of capital formation in these countries and the government can achieve this through taxation or inflation. The rate of savings in UDC is highly inadequate as compared to their investment requirements. Then it is better to remove it for success of economic development. *�HU�B����(D�� �pN6_��z�����= �X��a�2�gY���#�����y��'����?$��QX{d�lޅJ�.��\��\�3�{�cŵ�4��;ײ4 Thus the state has to shoulder heavy responsibilities in order to ensure rapid economic development in under-developed countries. The problems prevailing in the under-developed countries cannot be solved by private enterprises and thus the state action is necessary for the economic development of these countries. In fact, the economic and social inequalities are closely related to each other. Thank you for visiting our site. Shriman Narayan has given the following main elements in the preparation of agricultural production plans at the village level: (i) Full utilization of irrigation facilities, including maintenance of field channels in good conditions for the beneficiaries, repairs and maintenance of community irrigation works; (ii) Increase in the area under multiple cropping; (iii) Multiplication in the village of improved seed and its distribution to all cultivators; (v) Programmes for compost and green manure ; (vi) Adoption of improved agricultural practices e.g., soil conservation, contour bonding, dry farming, drainages, land reclamation, plant protection etc. Such problems relate to housing, drinking water supply, electricity, slums, transport etc. It is very clear that only those inequalities are removed that arise from the institutions of the ownership of means of production and inheritance. Hence the government must take measures to ensure proper utilization of resources. History. In UDC majority of people depend upon agriculture for their livelihood. To come over various problems planned process of priorities has to be followed. endobj More over they also watch that deficit finance should not have any inflationary impact of the economy. The socialist economies have also been able to save and invest a very high percentage of their national income because of their government’s active role in the field of capital formation. 15 0 obj Newsroom Welcome to EconomicsDiscussion.net! The priorities are distorted and public sector projects are selected not according to their economic feasibility but in order to please the various pressure groups. <> Inspite of this it has certain limitations: 1. Programs Before publishing your Articles on this site, please read the following pages: 1. The process of development in case of developed countries was spread over a long period but under-developed countries today have no time to wait and it is essential for them to cut short the period do development. “Breaking social chains, and creating a psychological, ideological, social and political situation propitious to economic development becomes the paramount duty of the state in such countries.”, The sphere of state action is very vast. There are many political pressures on the government which make impossible to concentrate on the most important economic activities. The process of development is accelerated by increasing the rate of investment. where the rate of return is very high. <> The State Economic Development Executives (SEDE) Network is a forum for state economic development and commerce agency CEOs, executive directors, commissioners and their deputies to exchange information, learn from one another, and advance the practice and impact of economic development across the nation. Now a day’s state is considered as an important agency promoting the balanced growth of the economy. Improvement in health will decline in death rate which in turn increases the population and it has adverse effect on economic growth. He further concludes that, “something is both a consumer service and a source of productive capital for the society does not detract from its importance as an investment. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. 2 0 obj The government’s administrative machinery is inadequate and under-developed. 5��2�0b��͞v˶��L�?��I�ܸ�]�&�hKJQ/�s�(������;���|�C (�x�6�mn��m�y�*��~�h (ii) To eliminate all elements of exploitation and social injustice within the agrarian system, to provide security for the tiller and assure equality of status and opportunity to all sections of all rural population. Such new opportunities bring about changes in institution. There is no fault in the plans but the implementation is faulty and is found lacking in most under-developed countries. Please note that EDA does not provide grants or other forms of financial assistance or benefits (including unemployment benefits) to individuals and does not ask individuals to disclose personal information. The institutional changes can be brought about by the state in the form of land reforms, improvement in the laws of inheritance, regulation and control of monopolies, regulation for the control of money market, improvement in the distribution system etc.
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