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    Ans Writing

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    Ans Writing

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    magibe7641
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    ans writing

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    Ans Writing

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    of 2

    India adopted economic reforms or LPG (Liberalization, Privatization and

    Globalization) reforms in july, 1991 in the wake of economic crisis created by


    high external debt and fiscal deficit, Balance of Payment imbalance etc and
    freed itself from the shackles of license-raj, and over-regulation.

    With greater participation from private-sector, India- now relatively more


    integrated and free economy has been able to achieve higher economic growth
    as compared to conventional “Hindu rate of growth.” However, this higher rate of
    economic growth has not been translated effectively to all sections of the
    society – specially the lower strata.

    As per Suresh Tendulkar committee on poverty estimation (2005), 21.9 % of


    India’s population ( 11 crore people) still live below poverty line (2011-12) , which
    was, 45% of India’s population ( 11 crore people) in the year 1993-94.

    Essentially, India have taken 44 crore people out of poverty between 1993-94 to
    2011-12, due to availability of more employment and business opportunities
    provided by the economic reforms and various social welfare schemes (e.g.
    MNREGA, PMJAY, PMKVY , PMJAY etc.) run by the GoI.

    But, still India is much behind in “ending poverty in all its forms everywhere” by
    2030, as targeted under sustainable development goal, SDG-01.

    The official estimates based on Tendulkar committee’s poverty lines shows that
    poverty declined only 0.74 percentage points per annum during 1993-94 to 2004-05.
    But poverty declined by 2.2 percentage points per annum during 2004-05 to 2011-12.
    Around 138 million people were lifted above the poverty line during this period.
    Role of Nabard

    National bank for agriculture and rural development (NABARD) came into
    existence in 1982 as a result of NABARD Act, 1981.

    It was constituted on the recommendations of B.Sivaraman committee.

    Its primary function is to ensure development of rural india in general and


    agriculture in particular.

    It acts as supervisor of regional rural banks (RRBs) and rural cooperative banks
    and thus ensure deployment of capital for the development of rural india.

    It manages rural infrastructure development fund (RIDF) and provides loans to


    the state governments for creating infrastructure in rural areas.

    It finances and re-finances loans provided to rural SHGs thus

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