Introduction:

Developing economy, no doubt refers to an under developed economy but this term is mostly used to refer to that under developed economy which is not stagnant but has started developing that is marching towards economic progress by making use of its natural and human resources. Indian economy is no doubt an under developed economy but it is not stagnant economy. It is a developing economy that is it has started marching towards economic progress the tempo of economic progress has increase since 1951 with the adaptation of economic planning. During the past 75 years the country has made much progress in agriculture, industry, science and technology, health and education and in various other fields following changes in the Indian economy over past 75 years clearly prove that India is a developing country. The features of developing economy with special reference to India.

 Features of developing economy:

1. Increase in national income: The national income of the country has increased over the last 75 years that means the production of the country has been increasing over the past 75 years. This is sure sign of the economic progress of the country.
2. Increase in per capita income: Not only the national income of the country has been increase in but also the per capita income has been increasing despite the rapid growth of population.
3. Increase in investment: The amount of investment both in public and private sector has increased considerably over the last year the total investment under public and private sector was 3,360 crores during the first five year plan that is in 1950-1956, the investment was rise to 20, 4000 crores in 1997-2002. This increase in investment is the result of increase in national income. Increase in investment has contributed to considerable improvement in agriculture, industry, mining, power, education, trade and transport and so on.
4. Increase in agriculture: Before 1950 situation in the agricultural sector was deplorable, but since 1951 improvement have taken place in the field of agriculture several land reforms have been introduce, irrigation facilities have been extended, improve varieties of seeds have been used much progress have been made in the use of chemical fertilizer, pesticides and insecticides. the use of agriculture machines like tractors has increased, considerable area of waste land has been brought under plough and vast area of land has been brought under double or multi cropping as a result of all this improvement there has been increase in agriculture productivity and production again stability in output of agriculture crops has been achieved. in fact, that has been green revolution particularly in the states of Punjab, Haryana and Andhra Pradesh India is not only able to feed its teeming millions but it also able to build a buffer stocks of food grains for lean periods. Again it has almost reached self sufficiency in the production materials. This remarkable progress in the agricultural sector clearly indicates the Indian economy is the developing economy and not a stagnant economy.
5. Increase in industrial production: Before 1950 India was industrially very backward there were just few large industries but since 1950 India has made remarkable progress in the industrial sector, today India is one among the most industrial countries of the world. Industrial sector is now broader based than before there are many kinds of industries, further the industrial structure has changed in favors of capital goods. That means today there are large numbers of capital goods industries. Many technology development has been introduced in the field of industries and several industries have been modernized today India is moving towards self sufficiency in industrial goods.
6. Progress of science and technology: There has been remarkable progress in the field of science and technology. Sophisticated machines and instruments are produced with in the country, with the indigenous scientific and technical knowledge. Indian scientist and technologists are held in high esteem throughout the world. This remarkable progress of science and technology emphasize the fact that India is a developing economy.
7. Increase in social overheads: There has been considerable increase in social overhead that means there has been considered improvement in the provision of infrastructure facilities and social security services. for instance transport and communication facilities have extended, there has improvement in our banking and financial facilities have been extended, again several social services like education facilities have been expanded as a result literacy rate has increased to 65% in 2001. Public health and medical facilities have been improved. as a result the death rate has now gone down from 49% per  1000 in 1950 -51 to 36% year per 1000 in 1999-2000.
8. Desirable changes in society: There have been desirable changes in the society over the last 54 years because of urbanization and the spread of education the caste system, untouchability and superstition believes or on the decline. The joint family system also disappearing.

 Conclusion:

on an examination of the above facts it is quite clear that noticeable improvement have taken place in almost all the sector of the Indian economy over the last year all these improvement change the face of Indian economy. Indian economy which was almost stagnant for 100 years from 1850 to 1950 has come at developing economy today. With the recent liberalization of Indian economy one can quite confidently and up with the advanced countries of the world within a few years.

also read: explain the demographic features of Indian economy.