Page 236 - SST Class 08

this policy was to open up areas that were a revolutionised. E-banking, internet banking,
monopoly of the public sector to private enter- credit and loan facilities, etc., are major changes
prise and also link Indian economy to the global in banking. India has many national and interna-
market. tional banks operating in the country today.

These reforms which were introduced in the early TRANSPORT AND COMMUNICATION
1990’s were aimed at restructuring the economy India has an efficient air, water and land trans-
and prepare it for global competition. Due to port system. Its road network of about 3.3 million
restructuring, Indian economy has undergone a kilometers includes national highways, major
major change and now viewed as a major district roads and rural roads. This vast road
economic power is Asia along with China. network plays a major role in linking cities to
INFRASTRUCTURE villages and act as a medium for trade and
Infrastructure is the main structure on which a commerce.
nation’s economic and social development is The railways are the principal mode of transpor-
built. It includes facilities like banking, trade, tation for freight and passenger movement. It is
energy, transport and communication and social also the largest employer in the country. Started
developmental activities. in India by the British, in 1853 — The first
railway line linked Bombay to Thane. Today, the
railway network is among the largest networks in
the world.

FOREGION TRADE
Foreign trade is an integral part of a nation’s
economy. India’s principal exports have been
engineering goods, chemicals, gems, jewelery,
Railways
textile, garments, etc. Our present economic
development has encouraged foreign investors to The introduction of the metro in Calcutta and
invest in India. Our trade policy aims at doubling more recently in Delhi is a major landmark in
our world exports. communication.
BANKING India’s ports and waterways are also gatewaying
for foreign trade with other countries.
Banking has undergone major changes in India
since independence. By 1980, many banks were Air travel has also undergone several changes
nationalised. because of the emergence of several private
airlines. Previously, air travel was expensive and
Reforms in banking started in the early 1990’s
beyond the reach of most people. Today, com-
based on the recommendations of the
petitive fares have made air travel easier and
Narasimhan Committee. Today, banking is totally
more accessible to the people.

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