Question

Explain the following statement with reasons.

The quality of life and standard of living of Indian citizens is increasing.

Answer 1

1. After Independence, the Industrial Finance Corporation of India (1948) was set up to provide long-term financial assistance for industrial projects.
2. In 1954, the Industrial Development Corporation was established to promote industrial growth.
3. Industrial development created more employment opportunities for people.
4. This contributed to the overall economic progress of the country.

As a result, the quality of life and standard of living of Indian citizens improved.