corruption is not contained, it will grow exponentially. In this instance the impact of corruption is a clear failure to achieve government objectives; instead producing inefficiency and waste. The corrupt finance enabled businesses to grow at a much faster rate than would otherwise be possible. Occupational Structure: Another determinant of economic development is the occupational structure of the working population of the country. This has forced the gross output of these countries for less than the potential output. (iii) Poor Rate of Savings and Investment: Another important obstacle or constraint faced by the underdeveloped countries in their path of economic development is its poor rate of savings and investment. Some developmental projects may be developed out of foreign aid but it should be maintained, with indigenous motivation.
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However, an economy having deficiency in natural resources is forced to depend on foreign country for the supply of minerals and other raw materials in order to run its industry. Furthermore, facilitation payments may allow businesses to bypass unnecessarily cumbersome delays. In India, as opinion essay writing 4th grade per 1991 census, about.0 per cent of the total working population was absorbed in agriculture. The process of growth is connected with both fuller use of existing resources and expanding resources. This requires proper selection of industries as per investment priorities and choice of production techniques so as to realise a low capital-output ratio and also for achieving maximum productivity. Corruption has always existed, in all societies and at all stages of development. Due to the very nature of this bad finance, debtors were simply unable to pay off their loans, increasing their vulnerability to financial crisis.