Ans:- No , I do not agree with the above statement. 

An understanding of the economy before  independence is necessary to know and appreciate the level of development achieved during the post independence period. 

During the colonial rule in India ,its economy had been a victim of enormous exploitation. The economic policies of the government were concerned more with the protection and promotion of British economic interest than the need to improve the economic condition of colonised country. 

After independence , India envisaged an economic system which combines the best features of socialism an capitalism - this culminated in the mixed economy model. All the economic planning has been formulated through 5 year plans. 

On the eve of independence , the Indian economy was different then. Minoo Masani (1905-98) was an influential , thinker , politician and parliamentarian. He provided us some glimpse of what an average Indian in 1947 looked like. The Per Capita was Rr 27/month for a fellow Indian. The life expectancy  was 27 years where are also literacy numbers from the census of 1941 through the geographical definition of India in 1941 was 16.1%.

The infant mortality rate was 146 for 1000 live births. In 1950 agriculture was the dominant sector with a 55% share of GDP which has now divided to about 14% . The share of the service sector has grown rapidly and by 1950 it surpassed the share of agriculture and now it is about 55% of GDP. The economy has diversified ."Producing from pins to space shits"

India has witnessed a shift in the composition in its economy from its agriculture grows at a trend rate of maximum of 4% per annum while the services sector can grow at even 12% per annum. 

India has achieved many milestones after independence which are as follows :-

1. Income Expand 

The standard of living of people has improved tremendously with the increase in the income levels. The gross domestic product (GDP) increased from Rs 2,939 billions during 1950-51 to Rs 56,330 billion during 2011-12 and further to 3173.40 USD Billion in 2021. 

The average citizen earned an income of just around Rs 7,513 during 1950-51 which increased to Rs 41,225 during 2018-19 and further to Rs 94,566 in 2021. The per capita income increased in real terms despite a significant increase in population.

2. Agriculture and allied sectors boom 

Agriculture sector has been a important sector for the Indian economy for the population of India . It generates livelihood for more than half the population. The real value added by the agriculture , forestry, an allied sectors went up from Rs 1,502 billion in 1950-51 to around Rs 22,263 billion as per 2011-12 calculations.

The production levels increased at a very high rate just after the advent of green revolution which turned the tables. Adoption of high technology and HIY seeds just made India self reliant which atleast end the burden of foreign dependency for food grains.

India continues to be one of the largest producer of Wheat, Rice and various fruits and vegetables in the world and is also the leader in the milk production.


3. Industry Evolution 

After independence India evolved with the help of its industrial sector which efficiently rose by the industrial policy of 1991 which proved to be a major reform in the industrial sector. This policy opened gates for many opportunities including foreign investment. 

Many sectors gained pace in the manufacturing sector. With just 3 automobile companies, the automobile companies , the automotive sector attracted global multinationals and built a range of products at global standards. In pharmaceuticals ,India is now a major producer and undertakes research to develop new drugs. India is now evolving into a develop country in the near future.