India’s vast natural resources have enormous potential for economic development. After Independent India’s concerted efforts for planned development of resources through Five Years Plans have led to overall development of the economy.
(i) The availability of resources is necessary condition for the development of any region, but mere availability of resources in the absence of corresponding changes in technology and institutions may hinder development.
(ii) The history of colonisation reveals that rich resources in colonies were the main attraction for the foreign invaders.
(iii) It was primarily the higher level of technological development of the colonising countries that helped them to exploit resources of other regions and establish supremacy over the colonies.
(iv) Therefore, resources can contribute to development only when they are accompanied by appropriate technological development and institutional changes.
(v) Therefore in India, resource development does not only involve the availability of resources but also the technology, quality of human resources and the historical experiences of the people.