‘Take-off stage’ in an Economy Means
Steady Growth Begins
‘Take-off stage’ in an economy means steady growth begins. “Take-off is an industrial revolution, tied directly to radical changes in methods of production, having their decisive consequence over a relatively short period of time” -Rostow.
According to the Rostow who suggested three related conditions for making the growth process self-sustained:
- A rise in the rate of productive investment from about 5 percent or less to over 10 percent of national income or net national product.
- The development of the one or more substantial manufacturing sectors, with a high rate of growth.
- The existence or quite emergence of a political, social and institutional framework which exploits the impulses to expansion in modern sector and gives growth an on-going character.