What is the meaning of ‘take off stage’ in an economy?

a) hyper growth rate in an economy
b) economic growth takes place automatically
c) economy is delinked from primary sector and growth is occurring in secondary sector
d) none of the above

Ans- b

Explanation-

Walt Rostow, US economist and a political theorist suggested that economy passes through following five stages before it becomes a developed economy.

These are:

1. Traditional society– This is an agricultural economy of mainly subsistence farming,
2. Pre-conditions for take-off– Agriculture becomes more mechanised and more output is traded.
3. Take-off– Manufacturing assumes greater importance, although the number of industries remains small. Political and social institutions develop . Economy becomes self reliant and growth take place automatically.
4. Drive to maturity– Industry becomes more diverse. Growth spread to different parts of the country as technology improves.
5. Age of mass consumption– Output grows, enabling increased consumer expenditure. There is a shift towards tertiary sector activity.