Indian Economy: Know its Facts & History

Understanding the Indian Economy


The Indian economy is a diverse, complex and vast economy owing to its social diversity, large population and rich mineral deposits. All these factors add to its rapid growth over the years. Understanding the Indian economy is tough. However, let us go through it anyways. 

Introduction

India is emerging as one of the most rapidly growing economies in the world and might be counted among the top three economic powers of the world, in the next 10 to 15 years, owing to its strong democratic and strategic partnerships.

History of the economy

Since ancient times, India had cross-cultural exchanges and trade with many foreign lands.

 Trade routes such as the Silk route, which was used to transport silk and major ports in Gujarat and West Bengal were used for transportation of Indigo, Indian Silk, etc.

The accounts of these trades are ingrained in the works of travellers like Al-Biruni, Fa Hien etc.

The Indian economy suffered a lot under British rule. The Britishers exported raw material from India and imported industry made goods which the local population could not afford.

Also, the huge taxes imposed by the government lead to increasing debt and lowering of wages as unemployment increased.

Post-independence India remained a closed economy. This was in accordance with the view of the government going through a Patriotic Phase.

It was considered that India could stay Self-consumable, due to its large population and low production capacity and imports could compete with local products.

Hence there were massive restrictions on imports; large industries such as Tata Group were targeted as labour exploiters.

The government undertook to manufacture in various sectors which eventually created loss-making enterprises and affected the economy.

In 1991, the government switched to a more liberal economic policy under Manmohan Singh, the then Finance Minister.

Since then, many changes have taken place in the economy.

Current Status of the economy

According to financial reports, India’s GDP increased at a rate of 7.2 per cent in 2017-18 and at the rate of 7 per cent in 2018-19.

The labour force of India could reach 160-170 million by 2020, as estimated by population growth rates.

Read more: What is International Monetary Fund (IMF) & Its Role in World Economy

It is associated with the increment in workforce participation and higher education enrolment, among other factors, as stated in a study done by ASSOCHAM and Thought Arbitrage Research Institute or TARI.

Recently, the foreign exchange reserves reached $426.42billion, its highest ever in history, fuelled by an increase in foreign currency asset.

Future Prospects

 Gross Domestic Product (GDP) is estimated to catch up to US$ 6 trillion by Financial Year 2027 and achieve upper-middle-income status, in the backdrop of digitisation, diplomatic relations, globalisation, and economic reforms.

Demonetisation and Goods and Services Tax (GST) are some of the reforms used by the government, to increase revenue receipts, which are expected to reach up to Rs 28-30 trillion.

India is also moving towards renewable sources for fulfilling its energy requirements. It is working towards fulfilling its target of procuring 40% of its energy from eco-friendly sources by 2030.

With a shift in consumer behaviour and spending pattern, the country is expected to be the third-largest consumer economy (based on Boston Consulting Group (BCG) report).

Hope you got to know something interesting about the Economy of India-its Past, Present and estimated Future.

For more such informative articles stay tuned to OWN TV

Facebook Comments

346 thoughts on “Indian Economy: Know its Facts & History

  1. Pingback: doctor7online.com
  2. Pingback: ventolin inhaler
  3. Pingback: buy viagra
  4. Pingback: cialis 20
  5. Pingback: price of cialis
  6. Pingback: chloroquine coupon
  7. Pingback: viagra for sale
  8. Pingback: ed pills otc
  9. Pingback: generic ed pills
  10. Pingback: erection pills
  11. Pingback: generic cialis
  12. Pingback: canadian pharmacy
  13. Pingback: online pharmacy
  14. Pingback: Buy cialis online
  15. Pingback: cialis online
  16. Pingback: levitra usa
  17. Pingback: casinos
  18. Pingback: best casino online
  19. Pingback: viagra buy
  20. Pingback: slots online
  21. Pingback: casino real money
  22. Pingback: cash loans
  23. Pingback: viagra cost
  24. Pingback: generic for cialis
  25. Pingback: cialis generic
  26. Pingback: buy cialis
  27. Pingback: buy cialis
  28. Pingback: cialis generic
  29. Pingback: real casino
  30. Pingback: casino slots
  31. Pingback: casino slot games
  32. Pingback: casino real money
  33. Pingback: viagra pill
  34. Pingback: viagra buy
  35. Pingback: tadalafil dosage
  36. Pingback: viagra generic
  37. Pingback: Viagra 150mg cost
  38. Pingback: buy Cialis 20mg
  39. Pingback: Cialis 80 mg cheap
  40. Pingback: Cialis 20mg tablet
  41. Pingback: Cialis 60 mg cheap
  42. Pingback: Cialis 40mg pills
  43. Pingback: buy propecia 1 mg
  44. Pingback: amaryl 1mg nz
  45. Pingback: cialistodo.com
  46. Pingback: arava 10 mg uk
  47. Pingback: buy aricept 10mg
  48. Pingback: Biaxin 500mg cheap
  49. Pingback: buspar 10mg online
  50. Pingback: ceftin tablets
  51. Pingback: cephalexin pills
  52. Pingback: cipro 750mg cost
  53. Pingback: casino online
  54. Pingback: casino slot
  55. Pingback: casino world
  56. Pingback: slot games online
  57. Pingback: slot games online
  58. Pingback: casino
  59. Pingback: safe car insurance
  60. Pingback: cialis 20mg pills
  61. Pingback: payday loans in ga
  62. Pingback: installment loans
  63. Pingback: quick loans stores
  64. Pingback: cbd oil for dogs
  65. Pingback: cialis order
  66. Pingback: cbd oil for sale
  67. Pingback: buy cbd oil
  68. Pingback: vg cbd oil
  69. Pingback: buy levitra 10 mg
  70. Pingback: homework for pre k
  71. Pingback: male female viagra
  72. Pingback: my homework now
  73. Pingback: how to buy cleocin
  74. Pingback: buy clomid 50 mg
  75. Pingback: clonidine pills
  76. Pingback: Buy branded viagra
  77. Pingback: compazine canada
  78. Pingback: viagra information
  79. Pingback: coumadin otc
  80. Pingback: cozaar tablet
  81. Pingback: crestor otc
  82. Pingback: cymbalta uk
  83. Pingback: buy ddavp 10mcg
  84. Pingback: Drug viagra
  85. Pingback: elavil tablets
  86. Pingback: geodon pills
  87. Pingback: indocin 75mg otc
  88. Pingback: lopid pills
  89. Pingback: buy mestinon 60mg
  90. Pingback: buy micardis
  91. Pingback: periactin 4mg usa
  92. Pingback: plaquenil prices
  93. Pingback: prilosec tablet
  94. Pingback: proscar coupon
  95. Pingback: protonix online
  96. Pingback: pyridium nz
  97. Pingback: reglan canada
  98. Pingback: robaxin cost
  99. Pingback: order rogaine 5%
  100. Pingback: cheap seroquel
  101. Pingback: skelaxin generic
  102. Pingback: toprol 50mg prices
  103. Pingback: tricor 200mg uk
  104. Pingback: valtrex for sale
  105. Pingback: wellbutrin cheap
  106. Pingback: zanaflex 2 mg usa
  107. Pingback: zestril 2,5mg otc
  108. Pingback: site web
  109. Pingback: cheap zyloprim
  110. Pingback: cheapest zyvox
  111. Pingback: tadalafil price
  112. Pingback: buy furosemide
  113. Pingback: pioglitazone cheap
  114. Pingback: cheap leflunomide
  115. Pingback: dutasteride cost
  116. Pingback: olmesartan coupon
  117. Pingback: clonidinemg cost
  118. Pingback: cefuroxime price
  119. Pingback: citalopram cost
  120. Pingback: cheap clindamycin
  121. Pingback: warfarin pharmacy
  122. Pingback: divalproex generic
  123. Pingback: tolterodine usa
  124. Pingback: oxybutynin price
  125. Pingback: cialis 20 mg cost
  126. Pingback: bisacodyl online
  127. Pingback: permethrin price
  128. Pingback: estradiol usa
  129. Pingback: buy cialis now
  130. Pingback: cheap tamsulosin
  131. Pingback: how to buy viagra
  132. Pingback: isosorbide cheap
  133. Pingback: sumatriptan usa
  134. Pingback: cheap lamotrigine
  135. Pingback: furosemide 80
  136. Pingback: clomid chicks
  137. Pingback: new propecia study
  138. Pingback: januvia metformin
  139. Pingback: liquid paxil
  140. Pingback: plaquenil itching
  141. Pingback: tinderentrar.com

Comments are closed.