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| A Paragraph on Indian Economy: Essay on Indian Economy (100, 200, 250, 300 Words) in English |
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Indian Economy |
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Paragraph on Indian Economy or Essay on Indian Economy |
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English |
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Students of any Class 1-12 |
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Paragraph on Indian Economy in 100-150 Words / Essay on Indian Economy in 100 Words
Students can find below a paragraph of Indian Economy in 100-150 words or essay on Indian Economy in 100 words:
The Indian economy has faced a rollercoaster ride in the last few centuries. India maintained a well-established economy in the world during the 11th and 12th centuries and dropped to the weakest during the mid-19th century, during which the British rule. It gained back on the track during the 21st century and has functioned pretty well since.
India experienced a turing point in 1992 when the markets were opened along with the creation and introduction of a free market. Global corporations like Sony Inc, Microsoft, General Electric, and Coca Cola tied up collabs with the Indian market.
Many corporations from the West utilized the Indian market’s potentials, and many state governments provided incentives to various investors and corporations to invest in the Indian market. This led to the Indian market boost, and millions of job opportunities were created over the last two decades.
India achieved a GDP of 6 percent in Asia with its technology and the internet revolution. India still aims to thrive as the world’s largest economy in the coming decades.
Paragraph on Indian Economy in 200-250 Words / Essay on Indian Economy in 200 Words
Students can find below a paragraph of Indian Economy in 200-250 words or essay on Indian Economy in 200 words:
Indian Economy holds great significance for its radical transformation. It attained its forty-year-long old economic change from the Mixed Economy in the year 1991. The change occurred with the Central Government introducing the New Economic Policy (NEP) to benefit the economy.
India was fundamentally an agrarian economy when the British government left the country in 1947. Most of the trade activities occurred through selling, cultivating, consuming, and producing livestock and agricultural products. Industrialization slowly began with the visionary leadership of eminent leaders like Jawaharlal Nehru, Indira Gandhi, and Rajiv Gandhi.
Before the 1990s, most of India’s industries were managed by the government-run-Public sector units. India’s Economy hit it big in 1992, which created an influx of better economic activities and finance for the people. The reflective and idealistic attributions of Finance Minister Manmohan Singh led to a significant impact on the Indian Economy.
India introduced a New Economic Policy in 1991, under the democratic management of Prime Minister Narsimha Rao and Finance Minister Dr. Manmohan Singh, who incorporated three significant objectives – liberalization, privatization, and globalization.
Well- known and well-established corporations from the West starting realizing the potential of the Indian market and led to the establishment of millions of jobs, which boosted the Purchasing Power Parity index in India.
India reached its peak as the fastest-growing economy in its 2000’s with the inception of the IT revolution. With the establishment of the internet revolution and remote TechnologyTechnology, millions of jobs were formed at the ITES and IT sectors. India became the nerve center of all the non-core activities of the investment banks and IT giants around the world.
The immense growth of the Indian Economy has improved India’s political and social platform.
Paragraph on Indian Economy in 300 Words / Essay on Indian Economy in 300-500 Words
Students can find below a paragraph of Indian Economy in 300-500 words or essay on Indian Economy in 300 words:
India is mainly an agricultural economy. Agricultural activities contribute about 50% of the economy. Agriculture involves growing and selling of crops, poultry, fishing, cattle rearing, and animal husbandry. People in India earn their livelihood by involving themselves in many of these activities. These activities are vital to our economy. The Indian economy has seen major growth in the last few decades. The credit for this boom largely goes to the service sector. Agriculture and associated activities have also been improvised to match the global standards and the export of various food products has seen an upward trend thereby adding to the economic growth. The industrial sector does not lag behind a bit. A number of new large scale, as well as small scale industries, have been set up in recent times and these have also proved to have a positive impact on the Indian economy.
Government’s Role in Economic Growth
Majority of the working Indian population was and is still engaged in the agriculture sector. Growing crops, fishing, poultry and animal husbandry were among the tasks undertaken by them. They manufactured handicraft items that were losing their charm with the introduction of the industrial goods. The demand for these goods began to decline. The agricultural activities also did not pay enough.
The government identified these problems as hindering the economic growth of the country and established policies to curb them. Promotion of cottage industry, providing fair wages to the laborers and providing enough means of livelihood to the people were some of the policies laid by the government for the country’s economic growth.
The Rise of the Industrial Sector
The government of India also promoted the growth of small scale and large scale industry as it understood that agriculture alone would not be able to help in the country’s economic growth. Many industries have been set up since independence. A large number of people shifted from the agricultural sector to the industrial sector in an attempt to earn better.
Today, we have numerous industries manufacturing a large amount of raw material as well as finished goods. The pharmaceutical industry, iron and steel industry, chemical industry, textile industry, automotive industry, timber industry, jute, and paper industry are among some of the industries which have contributed a great deal in our economic growth.
The Growth in Service Sector
The service sector has also helped in the growth of our country. This sector has seen growth in the last few decades. The privatization of the banking and telecom sectors has a positive impact on the service sector. The tourism and hotel industries are also seeing a gradual growth. As per a recent survey, the service sector is contributing to more than 50% of the country’s economy.
Indian Economy after Demonetization
The worst affected were the people in the rural areas who did not have access to internet and plastic money. This affects many big and small businesses in the country very badly. Several of them were shut down as a result of this. While the short term effects of demonetization were devastating, this decision did have a brighter side when looked at from long term perspective.
The positive impact of demonetization on the Indian economy is a breakdown of black money, the decline in fake currency notes, increase in bank deposits, demonetization stopped the flow of black money in the real estate sector to ensure a fair play, increase in digital transactions, cutting monetary support for terrorist activities.
Many of our industries are cash-driven and sudden demonetization left all these industries starving. Also, many of our small scale, as well as large scale manufacturing industries, suffered huge losses thereby impacting the economy of the country negatively. Many factories and shops had to be shut down. This did not only impact the businesses but also the workers employed there. Several people, especially the laborers, lost their jobs.
Conclusion
The Indian economy undergoes several positive changes since independence. It is growing at a good pace. However, the rural regions of our country are still under-developed. The government must make efforts to improve the economic condition of these areas.
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The economy of India is a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 125th by GDP (PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China. Economy of the Indian subcontinent was the largest in the world for most of the recorded history up until the onset of colonialism in early 19th century.
The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, increasing globalisation in India and integration into the global economy. The economy was slowed in 2017, due to the shocks of "demonetisation" in 2016 and the introduction of the Goods and Services Tax in 2017. Nearly 70% of India's GDP is driven by domestic private consumption. The country remains the world's sixth-largest consumer market. Apart from private consumption, India's GDP is also fueled by government spending, investments, and exports. In 2020, pandemic had affected trade and India was the world's 14th-largest importer and the 21st-largest exporter. India has been a member of the World Trade Organization since 1 January 1995. It ranks 63rd on the Ease of doing business index and 68th on the Global Competitiveness Report. Due to extreme rupee/dollar rate fluctuations India's nominal GDP too fluctuates significantly. With 50 crore (500 million) workers, the Indian labour force is the world's second-largest. India has one of the world's highest number of billionaires and extreme income inequality. Because of several exemptions, barely 2% of Indians pay income taxes.
During the 2008 global financial crisis, the economy faced a mild slowdown. India undertook stimulus measures (both fiscal and monetary) to boost growth and generate demand. In subsequent years, economic growth revived. According to the World Bank, to achieve sustainable economic development, India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labour regulations, financial inclusion, spur private investment and exports, education, and public health.
In 2020, India's ten largest trading partners were United States, China, United Arab Emirates (UAE), Saudi Arabia, Switzerland, Germany, Hong Kong, Indonesia, South Korea, and Malaysia. In 2019–20, the foreign direct investment (FDI) in India was $74.4 billion. The leading sectors for FDI inflows were the service sector, the computer industry, and the telecom industry. India has free trade agreements with several nations, including ASEAN, SAFTA, Mercosur, South Korea, Japan, and several others which are in effect or under negotiating stage.
The service sector makes up 50% of GDP and remains the fastest growing sector, while the industrial sector and the agricultural sector employs a majority of the labor force. The Bombay Stock Exchange and National Stock Exchange are some of the world's largest stock exchanges by market capitalisation. India is the world's sixth-largest manufacturer, representing 2.6% of global manufacturing output. Nearly 66% of India's population is rural, and contributes about 50% of India's GDP. It has the world's fourth-largest foreign-exchange reserves worth $588,314 billion. India has a high public debt with 86% of GDP, while its fiscal deficit stood at 6.7% of GDP. India's government-owned banks faced mounting bad debt, resulting in low credit growth. Simultaneously, the NBFC sector has been engulfed in a liquidity crisis. India faces moderate unemployment, rising income inequality, and a drop in aggregate demand. India's gross domestic savings rate stood at 31.38 of GDP in FY 2020. In recent years, independent economists and financial institutions have accused the government of manipulating various economic data, especially GDP growth.
India is the world's largest manufacturer of generic drugs, and its pharmaceutical sector fulfills over 50% of the global demand for vaccines. The Indian IT industry is a major exporter of IT services with $196 billion in revenue and employs over 4.47 million people. India's chemical industry is extremely diversified and estimated at $178 billion. The tourism industry contributes about 9.2% of India's GDP and employs over 4.2 crore (42 million) people. India ranks second globally in food and agricultural production, while agricultural exports were $35.09 billion. The construction and real estate sector ranks third among the 14 major sectors in terms of direct, indirect, and induced effects in all sectors of the economy. The Indian textiles industry is estimated at $100 billion and contributes 13% of industrial output and 2.3% of India's GDP while employs over 4.5 crore (45 million) people directly. India's telecommunication industry is the world's second largest by the number of mobile phone, smartphone, and internet users. It is the world's 24th-largest oil producer and the third-largest oil consumer. The Indian automobile industry is the world's fifth-largest by production. India has retail market worth $1.17 trillion, which contributes over 10% of India's GDP. It also has one of the world's fastest growing e-commerce markets. India has the world's fourth-largest natural resources, with the mining sector contributing 11% of the country's industrial GDP and 2.5% of total GDP. It is also the world's second-largest coal producer, the second-largest cement producer, the second-largest steel producer, and the third-largest electricity producer.
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