Indian Economy

-- Monika Sunil, 11-B,Indian Learners Own Academy, Kuwait

Indian economy has traveled a long way. From the time of independence up until now, we have grown and expanded and has become the 6th largest economy in the world. Reaching this far was never easy. It required great economic schemes and most importantly the coordination of India’s diverse population.

Even before the arrival of foreigner’s poverty and problem of stagnation was a part of the then better off Indian economy. But with the arrival of British in India, the economic structure in India had to face a lot of change. The Britishers initiated the economic exploitation of the country by ruining the Self-sufficient economy of the villages in India.

British looted a huge amount of resources from India. During this period cottage industries in India were totally destroyed due to the colonial strategy followed by the British rulers. This sort of economic drain of Wealth from India prevented formation of capital in the country.

During the two hundred years of British rule, exploitation of the economy was continued and this led to total under-development of the economy of the country. After independence we were left with a severely underdeveloped economy along with underdeveloped sectors. We faced problems of low PCI, low investment, high birth and death rates etc. These factors led to stagnation and poverty.
During the period after independence a series of economic policies were made which tried too make the country self-sufficient. The economic reforms of India concentrated more on the growth of the public and rural sector. New roads were built, dams and bridges were constructed, and electricity was spread to the rural areas to improve the standard of living.

As a result, in 1950's huge scale nationalization was done to industries like, telecommunications, mining, electricity etc.

Green and white revolution was initiated to improve the agricultural sector along with various other policies for industrialization and urbanization.

In the year 1991 Indian government initiated a liberalization policy. The Indian markets were opened to the world. Foreign Direct Investment in India rose due to the same.

Even though the growth of the Indian economy has slowed down at present due to demonetization by the Modi government, experts are convinced that India is going to become the world’s largest economy within a span of 20 years.

The future of the Indian economy is bright and Indian rupees will become one of the most powerful currencies in the world.

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