Indian Economy Today

-- Aisha Faiz, 11-B,Indian Learners Own Academy, Kuwait

"India can never be a repeat of the US or China."

There was a time in history when India was the richest country and the leading economic power in the world. Agriculture was our backbone and we were and are blessed with rich natural resources. Textiles, crafts and spices were exchanged with traders. India’s per-colonial history exhibited rich religious and cultural diversity. We could find a blend of cultures, traditions, religions, languages and a colourful wave of clothing, foods, literature, songs and so on. This diversity came from the traders, craftsmen and immigrants who brought elements of their own cultures to India.

However, the arrival of the British transformed the Indian economy into a colonial one. The basic economic pattern of self-sufficient rural economy had been driven off by the colonial policies and there was a sudden collapse of Indian industries and handicrafts. Even when the Britishers left, our country was economically backward because of the introduction of cheap machine-made goods. With this rapid decline, the traditional economic base of Indian society was demolished. On the other hand, we couldn't accommodate a majority of the population into the industrial sector as well. This made our nation under-developed. At the time of independence too, the economy of our country was very poor. There was a great challenge before the Indian government to plan for balanced economic growth and development of a huge country.

It had to remove poverty, illiteracy and under-development from the nation. During the last few decades, India has made an excellent economic progress in the field of information technology, infrastructure, agriculture and much more. We have shown our progress and development even in aerospace technology as India became the first country to successfully enter the mars orbit in maiden attempt. It is owing to the great scientific culture and ancestry and timeless contribution by our great scientists that we were able to achieve this great feat. At present, India is considered as a major developing country and the Indian government has been putting its best efforts in order to completely eradicate the problems of poverty, income disparity and various other issues.

After independence India’s economy expanded from Rs.2.7 lakh crore to Rs. 57 lakh crore. India is said to be the fastest growing economy by having the highest GDP growth rate close to 7% per annum. This was possible due to the structural changes made by the government of India such as Globalization during 1990s. India also made government campaigns like startup India, Make in India etc. Make in India is an initiative taken by the government to encourage international as well as national companies to make their products in India so that the Indian economy grows. It was launched in September 2014. Startup India is an initiative taken by the Indian government to increase rate of employment. India has one of the fastest growing service sectors at an annual rate of 9% for more than a decade.

“As you sow so shall you reap” says the Bible.

The long term economic growth is seen due to domestic young population and increased shared in the global economy. Indian economy has the potential to grow to the third largest in the world by the next decade. We Indians are indeed proud to be a part of this enriched country.

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