gdp of india essay

India could become the world’s 3rd largest economy in the next 5 years. Here's how

India is poised to play defining role in shaping the future of the global economy in 2024 and beyond. Image:  Getty Images/iStockphoto

.chakra .wef-1c7l3mo{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;}.chakra .wef-1c7l3mo:hover,.chakra .wef-1c7l3mo[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-1c7l3mo:focus,.chakra .wef-1c7l3mo[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);} Sriram Gutta

Suchi kedia.

.chakra .wef-9dduvl{margin-top:16px;margin-bottom:16px;line-height:1.388;font-size:1.25rem;}@media screen and (min-width:56.5rem){.chakra .wef-9dduvl{font-size:1.125rem;}} Explore and monitor how .chakra .wef-15eoq1r{margin-top:16px;margin-bottom:16px;line-height:1.388;font-size:1.25rem;color:#F7DB5E;}@media screen and (min-width:56.5rem){.chakra .wef-15eoq1r{font-size:1.125rem;}} India is affecting economies, industries and global issues

.chakra .wef-1nk5u5d{margin-top:16px;margin-bottom:16px;line-height:1.388;color:#2846F8;font-size:1.25rem;}@media screen and (min-width:56.5rem){.chakra .wef-1nk5u5d{font-size:1.125rem;}} Get involved with our crowdsourced digital platform to deliver impact at scale

Stay up to date:.

• Amidst a challenging global scenario, India has emerged as a significant economic and geopolitical power.
• 2023 was a landmark year for India as it assumed the presidency of the G20, marked by some notable achievements.
• India is poised to play a defining role in shaping the future of the global economy in 2024 and beyond.

This article has been published in CNBC .

2024 begins at a critical and delicate juncture. While the global economy has managed to stave off recession, albeit narrowly, it has suffered significant volatility and unpredictability during the past year. Devastating conflicts have stoked geopolitical fractures, economic fragmentation and financial turbulence.

With new global challenges emerging, urgent progress is needed to address existing vulnerabilities, including fragile energy and food security, inclusive growth, and the intensifying climate emergency. Effective multilateral cooperation is key for the world to come to a common understanding to tackle these interlinked issues.

Have you read?

Davos 2024: who's coming and what to expect, how india’s climate leadership is building a better future for all, here are 4 ways ai is streamlining banking in india.

Amidst a challenging global scenario, India has emerged as a significant economic and geopolitical power. Its actions in the coming year could lay the groundwork for the country to become the world’s third largest economy in the next five years and a developed nation by 2047, setting an example on inclusive, sustainable economic growth, digital development and climate action.

A landmark year

2023 marked a landmark year for India as it assumed presidency of the world’s highest profile global economic assembly, the G20, and showcased its economic prowess and diplomatic finesse to the world.

India’s emphasis on a rule-based international order, advocacy for collaboration to solve common issues, and commitment to upholding democratic values positions makes it a stabilizing force in an increasingly complex global geopolitical landscape. Importantly, India also helped herald a new dawn of multilateralism where developing countries take their rightful place in shaping the global narrative by mainstreaming the Global South's concerns in international discourse.

The notable achievements during India’s tenure – the inclusion of the African Union into the G20; the launch of critical multistakeholder partnerships such as the Global Biofuel Alliance and the Global Initiative on Digital Health; the progress on United Nations Sustainable Development Goals (SDGs); the reform of multilateral development banks; and the scaling of digital public infrastructure – demonstrate its ability to build consensus to address global challenges collectively and effectively.

The World Economic Forum, through its centres and initiatives, actively supported India’s G20 agenda and contributed to key thematic areas including energy and health.

On the economic front, India has been a key growth engine for the world, contributing 16% to the global growth in 2023 . The country’s growth rate of 7.2% in fiscal 2022-2023 was the second-highest among the G20 countries and almost twice the average for emerging market economies that year.

India’s efforts to maintain stability and enact structural reforms have contributed to its economic resilience in the face of global challenges. Investments in upgrading infrastructure and connectivity, including projects like the Bharatmala highway programme, the Sagarmala project for port-led development and the Smart Cities Mission, are transforming the country's landscape and playing a pivotal role in the country’s economic advancement.

India began laying a solid foundation for a more digital economy over a decade ago with the launch of its national identification programme, Aadhaar, which uses biometric IDs to establish proof of residence. Today, with a burgeoning tech industry, the country has become a key centre for innovation and technology services, not only boosting economic growth but also positioning India as a key player in shaping the future of the digital economy.

In the face of escalating climate-related concerns, India also plays a key leadership role in the global fight against climate change. Through the launch of the Mission LiFE of Lifestyle for Environment, coupled with a concerted push for Green Hydrogen, India has demonstrated a firm commitment to a growth trajectory that balances economic advancement with ecological responsibility.

India has also launched the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure, and proposed a global grid for renewables. A major announcement made by Prime Minister Modi at COP28 in Dubai was the introduction of the Green Credit Initiative as a substitute for carbon credits.

According to our Future of Jobs 2018 report, more than one-half of India’s workforce will need to be re-skilled by 2022 to meet the demands of the Fourth Industrial Revolution.

With the world’s largest youth population and more than half of the population of working age, skills development is critical for India to sustain inclusive growth and development.

In late 2018, the World Economic Forum, in collaboration with India's oil and skills development minister as well as the head of business consulting company Infosys, launched a Task Force for Closing the Skills Gap in India .

The task force brings together leaders from business, government, civil society and the education and training sectors to help future-proof India’s education and training systems. Find out more about our Closing the Skills Gap 2020 initiative.

A focus on inclusive growth

Moving forward, fulfilling India’s national and global ambitions will require strategic policymaking to tread the delicate balance between economic growth, social development and environmental sustainability. India’s demographics will be advantageous to its growth story only if coupled with broad labour market reforms and human development measures to skill one of the world’s largest workforces and address youth unemployment.

Continued broad-based policy initiatives and structural changes focused on inclusive growth, sustained revival in domestic consumption demand, and rapid adoption of new and emerging technologies to enhance the productivity will be critical. Additionally, India must continue to engage in multilateral forums to address global issues such as health crises, economic disparities and geopolitical tensions.

The world is now witnessing a nation on the rise, with a booming economy, and a commitment to inclusivity, sustainability, and international collaboration. India is poised to play defining role in shaping the future of the global economy in 2024 and beyond.

This article was published as part of the World Economic Forum Annual Meeting 2024 discussions.

Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:

The agenda .chakra .wef-n7bacu{margin-top:16px;margin-bottom:16px;line-height:1.388;font-weight:400;} weekly.

A weekly update of the most important issues driving the global agenda

.chakra .wef-1dtnjt5{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;} More on India .chakra .wef-17xejub{-webkit-flex:1;-ms-flex:1;flex:1;justify-self:stretch;-webkit-align-self:stretch;-ms-flex-item-align:stretch;align-self:stretch;} .chakra .wef-nr1rr4{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;white-space:normal;vertical-align:middle;text-transform:uppercase;font-size:0.75rem;border-radius:0.25rem;font-weight:700;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;line-height:1.2;-webkit-letter-spacing:1.25px;-moz-letter-spacing:1.25px;-ms-letter-spacing:1.25px;letter-spacing:1.25px;background:none;padding:0px;color:#B3B3B3;-webkit-box-decoration-break:clone;box-decoration-break:clone;-webkit-box-decoration-break:clone;}@media screen and (min-width:37.5rem){.chakra .wef-nr1rr4{font-size:0.875rem;}}@media screen and (min-width:56.5rem){.chakra .wef-nr1rr4{font-size:1rem;}} See all

Explainer: What is the European Free Trade Association?

Victoria Masterson

March 20, 2024

India is opening its space sector to foreign investment

February 28, 2024

Health tech: this is how we harness its potential to transform healthcare

Shakthi Nagappan

February 13, 2024

Buses are key to fuelling Indian women's economic success. Here's why

Priya Singh

February 8, 2024

India is making strides on climate policy that others could follow 

Thomas Kerr

February 5, 2024

How collaborative action on smog could cast new light on India-Pakistan relations

Anurit Kanti, Muhammad Hassan Dajana and Syeda Hamna Shujat

January 29, 2024

25,000+ students realised their study abroad dream with us. Take the first step today

Meet top uk universities from the comfort of your home, here’s your new year gift, one app for all your, study abroad needs, start your journey, track your progress, grow with the community and so much more.

Verification Code

An OTP has been sent to your registered mobile no. Please verify

Thanks for your comment !

Our team will review it before it's shown to our readers.

• School Education /

Essay on Indian Economy for Students in 100, 200 and 500 Words

• Updated on  
• Jan 12, 2024

Essay on Indian Economy: The Indian economy is a mixed economy, which is primarily driven by the agriculture and services sectors. The agriculture sector contributes to nearly 20% of India’s GDP. Whereas, the services sector accounts for nearly 50% of the country’s GDP. Furthermore, the manufacturing sector contributes to around 28% of India’s GDP. Globally, India is ranked 142nd and 125th in terms of per capita income and nominal GDP, as per the International Monetary Fund (IMF). 

Since independence, India has transformed from an agricultural country to a mixed economy due to liberalization in 1991. To read more about the Indian economy, keep reading the blog on sample essays about the same. 

This Blog Includes:

100 words essay on indian economy, 200 words essay on indian economy, 500 words essay on indian economy.

Also Read: Class 12 Macroeconomics

The Indian economy is dynamic and rapidly growing. Currently, the economy is characterised by various sectors. The key contributors to the country’s economic growth are the agriculture, services, and manufacturing sectors. However, this was not always the case. India was an agricultural economy when the British left India in 1947 after plundering the sub-continent from 1600 to 1947. 

After independence, India became a part of the global economy in 1991, when the central government adopted the Liberalisation, Privatisation, and Globalisation (LPG) policy. Since then, the Indian economy has expanded in the service and manufacturing sectors significantly. At present, the economy is driven by government initiatives like Make in India and Digital India. However, we have a long way to go. 

Also Read: Find Economics PYQ UPSC Mains Question Bank: 2021-2018

Agriculture is the backbone of the Indian economy and of rural livelihoods. It not only employs a majority of the Indian population but also provides raw materials to different industries. In recent years, advancements and innovations in the industrial sector through schemes like the National Manufacturing Policy (NMP), the Technology Upgradation Fund Scheme (TUFS), and Make in India have contributed to the growth of the Indian economy. 

Despite progress and innovations in farming practices and the industrial sector both these industries are facing losses. This is due to limitations in government policies and a lack of awareness among the people of India. Even today, the agricultural sector is affected by outdated farming methods, dependency on weather, and a lack of skilled workers. All these issues need to be addressed by government policies that help promote an environment-friendly agriculture system that is profitable in nature. This will help the Indian economy grow.

Also, investment in business, easy bureaucratic processes, skilled development programmes, and research and development initiatives, will help in creating favourable conditions for the growth of the Indian economy.

Thus, to uplift the Indian economy, it is necessary to maintain a mutually beneficial partnership between the government and the agriculture and manufacturing sectors. The agriculture sector can grow by overcoming the challenges in farming practices. Whereas, the industrial sector will expand due to strategic investments and progressive policies.

Also Read: Indian Students Adding to the UK Economy

Policies for the growth of the Indian economy aim at overcoming poverty, reducing wealth gaps, and optimising productivity. The main purpose of bridging the wealth gap between different sections of society is to improve the overall well-being of its population for sustainable economic development.   

1. Overcome of Poverty

As per the Niti Aayog report of July 17, 2023, there is a decrease in the population of people vulnerable to poverty. The percentage of decline is from 24.8 percent to 14.9 percent for four consecutive years, from 2015-2016 to 2019-2021. However, the government is implementing various policies such as the National Education Policy, 2020 (NEP), the National Health Policy, the National Employment Policy (NEP) and many more important programs and policies to decrease the numbers of percentage so that there can be boosted in education, healthcare, and employment opportunities can be raised. 

More educated people with good health will better contribute to the Indian economy. Moreover, creating jobs and small businesses will also lead to increased income levels help reduce poverty and encourage economic growth.

2. Reduction of Wealth Gaps

The second important factor in the rise of the Indian economy is reducing the gap between the poor and the rich. To address the wealth gap, various programmes and schemes, such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Pradhan Mantri Jan Dhan Yojna (PMJDY), are implemented. Furthermore, to support business innovators from minority communities, small-scale financing is provided through MUDRA Bank.

For social security, initiatives such as Pradhan Mantri Jeevan Jyoti Yojana and Pradhan Mantri Jeevan Jyoti Yojana are given to encourage social security. These initiatives contribute not only to narrowing the wealth gap through the even distribution of resources but also to establishing a pathway for economic growth in the Indian economy.

3. Fewer Labour Inputs and More Productivity

To encourage both domestic and international companies to invest in the Indian economy, particularly in manufacturing, and innovation, and more importantly, to achieve higher productivity with less input initiatives such as Make in India are encouraged, which not only helps for advancement in technology but also aid in mastering the skills.

The aim of the government of India’s Make in India scheme is to increase productivity and efficiency and reduce dependence on manpower across the different sectors of the Indian economy.

4. Abundance of Goods and Services

The rise in the production of goods and services for a certain period as compared to a previous period helps in the contribution of increased consumption by promoting market competitiveness and driving the innovation of an Indian economy.

Providing consumers with a good number of goods and services not only helps in catering choices but also creates opportunities for boosting business. An Indian economy with a steadfast supply of goods and services leads to stability of prices and improvement in the standard of living of the people.

In conclusion, addressing poverty, reducing the wealth gaps, increasing productivity with fewer labour inputs, and ensuring an abundant supply of goods and services helps in developing the Indian economy. The Indian government is actively implementing policies and technological advancements to encourage these factors and continually revising them to create a broad and steady Indian economy.

Also Read: BA Economics Jobs

Ans. GDP = Consumption + Investment + Government Spending + Net Exports or  GDP = C + I + G +NX. Here, (C) is the consumption that represents private-consumption expenditures by households and nonprofit organizations, (I) is the investment that refers to business expenditures by businesses and home purchases by households, government spending, (G) denotes expenditures on goods and services by the government, and net exports (NX) represents a nation’s exports minus its imports.

Ans. Low per capita income, large population, the service sector and diverse sectors such as manufacturing and agriculture are characteristics of the Indian economy.

Ans. Pandit Jawaharlal Nehru is the father of the Indian economy. 

Ans. Agriculture is the backbone of Indian economy as it helps in providing raw materials as well as raw materials to the various industries. 

Ans. The full form of GDP is Gross Domestic Production.

Related Articles

For more information on such interesting topics, visit our essay writing page and follow Leverage Edu.

Deepika Joshi

Deepika Joshi is an experienced content writer with expertise in creating educational and informative content. She has a year of experience writing content for speeches, essays, NCERT, study abroad and EdTech SaaS. Her strengths lie in conducting thorough research and ananlysis to provide accurate and up-to-date information to readers. She enjoys staying updated on new skills and knowledge, particulary in education domain. In her free time, she loves to read articles, and blogs with related to her field to further expand her expertise. In personal life, she loves creative writing and aspire to connect with innovative people who have fresh ideas to offer.

Leave a Reply Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Contact no. *

Connect With Us

25,000+ students realised their study abroad dream with us. Take the first step today.

Resend OTP in

Need help with?

Study abroad.

UK, Canada, US & More

IELTS, GRE, GMAT & More

Scholarship, Loans & Forex

Country Preference

New Zealand

Which English test are you planning to take?

Which academic test are you planning to take.

Not Sure yet

When are you planning to take the exam?

Already booked my exam slot

Within 2 Months

Want to learn about the test

Which Degree do you wish to pursue?

When do you want to start studying abroad.

January 2024

September 2024

What is your budget to study abroad?

How would you describe this article ?

Please rate this article

We would like to hear more.

Have something on your mind?

Make your study abroad dream a reality in January 2022 with

India's Biggest Virtual University Fair

Essex Direct Admission Day

Why attend .

Don't Miss Out

• CBSE Class 10th
• CBSE Class 12th
• UP Board 10th
• UP Board 12th
• Bihar Board 10th
• Bihar Board 12th
• Top Schools in India
• Top Schools in Delhi
• Top Schools in Mumbai
• Top Schools in Chennai
• Top Schools in Hyderabad
• Top Schools in Kolkata
• Top Schools in Pune
• Top Schools in Bangalore

Products & Resources

• JEE Main Knockout April
• Free Sample Papers
• Free Ebooks
• NCERT Notes
• NCERT Syllabus
• NCERT Books
• RD Sharma Solutions
• Navodaya Vidyalaya Admission 2024-25
• NCERT Solutions
• NCERT Solutions for Class 12
• NCERT Solutions for Class 11
• NCERT solutions for Class 10
• NCERT solutions for Class 9
• NCERT solutions for Class 8
• NCERT Solutions for Class 7
• JEE Main 2024
• JEE Advanced 2024
• BITSAT 2024
• View All Engineering Exams
• Colleges Accepting B.Tech Applications
• Top Engineering Colleges in India
• Engineering Colleges in India
• Engineering Colleges in Tamil Nadu
• Engineering Colleges Accepting JEE Main
• Top IITs in India
• Top NITs in India
• Top IIITs in India
• JEE Main College Predictor
• JEE Main Rank Predictor
• MHT CET College Predictor
• AP EAMCET College Predictor
• GATE College Predictor
• KCET College Predictor
• JEE Advanced College Predictor
• View All College Predictors
• JEE Main Question Paper
• JEE Main Mock Test
• JEE Main Registration
• JEE Main Syllabus
• Download E-Books and Sample Papers
• Compare Colleges
• B.Tech College Applications
• GATE 2024 Result
• MAH MBA CET Exam
• View All Management Exams

Colleges & Courses

• MBA College Admissions
• MBA Colleges in India
• Top IIMs Colleges in India
• Top Online MBA Colleges in India
• MBA Colleges Accepting XAT Score
• BBA Colleges in India
• XAT College Predictor 2024
• SNAP College Predictor
• NMAT College Predictor
• MAT College Predictor 2024
• CMAT College Predictor 2024
• CAT Percentile Predictor 2023
• CAT 2023 College Predictor
• CMAT 2024 Registration
• TS ICET 2024 Registration
• CMAT Exam Date 2024
• MAH MBA CET Cutoff 2024
• Download Helpful Ebooks
• List of Popular Branches
• QnA - Get answers to your doubts
• IIM Fees Structure
• AIIMS Nursing
• Top Medical Colleges in India
• Top Medical Colleges in India accepting NEET Score
• Medical Colleges accepting NEET
• List of Medical Colleges in India
• List of AIIMS Colleges In India
• Medical Colleges in Maharashtra
• Medical Colleges in India Accepting NEET PG
• NEET College Predictor
• NEET PG College Predictor
• NEET MDS College Predictor
• DNB CET College Predictor
• DNB PDCET College Predictor
• NEET Application Form 2024
• NEET PG Application Form 2024
• NEET Cut off
• NEET Online Preparation
• Download Helpful E-books
• LSAT India 2024
• Colleges Accepting Admissions
• Top Law Colleges in India
• Law College Accepting CLAT Score
• List of Law Colleges in India
• Top Law Colleges in Delhi
• Top Law Collages in Indore
• Top Law Colleges in Chandigarh
• Top Law Collages in Lucknow

Predictors & E-Books

• CLAT College Predictor
• MHCET Law ( 5 Year L.L.B) College Predictor
• AILET College Predictor
• Sample Papers
• Compare Law Collages
• Careers360 Youtube Channel
• CLAT Syllabus 2025
• CLAT Previous Year Question Paper
• AIBE 18 Result 2023
• NID DAT Exam
• Pearl Academy Exam

Animation Courses

• Animation Courses in India
• Animation Courses in Bangalore
• Animation Courses in Mumbai
• Animation Courses in Pune
• Animation Courses in Chennai
• Animation Courses in Hyderabad
• Design Colleges in India
• Fashion Design Colleges in Bangalore
• Fashion Design Colleges in Mumbai
• Fashion Design Colleges in Pune
• Fashion Design Colleges in Delhi
• Fashion Design Colleges in Hyderabad
• Fashion Design Colleges in India
• Top Design Colleges in India
• Free Design E-books
• List of Branches
• Careers360 Youtube channel
• NIFT College Predictor
• UCEED College Predictor
• NID DAT College Predictor
• IPU CET BJMC
• JMI Mass Communication Entrance Exam
• IIMC Entrance Exam
• Media & Journalism colleges in Delhi
• Media & Journalism colleges in Bangalore
• Media & Journalism colleges in Mumbai
• List of Media & Journalism Colleges in India
• CA Intermediate
• CA Foundation
• CS Executive
• CS Professional
• Difference between CA and CS
• Difference between CA and CMA
• CA Full form
• CMA Full form
• CS Full form
• CA Salary In India

Top Courses & Careers

• Bachelor of Commerce (B.Com)
• Master of Commerce (M.Com)
• Company Secretary
• Cost Accountant
• Charted Accountant
• Credit Manager
• Financial Advisor
• Top Commerce Colleges in India
• Top Government Commerce Colleges in India
• Top Private Commerce Colleges in India
• Top M.Com Colleges in Mumbai
• Top B.Com Colleges in India
• IT Colleges in Tamil Nadu
• IT Colleges in Uttar Pradesh
• MCA Colleges in India
• BCA Colleges in India

Quick Links

• Information Technology Courses
• Programming Courses
• Web Development Courses
• Data Analytics Courses
• Big Data Analytics Courses
• RUHS Pharmacy Admission Test
• Top Pharmacy Colleges in India
• Pharmacy Colleges in Pune
• Pharmacy Colleges in Mumbai
• Colleges Accepting GPAT Score
• Pharmacy Colleges in Lucknow
• List of Pharmacy Colleges in Nagpur
• GPAT Result
• GPAT 2024 Admit Card
• GPAT Question Papers
• NCHMCT JEE 2024
• Mah BHMCT CET
• Top Hotel Management Colleges in Delhi
• Top Hotel Management Colleges in Hyderabad
• Top Hotel Management Colleges in Mumbai
• Top Hotel Management Colleges in Tamil Nadu
• Top Hotel Management Colleges in Maharashtra
• B.Sc Hotel Management
• Hotel Management
• Diploma in Hotel Management and Catering Technology

Diploma Colleges

• Top Diploma Colleges in Maharashtra
• UPSC IAS 2024
• SSC CGL 2024
• IBPS RRB 2024
• Previous Year Sample Papers
• Free Competition E-books
• Sarkari Result
• QnA- Get your doubts answered
• UPSC Previous Year Sample Papers
• CTET Previous Year Sample Papers
• SBI Clerk Previous Year Sample Papers
• NDA Previous Year Sample Papers

Upcoming Events

• NDA Application Form 2024
• UPSC IAS Application Form 2024
• CDS Application Form 2024
• CTET Admit card 2024
• HP TET Result 2023
• SSC GD Constable Admit Card 2024
• UPTET Notification 2024
• SBI Clerk Result 2024

Other Exams

• SSC CHSL 2024
• UP PCS 2024
• UGC NET 2024
• RRB NTPC 2024
• IBPS PO 2024
• IBPS Clerk 2024
• IBPS SO 2024
• Top University in USA
• Top University in Canada
• Top University in Ireland
• Top Universities in UK
• Top Universities in Australia
• Best MBA Colleges in Abroad
• Business Management Studies Colleges

Top Countries

• Study in USA
• Study in UK
• Study in Canada
• Study in Australia
• Study in Ireland
• Study in Germany
• Study in China
• Study in Europe

Student Visas

• Student Visa Canada
• Student Visa UK
• Student Visa USA
• Student Visa Australia
• Student Visa Germany
• Student Visa New Zealand
• Student Visa Ireland
• CUET PG 2024
• IGNOU B.Ed Admission 2024
• DU Admission
• UP B.Ed JEE 2024
• DDU Entrance Exam
• IIT JAM 2024
• IGNOU Online Admission 2024
• Universities in India
• Top Universities in India 2024
• Top Colleges in India
• Top Universities in Uttar Pradesh 2024
• Top Universities in Bihar
• Top Universities in Madhya Pradesh 2024
• Top Universities in Tamil Nadu 2024
• Central Universities in India
• CUET PG Admit Card 2024
• IGNOU Date Sheet
• CUET Mock Test 2024
• CUET Application Form 2024
• CUET PG Syllabus 2024
• CUET Participating Universities 2024
• CUET Previous Year Question Paper
• CUET Syllabus 2024 for Science Students
• E-Books and Sample Papers
• CUET Exam Pattern 2024
• CUET Exam Date 2024
• CUET Syllabus 2024
• IGNOU Exam Form 2024
• IGNOU Result
• CUET PG Courses 2024

Engineering Preparation

• Knockout JEE Main 2024
• Test Series JEE Main 2024
• JEE Main 2024 Rank Booster

Medical Preparation

• Knockout NEET 2024
• Test Series NEET 2024
• Rank Booster NEET 2024

Online Courses

• JEE Main One Month Course
• NEET One Month Course
• IBSAT Free Mock Tests
• IIT JEE Foundation Course
• Knockout BITSAT 2024
• Career Guidance Tool

Top Streams

• IT & Software Certification Courses
• Engineering and Architecture Certification Courses
• Programming And Development Certification Courses
• Business and Management Certification Courses
• Marketing Certification Courses
• Health and Fitness Certification Courses
• Design Certification Courses

Specializations

• Digital Marketing Certification Courses
• Cyber Security Certification Courses
• Artificial Intelligence Certification Courses
• Business Analytics Certification Courses
• Data Science Certification Courses
• Cloud Computing Certification Courses
• Machine Learning Certification Courses
• View All Certification Courses
• UG Degree Courses
• PG Degree Courses
• Short Term Courses
• Free Courses
• Online Degrees and Diplomas
• Compare Courses

Top Providers

• Coursera Courses
• Udemy Courses
• Edx Courses
• Swayam Courses
• upGrad Courses
• Simplilearn Courses
• Great Learning Courses

Access premium articles, webinars, resources to make the best decisions for career, course, exams, scholarships, study abroad and much more with

Plan, Prepare & Make the Best Career Choices

Essay on The Indian Economy

The Indian economy has experienced a transformation from being a mixed-planned economy to an emergent middle-income social market economy with strong state intervention in key industries. It ranks third in terms of purchasing power parity and fifth overall in terms of nominal GDP (PPP). India is ranked 125th and 142nd in terms of nominal GDP and per capita income, respectively, by the International Monetary Fund (IMF) (PPP). Below are a few sample essays on the Indian economy.

100 Words Essay On The Indian Economy

The Indian subcontinent was the largest economy in the world throughout the bulk of recorded history, up to the beginnings of colonisation in the early 19th century. India's Gross Domestic Product (GDP) makes up 7.5% of the world economy, according to purchasing power parity (PPP). Due to its young population, low dependence ratio, high rates of savings and investments, rising globalisation in India, and interaction with the global economy, the long-term outlook for the Indian economy is still good. The shocks of "demonetisation" in 2016 and the implementation of the Goods and Services Tax in 2017 caused the economy to slow down. India's GDP is powered by domestic private spending to a degree of over 70%. The nation continues to be the sixth-largest consumer market in the globe.

200 Words Essay On the Indian Economy

Before the Covid-19 Pandemic struck in 2020 and had a detrimental effect on trade, India's economy was the world's 14th-largest importer and 21st-largest exporter. India has been a member of the World Trade Organisation since January 1, 1995. It ranks 63 on the Ease of Doing Business Index and 68 on the Global Competitiveness Report. India's nominal GDP swings significantly, which is also a result of the significant fluctuations in the rupee/dollar exchange rate. India has the second-largest labour force in the world, with 50 crores (500 million) workers. India is one of the nations with the highest proportion of billionaires and the widest wealth gaps. Due to several exceptions, just 2% of Indians pay income taxes.

Crisis In 2008 | The GDP somewhat decreased as a result of the global financial crisis in 2008. India started fiscal and monetary stimulus programmes to increase demand and strengthen the economy. Later on, economic growth picked up.

Steps For Sustainable Growth | Indian priorities for achieving sustainable economic growth, according to the World Bank, should be infrastructure development, agricultural and rural development, the abolition of land and labour regulations, financial inclusion, fostering private investment and exports, education, and public health.

500 Words Essay On the Indian economy

For a continuous period of more than 1700 years, starting in the year 1 AD, India was the greatest economy in the world, contributing 35 to 40% of the global GDP . Following the collapse of the British Empire, a combination of protectionist, import-substitution, Fabian socialism, and social democratic policies were used to rule India for a spell. Due to its sluggish growth, extensive regulation, protectionist policies, and government ownership, the economy during the period was referred to as "Drigism." The country has moved closer to a market-based economy since 1991 because of increasing economic liberalisation. Statistics show that by 2008, India's economy was among the fastest-growing in the world.

Ancient and Mediaeval Eras

Let us learn a little about how Indian economy was during the ancient and medieval era.

Indus Valley Civilisation

The Indus Valley civilisation, a stable society, emerged between 2800 and 1800 BC. Its residents engaged in agriculture, domesticated animals, used established weights and measures, made tools and weapons, and conducted trade with neighbouring settlements.

From the beginning of time until about the fourteenth century AD, there was a great deal of maritime trade between South India and Southeast and West Asia. Beginning in the first century BC, both the Malabar and Coromandel Coasts served as the locations of significant commercial hubs that served as transit points between the Mediterranean area and Southeast Asia as well as centres of import and export. As time went on, traders formed organisations with official support.

During the 14th and 18th centuries, there may have been active trade from India to West Asia and Eastern Europe. Surakhani, an area of larger Baku, Azerbaijan, became home to Indian traders at this time.

The Gangetic plains and the Indus valley both included a large number of centres of river-borne commerce, while the Saurashtra and Bengal coasts significantly influenced marine trade farther north. The Khyber Pass, which links the Punjab area with Afghanistan, the Middle East, and Central Asia, was the primary route used for overland commerce.

How Covid-19 Impacted The Economy

The center's income collection suffered significantly as a result of the disruption in economic activity caused by the spread of the Covid-19 outbreak. Financial resources were under tremendous strain at the same time due to greater spending to lessen the pandemic's effects on society's most vulnerable groups.

Impact | The Covid-19 pandemic invalidated every calculation. According to data from the Controller General of Accounts, the fiscal deficit for the Center will reach 145.5% of the BE for the full year by December 2020.

The Target | By bringing the budget deficit down to 4% of GDP by 2025–2026, the 15th Finance Commission proposed a course for the government to follow to consolidate its finances.

The Numbers | 6.8% of GDP was projected by the government to be the budget deficit year 2021–22. In contrast to the budget forecast of 3.5%, India's government budget deficit for 2020–21 was larger at 9.40% of GDP. This was mostly brought on by increased spending and decreased income collection as a result of Covid-19.

Explore Career Options (By Industry)

• Construction
• Entertainment
• Manufacturing
• Information Technology

Bio Medical Engineer

The field of biomedical engineering opens up a universe of expert chances. An Individual in the biomedical engineering career path work in the field of engineering as well as medicine, in order to find out solutions to common problems of the two fields. The biomedical engineering job opportunities are to collaborate with doctors and researchers to develop medical systems, equipment, or devices that can solve clinical problems. Here we will be discussing jobs after biomedical engineering, how to get a job in biomedical engineering, biomedical engineering scope, and salary. 

Data Administrator

Database professionals use software to store and organise data such as financial information, and customer shipping records. Individuals who opt for a career as data administrators ensure that data is available for users and secured from unauthorised sales. DB administrators may work in various types of industries. It may involve computer systems design, service firms, insurance companies, banks and hospitals.

Ethical Hacker

A career as ethical hacker involves various challenges and provides lucrative opportunities in the digital era where every giant business and startup owns its cyberspace on the world wide web. Individuals in the ethical hacker career path try to find the vulnerabilities in the cyber system to get its authority. If he or she succeeds in it then he or she gets its illegal authority. Individuals in the ethical hacker career path then steal information or delete the file that could affect the business, functioning, or services of the organization.

Data Analyst

The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.

Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.

Geothermal Engineer

Individuals who opt for a career as geothermal engineers are the professionals involved in the processing of geothermal energy. The responsibilities of geothermal engineers may vary depending on the workplace location. Those who work in fields design facilities to process and distribute geothermal energy. They oversee the functioning of machinery used in the field.

Remote Sensing Technician

Individuals who opt for a career as a remote sensing technician possess unique personalities. Remote sensing analysts seem to be rational human beings, they are strong, independent, persistent, sincere, realistic and resourceful. Some of them are analytical as well, which means they are intelligent, introspective and inquisitive. 

Remote sensing scientists use remote sensing technology to support scientists in fields such as community planning, flight planning or the management of natural resources. Analysing data collected from aircraft, satellites or ground-based platforms using statistical analysis software, image analysis software or Geographic Information Systems (GIS) is a significant part of their work. Do you want to learn how to become remote sensing technician? There's no need to be concerned; we've devised a simple remote sensing technician career path for you. Scroll through the pages and read.

Geotechnical engineer

The role of geotechnical engineer starts with reviewing the projects needed to define the required material properties. The work responsibilities are followed by a site investigation of rock, soil, fault distribution and bedrock properties on and below an area of interest. The investigation is aimed to improve the ground engineering design and determine their engineering properties that include how they will interact with, on or in a proposed construction. 

The role of geotechnical engineer in mining includes designing and determining the type of foundations, earthworks, and or pavement subgrades required for the intended man-made structures to be made. Geotechnical engineering jobs are involved in earthen and concrete dam construction projects, working under a range of normal and extreme loading conditions. 

Cartographer

How fascinating it is to represent the whole world on just a piece of paper or a sphere. With the help of maps, we are able to represent the real world on a much smaller scale. Individuals who opt for a career as a cartographer are those who make maps. But, cartography is not just limited to maps, it is about a mixture of art , science , and technology. As a cartographer, not only you will create maps but use various geodetic surveys and remote sensing systems to measure, analyse, and create different maps for political, cultural or educational purposes.

Budget Analyst

Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.

Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

Underwriter

An underwriter is a person who assesses and evaluates the risk of insurance in his or her field like mortgage, loan, health policy, investment, and so on and so forth. The underwriter career path does involve risks as analysing the risks means finding out if there is a way for the insurance underwriter jobs to recover the money from its clients. If the risk turns out to be too much for the company then in the future it is an underwriter who will be held accountable for it. Therefore, one must carry out his or her job with a lot of attention and diligence.

Finance Executive

Operations manager.

Individuals in the operations manager jobs are responsible for ensuring the efficiency of each department to acquire its optimal goal. They plan the use of resources and distribution of materials. The operations manager's job description includes managing budgets, negotiating contracts, and performing administrative tasks.

Bank Probationary Officer (PO)

Investment director.

An investment director is a person who helps corporations and individuals manage their finances. They can help them develop a strategy to achieve their goals, including paying off debts and investing in the future. In addition, he or she can help individuals make informed decisions.

Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues. 

Transportation Planner

A career as Transportation Planner requires technical application of science and technology in engineering, particularly the concepts, equipment and technologies involved in the production of products and services. In fields like land use, infrastructure review, ecological standards and street design, he or she considers issues of health, environment and performance. A Transportation Planner assigns resources for implementing and designing programmes. He or she is responsible for assessing needs, preparing plans and forecasts and compliance with regulations.

An expert in plumbing is aware of building regulations and safety standards and works to make sure these standards are upheld. Testing pipes for leakage using air pressure and other gauges, and also the ability to construct new pipe systems by cutting, fitting, measuring and threading pipes are some of the other more involved aspects of plumbing. Individuals in the plumber career path are self-employed or work for a small business employing less than ten people, though some might find working for larger entities or the government more desirable.

Construction Manager

Individuals who opt for a career as construction managers have a senior-level management role offered in construction firms. Responsibilities in the construction management career path are assigning tasks to workers, inspecting their work, and coordinating with other professionals including architects, subcontractors, and building services engineers.

Urban Planner

Urban Planning careers revolve around the idea of developing a plan to use the land optimally, without affecting the environment. Urban planning jobs are offered to those candidates who are skilled in making the right use of land to distribute the growing population, to create various communities. 

Urban planning careers come with the opportunity to make changes to the existing cities and towns. They identify various community needs and make short and long-term plans accordingly.

Highway Engineer

Highway Engineer Job Description:  A Highway Engineer is a civil engineer who specialises in planning and building thousands of miles of roads that support connectivity and allow transportation across the country. He or she ensures that traffic management schemes are effectively planned concerning economic sustainability and successful implementation.

Environmental Engineer

Individuals who opt for a career as an environmental engineer are construction professionals who utilise the skills and knowledge of biology, soil science, chemistry and the concept of engineering to design and develop projects that serve as solutions to various environmental problems. 

Naval Architect

A Naval Architect is a professional who designs, produces and repairs safe and sea-worthy surfaces or underwater structures. A Naval Architect stays involved in creating and designing ships, ferries, submarines and yachts with implementation of various principles such as gravity, ideal hull form, buoyancy and stability. 

Orthotist and Prosthetist

Orthotists and Prosthetists are professionals who provide aid to patients with disabilities. They fix them to artificial limbs (prosthetics) and help them to regain stability. There are times when people lose their limbs in an accident. In some other occasions, they are born without a limb or orthopaedic impairment. Orthotists and prosthetists play a crucial role in their lives with fixing them to assistive devices and provide mobility.

Veterinary Doctor

Pathologist.

A career in pathology in India is filled with several responsibilities as it is a medical branch and affects human lives. The demand for pathologists has been increasing over the past few years as people are getting more aware of different diseases. Not only that, but an increase in population and lifestyle changes have also contributed to the increase in a pathologist’s demand. The pathology careers provide an extremely huge number of opportunities and if you want to be a part of the medical field you can consider being a pathologist. If you want to know more about a career in pathology in India then continue reading this article.

Speech Therapist

Gynaecologist.

Gynaecology can be defined as the study of the female body. The job outlook for gynaecology is excellent since there is evergreen demand for one because of their responsibility of dealing with not only women’s health but also fertility and pregnancy issues. Although most women prefer to have a women obstetrician gynaecologist as their doctor, men also explore a career as a gynaecologist and there are ample amounts of male doctors in the field who are gynaecologists and aid women during delivery and childbirth. 

An oncologist is a specialised doctor responsible for providing medical care to patients diagnosed with cancer. He or she uses several therapies to control the cancer and its effect on the human body such as chemotherapy, immunotherapy, radiation therapy and biopsy. An oncologist designs a treatment plan based on a pathology report after diagnosing the type of cancer and where it is spreading inside the body.

Audiologist

The audiologist career involves audiology professionals who are responsible to treat hearing loss and proactively preventing the relevant damage. Individuals who opt for a career as an audiologist use various testing strategies with the aim to determine if someone has a normal sensitivity to sounds or not. After the identification of hearing loss, a hearing doctor is required to determine which sections of the hearing are affected, to what extent they are affected, and where the wound causing the hearing loss is found. As soon as the hearing loss is identified, the patients are provided with recommendations for interventions and rehabilitation such as hearing aids, cochlear implants, and appropriate medical referrals. While audiology is a branch of science that studies and researches hearing, balance, and related disorders.

Hospital Administrator

The hospital Administrator is in charge of organising and supervising the daily operations of medical services and facilities. This organising includes managing of organisation’s staff and its members in service, budgets, service reports, departmental reporting and taking reminders of patient care and services.

For an individual who opts for a career as an actor, the primary responsibility is to completely speak to the character he or she is playing and to persuade the crowd that the character is genuine by connecting with them and bringing them into the story. This applies to significant roles and littler parts, as all roles join to make an effective creation. Here in this article, we will discuss how to become an actor in India, actor exams, actor salary in India, and actor jobs. 

Individuals who opt for a career as acrobats create and direct original routines for themselves, in addition to developing interpretations of existing routines. The work of circus acrobats can be seen in a variety of performance settings, including circus, reality shows, sports events like the Olympics, movies and commercials. Individuals who opt for a career as acrobats must be prepared to face rejections and intermittent periods of work. The creativity of acrobats may extend to other aspects of the performance. For example, acrobats in the circus may work with gym trainers, celebrities or collaborate with other professionals to enhance such performance elements as costume and or maybe at the teaching end of the career.

Video Game Designer

Career as a video game designer is filled with excitement as well as responsibilities. A video game designer is someone who is involved in the process of creating a game from day one. He or she is responsible for fulfilling duties like designing the character of the game, the several levels involved, plot, art and similar other elements. Individuals who opt for a career as a video game designer may also write the codes for the game using different programming languages.

Depending on the video game designer job description and experience they may also have to lead a team and do the early testing of the game in order to suggest changes and find loopholes.

Radio Jockey

Radio Jockey is an exciting, promising career and a great challenge for music lovers. If you are really interested in a career as radio jockey, then it is very important for an RJ to have an automatic, fun, and friendly personality. If you want to get a job done in this field, a strong command of the language and a good voice are always good things. Apart from this, in order to be a good radio jockey, you will also listen to good radio jockeys so that you can understand their style and later make your own by practicing.

A career as radio jockey has a lot to offer to deserving candidates. If you want to know more about a career as radio jockey, and how to become a radio jockey then continue reading the article.

Choreographer

The word “choreography" actually comes from Greek words that mean “dance writing." Individuals who opt for a career as a choreographer create and direct original dances, in addition to developing interpretations of existing dances. A Choreographer dances and utilises his or her creativity in other aspects of dance performance. For example, he or she may work with the music director to select music or collaborate with other famous choreographers to enhance such performance elements as lighting, costume and set design.

Videographer

Multimedia specialist.

A multimedia specialist is a media professional who creates, audio, videos, graphic image files, computer animations for multimedia applications. He or she is responsible for planning, producing, and maintaining websites and applications. 

Social Media Manager

A career as social media manager involves implementing the company’s or brand’s marketing plan across all social media channels. Social media managers help in building or improving a brand’s or a company’s website traffic, build brand awareness, create and implement marketing and brand strategy. Social media managers are key to important social communication as well.

Copy Writer

In a career as a copywriter, one has to consult with the client and understand the brief well. A career as a copywriter has a lot to offer to deserving candidates. Several new mediums of advertising are opening therefore making it a lucrative career choice. Students can pursue various copywriter courses such as Journalism , Advertising , Marketing Management . Here, we have discussed how to become a freelance copywriter, copywriter career path, how to become a copywriter in India, and copywriting career outlook. 

Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion. 

Ever since internet costs got reduced the viewership for these types of content has increased on a large scale. Therefore, a career as a vlogger has a lot to offer. If you want to know more about the Vlogger eligibility, roles and responsibilities then continue reading the article. 

Individuals in the editor career path is an unsung hero of the news industry who polishes the language of the news stories provided by stringers, reporters, copywriters and content writers and also news agencies. Individuals who opt for a career as an editor make it more persuasive, concise and clear for readers. In this article, we will discuss the details of the editor's career path such as how to become an editor in India, editor salary in India and editor skills and qualities.

Linguistic meaning is related to language or Linguistics which is the study of languages. A career as a linguistic meaning, a profession that is based on the scientific study of language, and it's a very broad field with many specialities. Famous linguists work in academia, researching and teaching different areas of language, such as phonetics (sounds), syntax (word order) and semantics (meaning). 

Other researchers focus on specialities like computational linguistics, which seeks to better match human and computer language capacities, or applied linguistics, which is concerned with improving language education. Still, others work as language experts for the government, advertising companies, dictionary publishers and various other private enterprises. Some might work from home as freelance linguists. Philologist, phonologist, and dialectician are some of Linguist synonym. Linguists can study French , German , Italian . 

Public Relation Executive

Travel journalist.

The career of a travel journalist is full of passion, excitement and responsibility. Journalism as a career could be challenging at times, but if you're someone who has been genuinely enthusiastic about all this, then it is the best decision for you. Travel journalism jobs are all about insightful, artfully written, informative narratives designed to cover the travel industry. Travel Journalist is someone who explores, gathers and presents information as a news article.

Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

Production Manager

Merchandiser.

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

Metallurgical Engineer

A metallurgical engineer is a professional who studies and produces materials that bring power to our world. He or she extracts metals from ores and rocks and transforms them into alloys, high-purity metals and other materials used in developing infrastructure, transportation and healthcare equipment. 

Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems. 

AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

ITSM Manager

Information security manager.

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack 

Business Intelligence Developer

Applications for admissions are open..

JEE Main Important Chemistry formulas

As per latest 2024 syllabus. Chemistry formulas, equations, & laws of class 11 & 12th chapters

Aakash iACST Scholarship Test 2024

Get up to 90% scholarship on NEET, JEE & Foundation courses

Resonance Coaching

Enroll in Resonance Coaching for success in JEE/NEET exams

ALLEN JEE Exam Prep

Start your JEE preparation with ALLEN

NEET 2024 Most scoring concepts

Just Study 32% of the NEET syllabus and Score upto 100% marks

JEE Main high scoring chapters and topics

As per latest 2024 syllabus. Study 40% syllabus and score upto 100% marks in JEE

Everything about Education

Latest updates, Exclusive Content, Webinars and more.

Download Careers360 App's

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

Cetifications

We Appeared in

GDP of India: Current and historical growth rate, India's rank in the world

Get insights into india's gdp in 2023. learn about the economy's growth and potential as india propels itself towards a prosperous future.

• " class="general-icons icon-sq-whatsapp">
• " class="general-icons icon-sq-googleplus popup">

India’s current GDP (Q3 FY24)

Related stories.

Poverty rate in India: Trend over the years and causes

Fiscal deficit: Meaning, history in India, causes, current deficit and more

• India's Current GDP (As of Q3 FY24): $4.11 trillion
• India's GDP Growth Rate (Q3 FY24): 8.4%

What is GDP growth rate

Historical gdp and growth rate of india, gdp per capita, india’s rank in gdp, calculating gdp.

• C represents consumption, which includes spending on services, non-durable goods, and durable goods.
• G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses.
• I denotes investment, which consists of spending on housing and equipment.
• The difference between total exports and imports is referred to as net exports, denoted by (X-M).
• In this context, Y represents Gross Domestic Product.

Frequently Asked Questions (FAQs)

Related stories.

• India forex reserves 2023: Exploring current status and historical trends
• " class="general-icons icon-sq-youtube">

IMD report: Here comes the Sun

Sowmya Suryanarayanan: Driving impact

From fads and trends blah-blah to hard working marketing

IT and ITES see big fall in private and venture investments

Purpose: The cornerstone of timeless brands

Role play: Do actors make for good politicians?

Photo of the day: Literal baby steps

Hybrid leadership: Lessons from a crisis

In Photos: Easter celebrations around the world and a plea for peace

IPL 2024: Mayank Yadav, the new speed gun of India

Photo of the day: Ball game

Crypto accelerator programs attract increasing number of web3 startups

KKR India's Simrun Mehta: Challenging the status quo

Shriti Malhotra: On top of the beauty industry game

The big Forbes India IPO litmus test

Talk to our experts

1800-120-456-456

• Essay on Indian Economy

Introduction to Essay on Indian Economy

Indian Economy is a concept which deals with the system which manages all Economic activities of a country. It covers different sectors like agriculture, industry, and services along with their sub-segments.

Importance of Indian Economy:

The Indian Economy is important to study because it is the seventh-largest in terms of purchasing power parity and the third largest in terms of nominal GDP. Inflation in the Indian Economy is a major concern. The growth and development sector of the Indian Economy is an important area of focus. The Foreign exchange reserves of India are also an important aspect to study. Employment generation is an important area of focus for the Indian Economy.

Investment is another major concern when it comes to the Indian Economy. The balance in trade and budget deficit are other aspects that need attention from people studying the Indian Economy. Every year, a lot of research papers on India's Economy are written by various students all over India.

Some Tips to help You write Your Own Essay on the Indian Economy:

First Step: Collecting Information/ Data:

You must collect as much information related to your topic as possible. If necessary, ask experts or professionals who work in that particular field and get their opinions too if required. This would give you more authentic data rather than just reading out general stuff available online or through books.

Second Step: Sorting Information/ Data:

In this step, you must sort out all your collected data and information into separate sections. For example, if the essay is on the Indian Economy then divide it into different parts like Agriculture, Industry, or Services sector, etc. You can also use sub-heads for each of these main divisions to make things easier for yourself while writing down the final draft of your work.

Third Step: Analysis & Research Plan:  

In this part, start by researching a particular topic thoroughly so that you have a clear idea as to how to proceed with it in detail before actually starting off with the actual writing process itself. This way there would be no loose ends left at the end of the whole thing and your essay would be complete and well-structured.

Fourth Step: Drafting the Essay:

Start by writing an introduction to your topic, explaining what it is all about in detail. After that, start discussing different points one by one with proper evidence backing up everything you say. Make sure each paragraph flows smoothly into the other so that the reader does not lose focus at any point while reading through it. The conclusion should summarize all your findings and leave a lasting impression on the mind of the reader.

Fifth Step: Editing & Proofreading:

This is an important step where you must check for grammar mistakes, punctuation errors, etc. Also, make sure that the structure of your essay is perfect and there are no loose ends left at the end of it. It is better to ask someone else to proofread your work too if you are not very confident about yours.

Sixth Step: Finalizing & Presenting Your Work in the Form of an Essay/ Paperwork etc.:

Finally, present your paper with proper references and bibliography so that every statement made in the essay has a source backing it up. Make sure everything looks neat and clean before actually sending off this final piece for assessment or assignment purposes.

Conclusion: So these were some tips on how one can write their own essay on Indian Economy which would be useful for students studying it or anyone interested in knowing more about India's Economy.

FAQs on Essay on Indian Economy

1. How much time does it take to write an essay on the Indian Economy? How long should my essay be?

It totally depends on the length of your topic and how much information you have collected for writing it. Usually, an essay takes around four to six hours to complete depending upon its size.

2. Where can I get authentic data regarding the Indian Economy?

There are various websites like IMF (International Monetary Fund), World Bank, etc which provide useful data on the Indian Economy.

3. Is there a specific thesis statement that I should focus on when writing my essay?

Yes, there should be a clear thesis statement that you must mention at the beginning of your essay. It can also follow throughout the entire course of it so as to maintain a good flow and structure in your work.

4. Who is my audience? How do I write an authentic essay for them?

Your audience would mostly comprise students and researchers who are interested in knowing more about the Indian Economy. So make sure your language and tone are appropriate for them, and all the information you provide is accurate and backed up by authentic sources.

5. What are some good transition words that I can use to connect my ideas?

There are many transition words that can be used. For example, you could start off with "firstly", "next" or even use phrases like "in the second place" to make your sentence flow smoothly into another one.

6. How will I know if my essay is well-structured? What does it need?

Your essay should be well-structured and organized according to the points you are discussing. Each paragraph must flow smoothly into another one, starting with a topic sentence that summarizes the main point of that particular section in your work. After every point is discussed there needs to be some sort of conclusion at the end which sums up all your findings.

7. What are large-scale industries?

The industries with large capital requirements engaging strong manpower. These organizations have a fixed asset worth more than 10 crore rupees and are considered to be large-scale industries. In India, the large-scale industries are those industries that have a fixed asset which is more than one hundred million rupees or Rs. 10 crores.

8. In India which place is known as the Industrial Hub?

Tamil Nadu is the state with the largest number of factories situated overall in India. Tamil Nadu is the capital city Chennai with the largest industrial and commercial centre in the whole of South India. India has 13 minor industrial regions located in 15 industrial districts.

9. How is the Indian Economy in recent times?

India's GDP was estimated at Rs. 33.14 trillion in the year 2011 and 2012, US＄452.74 billion for the second quarter of the FY2020-21, against Rs. 35.84 trillion US＄489.62 billion in the second quarter of FY2019-20.

Essay on Indian Economy for Students and Children

500+ words essay on indian economy.

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.

Get the huge list of more than 500 Essay Topics and Ideas

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.

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.

Customize your course in 30 seconds

Which class are you in.

• Travelling Essay
• Picnic Essay
• Our Country Essay
• My Parents Essay
• Essay on Favourite Personality
• Essay on Memorable Day of My Life
• Essay on Knowledge is Power
• Essay on Gurpurab
• Essay on My Favourite Season
• Essay on Types of Sports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Download the App

• IAS Preparation
• NCERT Notes for UPSC
• Gdp Of India UPSC Notes

GDP of India - What is GDP? What are the Methods of GDP EStimation? [UPSC GS-III]

GDP stands for Gross Domestic Product. The meaning of GDP is the measure of the value of the economic activity within the country. In simpler words, GDP is defined as the sum of the final prices of the goods and services produced in an economy in a given period. It is important to read the facts related to ‘GDP in India’ for the IAS Exam and this article will provide you with all such relevant facts.

GDP Of India

What is GDP?

GDP’s full form is Gross Domestic Product. It is evaluated regularly to account for changing production structure, relative prices, and better recording of economic activities. The GDP of India is a topic that is always in the news and hence it is relevant for the UPSC Mains.

Keep reading to know about the GDP of India, its importance, challenges, and the debate on India’s GDP.

These UPSC Notes on GDP of India with the UPSC Syllabus and aspirants should prepare this topic for General Studies Paper III.

Background of India’s GDP

• In January 2015, the government moved to a new base year of 2011-12 from the earlier the base year of 2004-05 for national accounts. The base year of national accounts had been revised earlier in January 2010.
• In the new series, the Central Statistics Office (CSO) did away with Gross Domestic Product (GDP) at factor cost and adopted the international practice of valuing industry-wise estimates as gross value added (GVA) at basic prices.
• With the move to the new base year, the growth rate of the economy for 2013-14 was estimated at 6.9%; it was 4.7% on the 2004-05 base. Similarly, the growth rate for 2012-13 was revised upwards to 5.1% from 4.5%.

India’s GDP growth likely to moderate to 6.3% in FY24: World Bank

Context: The World Bank has lowered its estimate of India’s economic growth for 2023-24 to 6.3%. 

News in detail:

• India Development Update: It is published by the World Bank and it provides an analysis of current economic developments in India and contextualizes them within the global framework. Using these developments as well as policy shifts during the given timeframe, the IDU revises the economic outlook for India.
• Even though the growth rate slowed a bit in the second half of the financial year, increased capital expenditure by the government and higher private consumption, especially among higher-income earners, helped the Indian economy to grow.
• The report mentions that the pandemic-induced spike in extreme poverty had gone up to 4% points and it had moderated in FY 21-22 (though not as low as pre-pandemic levels) to 13.8%, facilitated by the widespread access to vaccines.
• On the external front, India’s current account deficit is expected to reduce to 2.1% of GDP in FY24 from 3% in FY23, due to strong service exports and a reduction in the merchandise trade deficit.
• While inflation is currently high, it is expected to decrease to an average of 5.2% in FY24 due to a decrease in global commodity prices and lower domestic demand.
• The report stated that the Central government is expected to achieve its fiscal deficit target of 5.9% of GDP in FY24, and the general government deficit (combined fiscal deficit of Centre and states) is expected to decrease due to state government deficit consolidation and slower current spending. As a result, the debt-to-GDP ratio will stabilize at around 83%.

Reasons pointed out for lowering the growth rate:

• Due to the slower rate of income growth in lower income groups, they are expected to spend even less than what they did in FY 2022-23.
• In case of higher-than-expected inflation, domestic demand may be hit and this could affect the government’s fiscal consolidation plans. The report warns that if economic growth slows down further, it could lead to an increase in India’s already high public debt-to-GDP ratio, which could be a problem for the country’s financial situation.
• But experts are of the view that Indian banks are well capitalized and hence the recent crisis faced in Western economies is not posing any threat to short-term investment flows to India.

Other estimates:

• As per the second advance estimate of the National Statistical Office, India is expected to grow at 7% in FY 2022-23.
• The Economic Survey pegs India’s growth rate in 2023-24 to be at 6.5%.
• The Reserve Bank of India (RBI)’s forecast for the FY 2023-24 is 6.4%.

According to data released by NSO under the Ministry of Statistics and Programme Implementation, the third quarter of the current financial year 2022-23 saw GDP grow at a rate of 4.4%.

Quarterly GDP data:

• In the previous quarter of the current year, the growth rate was 6.3% and declined to 4.4% in the third quarter.
• The gross value added (GVA) grew at a rate of 4.6 per cent in Q3.
• According to the data, the agricultural sector was the best performer in the past three quarters which rose from 2.4% in Q2 to 3.7% in Q3.
• The decline was mainly attributed to a slowdown in the manufacturing sector, weaker demand and low government expenditure.
• Quarterly GDP data is released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
• As per the government, the economy is on track to reach a 7% GDP growth rate in the fiscal year 2022-23.
• Experts are of the opinion that the economy is facing threats from slow global growth, high inflation, weak demand, El Nino etc.

UPSC aspirants can review the salient features of the Union Budget 2023 at the linked article and prepare for the upcoming IAS exam.

To get more study material and preparation strategy for the upcoming Civil services exam, candidates can refer to the links given below:

Methods of Estimation of GDP

Back series can be generated in three ways, the Committee on Real Sector Statistics said

• based on the new GDP methodology by using the base data wherever available;
• based on a production shift approach;
• by projecting the old series using the base year 2004-05 forward and then adjusting it to the 2011- 12 base by comparing it with the new series. The third approach is yet to be tried, the Committee said.

Rebasing the GDP of India

• This is done by the government often to ensure that the GDP represents the true picture of the economy in terms of structural changes, the importance of the various sectors’ contributions of the agriculture sector, etc.
• The Present rebasing has been done by CSO taking into consideration the recommendations given the SNA (System of National Accounts) published by the UN in 2008.

Old Method of Estimation of GDP vs New Method of Estimation of GDP

• In the older system, IIP was used to measure manufacturing and trading activity. This accounted for the volume changes but not value changes. In the newer methodology, we use the concept of GVA – Gross Value Added, which measures the value addition done to the economy.
• In the older system, GDP was first estimated by using the IIP data and then updated using the ASI data (Annual Survey of Industries). ASI accounted only for those firms which were registered under the Factories Act. In the newer system, data from MCA 21 is used (MCA 21 is an e-governance initiative of the Ministry of Corporate Affairs, launched in 2006, it allows the firms/companies to electronically file their financial results. Under this data from more than 5,00,000 firms is collected)
• In the older system, farm produce was taken as a proxy for the calculation of agricultural income. The new methodology has widened the scope for calculating value addition in the agricultural sector.
• In the older system, very few mutual funds and NBFCs were considered for considering the financial activity. In the new methodology, the coverage has been expanded by including stockbrokers, asset management funds, pension funds, stock exchanges, etc
• In the older system, the trading income data was used from the NSSO’s 1999 establishment survey against this new series uses the 2011-12 survey.

Issues/Concerns with the New Methodology

• The revised data does not reflect the other macroeconomic parameters – tax revenues, credit growth, trade performance, corporate sales, profits, more importantly, the level of investment in the economy, etc.
• The MCA21 data was collected only from 2008, then how can it be used to compare the earlier growth/ production.
• The Bank Credit Growth has averaged 20.3% between FY07 to FY12 and 12.3% between FY13 to FY18, during the same tenure the GDP growth rates have averaged 6.7% and 6.9% respectively (against the older growth rates of 8% and 6.9% respectively).
• There has been inconsistency even in the case of Investment Growth. Between FY07 to FY12, the growth rate of investment was 10.7% and 5.3% between FY13 to FY18.
• Tax collections between FY07 to FY12 has grown by 16.5% and then post that by 13.8%. There is a close relation between GDP growth and tax collection growth. With higher growth, tax collections increase.
• The inflation rate averaged 9.6% between FY07 to FY12 and 6.4% thereafter. If the growth was driven by higher demand then, there should have been a higher inflation rate in the second part.
• The gross investment to GDP ratio was peaking at 38% (FY08 to FY11) during the UPA government against the 30.3% (FY15 to FY18) in the present government (as per the economic theory, higher investments, the higher and the growth in the GDP). So how can the GDP growth during the present government be higher than the previous government. This could happen in cases where the production becomes very efficient leading to lower ICOR (Incremental Capital Output Ratio). But during the present government the twin shocks – Demonetisation and GST – have ensured that this is not the case.
• The exports during the UPA government boomed at an average growth rate of over 20% against the zero growth rates in the last four years.
• The data has been prepared from 2004-05 to 2010-11 and this coincides with the period of UPA govt.

Arguments in favour of the new methodology.

• The decline in bank credit growth can be explained by Increased capital efficiency. Bank facilitating credit to the corporates through instruments such as commercial papers, bonds, etc
• Inconsistency in investment, increased economic efficiency, Decreased ICOR (Incremental Capital Output Ratio – measures higher/incremental amount of capital needed to increase the production by a unit). There is no uniform relationship between growth and investment. The cycle is revived through consumption and then investment kicks in.
• The tax collections could also have been varied because of various other factors such as higher compliance, changes in tax rates, etc.

GDP in India – Way Forward

• Allow the CSO to independently calculate, seek feedback, and publish new data. The data/results should be realistic and reflective of the ground reality.
• If the CSO wants to make it more transparent, it can seek the opinion/involvement of experts.
• GDP is just a statistical tool. There should be more focus on inclusive growth rather than just growth. Inclusive growth entails not just the growth but also the benefits derived by the growth in the form of development. It doesn’t make any sense to have farmer suicides in Maharashtra which is one of the wealthiest states in India. This dichotomy can be seen where India is ranked 6th globally in terms of nominal GDP, top in terms of growth rates but 130th in the case of HDI and 108th in WEF’s Gender Gap Index.
• As per Credit Suisse, the wealth of the top 1 percent has increased from 40% to 60% (between 2010 to 2016) and the top 10% owns 90% of the wealth. As per a report prepared by Azim Premji University, the growth for India has averaged 7% and the employment growth has been at 1%. Within this also the ones who are getting the formal jobs were receiving a decreasing share of total output.
• Though this would be very difficult, India could look into Chain Linking methodology or index. Wherein the developed economies keep updating their GDP calculation methodology very often.
• Moreover, the government has already announced that the base year is going to be changed likely to 2018-19 if it’s done then these numbers will be revised all over again

GDP of India [UPSC Notes GS-III]:- Download PDF Here

Aspirants of the UPSC exam are advised to check other relevant topics for the Essay and GS III paper.

UPSC Preparation:

Leave a Comment Cancel reply

Your Mobile number and Email id will not be published. Required fields are marked *

Request OTP on Voice Call

Post My Comment

IAS 2024 - Your dream can come true!

Download the ultimate guide to upsc cse preparation.

• Share Share

Register with BYJU'S & Download Free PDFs

Register with byju's & watch live videos.

Essay on Indian Economy

Students are often asked to write an essay on Indian Economy in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Indian Economy

Introduction to indian economy.

The Indian economy is the world’s fifth-largest by nominal GDP. It’s a mixed economy, combining features of both market and planned economies.

Key Sectors

Agriculture, industry, and services are the three main sectors. Agriculture employs the most people, but services contribute the most to GDP.

Global Influence

India is part of BRICS and G-20, influential groups of major economies. It’s known for its IT and software services worldwide.

Despite progress, challenges like poverty, corruption, and inadequate public healthcare persist. Addressing these is crucial for sustainable growth.

Also check:

• Speech on Indian Economy

250 Words Essay on Indian Economy

Introduction.

India, the world’s fifth-largest economy by nominal GDP, is a mixed economy that encompasses traditional village farming, modern agriculture, handicrafts, a wide range of industries, and a multitude of services.

Structural Transformation

The Indian economy has undergone a significant structural transformation over the past few decades. From being a primarily agrarian economy, it has diversified into manufacturing and services sectors. This shift has been catalyzed by liberalization policies, globalization, and advancements in technology.

Liberalization and Globalization

The economic liberalization of 1991, which included industrial deregulation, privatization of public enterprises, and reduced controls on foreign trade and investment, marked a turning point in India’s economic policy. It opened the Indian market to the global economy, resulting in increased flow of trade and foreign direct investment.

Despite the impressive economic growth, India grapples with several challenges. These include high unemployment rates, significant economic disparity, poor infrastructure, and inadequate public healthcare. Additionally, the informal economy, which constitutes a significant part of India’s GDP and employment, remains largely untapped and unregulated.

Future Prospects

The future of the Indian economy appears promising, with its demographic dividend, increasing integration with the global economy, and ongoing reforms. However, it is crucial for India to address its socio-economic challenges to ensure inclusive and sustainable growth.

In conclusion, the Indian economy, with its unique blend of the traditional and the modern, presents both opportunities and challenges. Its future trajectory depends on how effectively it navigates these complexities.

500 Words Essay on Indian Economy

The Indian economy, the world’s fifth-largest by nominal GDP, is a complex and diverse system, characterized by a mix of modern industries, traditional agriculture, handicrafts, a wide range of services, and a multitude of intermediate sectors. It is a unique blend of the public and private sectors, with a rich cultural history that influences its economic practices.

Historical Overview

India’s economic history is marked by several key periods. The pre-colonial period was characterized by a self-sufficient rural economy with thriving urban centers of commerce and artisanship. The colonial period saw the systematic breakdown of these industries as India became a supplier of raw materials for Britain. Post-independence, the nation embarked on a socialist-inspired path with a focus on industrialization.

Liberalization and Its Impact

The economic liberalization of the 1990s marked a pivotal turn in India’s economic story. The introduction of market-friendly reforms under the New Economic Policy in 1991, aimed at ending protectionism and introducing market liberalization, led to a significant shift. The economy began to grow rapidly, with the service sector becoming a major contributor. The IT industry, in particular, emerged as a significant player, driving growth, creating jobs, and putting India on the global map.

Current Economic Scenario

Today, the Indian economy is characterized by a vibrant service sector, a burgeoning manufacturing industry, and a declining yet significant agricultural sector. The service sector contributes more than half of India’s GDP, with IT and IT-enabled services leading the way. The manufacturing sector, under the government’s ‘Make in India’ initiative, is slowly gaining ground. However, agriculture, which employs half of India’s workforce, is struggling with issues of productivity and sustainability.

Challenges and Opportunities

Despite significant growth, the Indian economy faces several challenges. These include inadequate infrastructure, regulatory red tape, inconsistent economic reforms, and socio-economic issues like poverty, unemployment, and income inequality. The ongoing challenge of transitioning from an agrarian economy to a more industrial and service-oriented one also persists.

However, India also presents immense opportunities. Its demographic dividend, with a large, young, and increasingly urbanized and educated population, is a potential economic powerhouse. The ongoing digital revolution, with increasing internet penetration and digital literacy, opens up new avenues for growth.

Future Outlook

The future of the Indian economy lies in leveraging its strengths while addressing its challenges. Key areas of focus should include improving infrastructure, easing business regulations, enhancing agricultural productivity, and investing in human capital. The government’s initiatives like ‘Digital India’, ‘Skill India’, and ‘Startup India’ are steps in this direction. With the right policies and a conducive global environment, India has the potential to become a leading global economy.

In conclusion, the Indian economy, with its unique blend of traditional and modern, rural and urban, public and private sectors, presents a fascinating study. Its journey from a colonial supplier of raw materials to a potential global economic leader is a testament to its resilience and adaptability. While challenges remain, the opportunities are immense, making the future of the Indian economy an exciting prospect.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Development of India
• Essay on Agriculture in India
• Essay on India in 2047: The Global Power House

Apart from these, you can look at all the essays by clicking here .

Happy studying!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Essay on India’s Economic Growth

• 1 Introduction
• 2 Historical Overview of India’s Economic Growth
• 3.1 1) Agriculture sector:
• 3.2 2) Manufacturing sector
• 3.3 3) Service sector
• 3.4 4) Foreign Direct Investment (FDI)
• 4.1 1) Poverty and income inequality:
• 4.2 2) Infrastructure gaps:
• 4.3 3) Political instability:
• 4.4 4) Lack of skilled labor force:
• 5.1 1) Reforms in agriculture, manufacturing, and service sectors:
• 5.2 2) Policies to attract foreign investment:
• 5.3 3) Programs for skill development and employment generation
• 5.4 4) Investment in infrastructure development
• 6 Conclusion
• 7.1 What has been the growth rate of India’s economy in recent years?
• 7.2 What are the major drivers of India’s economic growth?
• 7.3 What are the major challenges facing India’s economic growth?
• 7.4 What initiatives has the government taken to promote economic growth in India?
• 7.5 What is the Skill India program?
• 7.6 What is the Make in India program?
• 7.7 What is the Pradhan Mantri Rojgar Protsahan Yojana?
• 7.8 What is the National Investment and Infrastructure Fund?
• 7.9 What is the Pradhan Mantri Jan Dhan Yojana?
• 7.10 What is the future outlook for India’s economic growth?

Explore India’s economic growth in detail through this insightful essay. Understand the factors driving India’s economic progress and the challenges it faces. Read about the country’s economic policies and their impact on businesses and citizens.

Introduction

Economic growth is a crucial aspect of any developing country and plays a major role in improving the standard of living of its citizens. In India, economic growth has been a major focus of policy makers since independence, and has been the driving force behind the country’s progress over the past few decades. This essay will outline the historical overview of India’s economic growth, the key contributors to its economic growth, the challenges it faces, and the government policies aimed at promoting economic growth.

Historical Overview of India’s Economic Growth

The pre-independence era of India was characterized by a stagnant economy, with low levels of investment, poor infrastructure, and limited industrialization. After independence, India adopted a mixed economy model, with the government controlling key industries such as coal, steel, and heavy industries. This model was not very successful, and the economy remained slow-growing until the 1980s, when India adopted reforms aimed at liberalizing the economy and promoting private sector investment.

In 1991, India underwent a major economic reform process, known as the liberalization, privatization, and globalization (LPG) reforms. These reforms aimed to promote entrepreneurship and investment, and to reduce the role of the government in the economy. The reforms led to the growth of the private sector, and the emergence of many new industries. As a result, the economy experienced a period of rapid growth, and India emerged as one of the fastest-growing economies in the world.

Key Contributors to India’s Economic Growth

India’s economic growth has been driven by several key contributors including the growth of the agriculture, manufacturing, and service sectors. The government has also played a major role in promoting economic growth through various initiatives, such as the Make in India program, the Skill India program, and the Pradhan Mantri Rojgar Protsahan Yojana.

1) Agriculture sector:

Agriculture is the backbone of India’s economy, as it employs around 50% of the country’s workforce. The agricultural sector has undergone significant reforms over the past few decades, which have led to an increase in productivity, and the growth of the agribusiness sector. The government has also implemented various programs aimed at promoting the development of the agricultural sector, such as the Pradhan Mantri Fasal Bima Yojana, which provides insurance to farmers against crop losses.

2) Manufacturing sector

The manufacturing sector has been a key contributor to India’s economic growth, and has been growing at a rapid pace since the 1990s. The government has implemented various policies aimed at promoting the growth of the manufacturing sector, such as the Make in India program, which aims to make India a hub for global manufacturing. The growth of the manufacturing sector has also led to the development of the small and medium enterprises (SME) sector, which has become a major source of employment in the country.

3) Service sector

The service sector is one of the largest contributors to India’s GDP, and is growing at a rapid pace. The sector includes a wide range of industries, such as financial services, information technology (IT), tourism, and retail. The growth of the service sector has been driven by the liberalization of the economy, and the growth of the IT industry, which has become a major contributor to India’s economy.

4) Foreign Direct Investment (FDI)

FDI has been a major contributor to India’s economic growth, as it has led to the growth of various industries and the development of the infrastructure sector. The government has implemented various policies aimed at attracting FDI, such as the 100% FDI policy in various sectors, which allows foreign companies to invest in India without any restrictions.

Challenges Facing India’s Economic Growth

Despite the impressive growth of India’s economy, there are several challenges that are hindering further progress. Some of these challenges include:

1) Poverty and income inequality:

Despite the rapid growth of the economy, poverty and income inequality remain major challenges in India. A large proportion of the population still lives below the poverty line, and the income gap between the rich and poor is widening. The government has implemented various programs aimed at reducing poverty, such as the Pradhan Mantri Jan Dhan Yojana, which provides financial inclusion to the poor by providing them with access to bank accounts and other financial services.

2) Infrastructure gaps:

Another major challenge facing India’s economic growth is the inadequate infrastructure. The country still lacks basic facilities, such as electricity, water, and roads, in many regions, which hinders economic growth. The government is working to address this issue through various initiatives, such as the Pradhan Mantri Gram Sadak Yojana, which aims to provide rural areas with all-weather roads, and the Atal Bhujal Yojana, which aims to improve groundwater management.

3) Political instability:

Political instability can have a negative impact on economic growth, as it can discourage investment and reduce the confidence of investors. India has experienced political instability in the past, and the government needs to ensure that the country remains politically stable in order to maintain its economic growth.

4) Lack of skilled labor force:

India faces a shortage of skilled labor, which can hinder the growth of various industries. The government is addressing this issue through various initiatives, such as the Skill India program, which aims to provide vocational training to young people and improve the quality of the workforce.

Government Policies to Promote Economic Growth

The government of India has taken several steps to promote economic growth in the country that includes:

1) Reforms in agriculture, manufacturing, and service sectors:

The government has implemented various reforms aimed at promoting the growth of the agriculture, manufacturing, and service sectors. The reforms include liberalizing trade policies, reducing red tape, and promoting entrepreneurship. The government has also implemented various programs aimed at promoting the development of these sectors, such as the Pradhan Mantri Fasal Bima Yojana, which provides insurance to farmers against crop losses, and the Make in India program, which aims to make India a hub for global manufacturing.

2) Policies to attract foreign investment:

The government has implemented various policies aimed at attracting foreign investment, such as the 100% FDI policy in various sectors, which allows foreign companies to invest in India without any restrictions. The government has also established various institutions, such as the National Investment and Infrastructure Fund, which aims to attract foreign investment and promote infrastructure development.

3) Programs for skill development and employment generation

The government has implemented various programs aimed at developing the skills of the workforce and creating employment opportunities. The Skill India program is one of the major initiatives aimed at improving the quality of the workforce, while the Pradhan Mantri Rojgar Protsahan Yojana aims to provide incentives to companies that employ young people.

4) Investment in infrastructure development

The government is investing heavily in infrastructure development in order to address the gaps in the country’s infrastructure. The Pradhan Mantri Gram Sadak Yojana, which aims to provide rural areas with all-weather roads, and the Atal Bhujal Yojana, which aims to improve groundwater management, are some of the major initiatives aimed at improving infrastructure in the country.

India’s economic growth has been a major focus of policy makers since independence, and has been the driving force behind the country’s progress over the past few decades. The growth of the agriculture, manufacturing, and service sectors, as well as the growth of foreign investment, have been the major contributors to India’s economic growth. Despite these achievements, the country still faces major challenges, such as poverty, income inequality, inadequate infrastructure, political instability, and a shortage of skilled labor. The government is working to address these challenges through various initiatives and policies aimed at promoting economic growth. The future prospects for India’s economic growth are bright, and the country has the potential to become one of the major economic powers in the world.

FAQs related to “India’s Economic Growth”

What has been the growth rate of india’s economy in recent years.

India’s economy has been growing at a rate of around 7% in recent years. In the financial year 2021, India’s economy grew by 11.7%, making it one of the fastest growing economies in the world.

What are the major drivers of India’s economic growth?

The major drivers of India’s economic growth are the agriculture, manufacturing, and service sectors. The growth of these sectors is driven by various factors, such as increased investment, improved infrastructure, and increased exports.

What are the major challenges facing India’s economic growth?

The major challenges facing India’s economic growth include poverty, income inequality, inadequate infrastructure, political instability, and a shortage of skilled labor.

What initiatives has the government taken to promote economic growth in India?

The government has taken various initiatives to promote economic growth in India, such as implementing reforms in agriculture, manufacturing, and service sectors, attracting foreign investment, promoting skill development and employment generation, and investing in infrastructure development.

What is the Skill India program?

The Skill India program is a government initiative aimed at improving the quality of the workforce in India. The program provides vocational training to young people and helps to address the shortage of skilled labor in the country.

What is the Make in India program?

The Make in India program is a government initiative aimed at making India a hub for global manufacturing. The program provides various incentives to companies that invest in India and promotes entrepreneurship in the country.

What is the Pradhan Mantri Rojgar Protsahan Yojana?

The Pradhan Mantri Rojgar Protsahan Yojana is a government program aimed at creating employment opportunities in India. The program provides incentives to companies that employ young people and helps to address the problem of unemployment in the country.

What is the National Investment and Infrastructure Fund?

The National Investment and Infrastructure Fund is a government institution aimed at attracting foreign investment and promoting infrastructure development in India. The institution provides funding for infrastructure projects and helps to address the gap in the country’s infrastructure.

What is the Pradhan Mantri Jan Dhan Yojana?

The Pradhan Mantri Jan Dhan Yojana is a government initiative aimed at providing financial inclusion to the poor in India. The program provides access to bank accounts and other financial services to people who do not have access to these services.

What is the future outlook for India’s economic growth?

The future outlook for India’s economic growth is positive, and the country has the potential to become one of the major economic powers in the world. The continued growth of the economy will have a positive impact on the standard of living of the people of India.

Related Posts:

Leave a Comment Cancel reply

Save my name, email, and website in this browser for the next time I comment.

GDP in India Essay

India’ economy is the twelfth largest economy in the world in terms of market exchanging rates. The economy has been progressed towards a market research based one from regulated one since economy liberalization in 1991. The economy ranked second for fast growing in 2008 when India’s GDP growth rate was 6.1% in 2009. Gross domestic product is the method of measuring a country’s economic performance every year. GDP is the market value of total products and services are produced every year. GDP can be measured in three methods like product approach, income approach and expenditure approach. Indian economy GDP of India crossed over a trillion dollar in 2007. The country economy has been flourished with development in information technology, knowledge process services and high-end services. In this essay, we will discuss about the current economic factors increasing GDP growth through different sectors in India.

Contribution of different sectors in GDP:

In earlier years, agriculture was the chief sector to contribute in the GDP of India. But in past years, the government has taken major initiatives to improve GDP rate in a recommendable rate through SEZ’S, NRI investments, FDI policies etc. it has been predicted that India’s GDP will overtake UK, Russia and Germany by 2025 and japan by 2035, will become third largest economy just after the US economy. Though agriculture’ share has been declined over past years still it contributes 27.6% in the total GDP. Other contributing sectors are IT industry, services sector, production and manufacture industry.

Also See: Essay on Sustainable Development

Economy fact in India GDP:

India economy has ranked twelfth largest among all other countries of the world in terms of GDP and other growth. India GDP ranks 5 th in purchasing power parity condition according to the calculations of World Bank. India’s GDP is one of the rapidly growing economy in the world. The growth rate of India’s GDP is 9.4% per year in an average which increased for the huge population and per capita income is now $964 at nominal and the PPP point is $4182 in GDP calculation. India’s GDP must be calculated cautiously by monitoring prevalent diversity in the GDP rate. The major other sectors contributing in GDP except agriculture are manufacturing industry, service sector, IT industry, knowledge sources etc. with the introduction of artificial intelligence, machine learning and data driven services many opportunities have been opened for India to grow in economy. India has become one of the favourable source to outsource different services and activities for other countries like high-skilled professionals, raw materials, goods etc. this business strategy is increasing GDP of India in a favourable rate. New sectors like pharmaceuticals, biotechnology, health science, shipbuilding, transport industry, tourism industry, and telecommunication are increasing contribution over time with the fast paced development. According to the report of World Bank report, India’s GDP has reached 1217 dollars or 1.96% in the world economy. There are diverse sources of product and services in India like village farming, small industry, handicraft which are contributing in GDP. Now, Indiahas marked a landmark in the world economy on the basis of service and industrial economy. It has positioned higher in terms of PPP related to GDP by chief financial unit like international monetary fund and World Bank. Innovative methods of irrigation process and use of modern technologies have also flourished agriculture sector. It is predicted that India’s per capita income will be increased with the development in other sectors connecting to economy. Development of GDP will eventually affect other aspects like employment, business, personal income and overall lifestyle. India is focusing on creating multilateral business bonds for increasing its market areas and demand.

Conclusion:

Growth in India’ GDP will result in overall development in economy and lifestyle of people. It will create several opportunities for business growth and employment which is effective to improve other aspect of life. So, all citizens should focus on developing each part of economy and play their contribution role for flourishing Indian economy through GDP and per capita income. It is favourable news for all people that their GDP growth is seeing the positive growth from past years.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

• Skip to main content

India’s Largest Career Transformation Portal

Essay on Indian Economy for Students in English | 500 Words Essay

December 20, 2020 by Sandeep

Essay on Indian Economy: India is mainly an agrarian economy with agricultural supplies contributing up to 50% of the GDP index. The government has created fair policies with wage revisions and labourers rights to boost economic growth. The service sectors, manufacturing units, iron and steel companies, chemical and textile sectors, automobile industries contribute to the economy of the country. Privatisation of many sectors along with demonetization has affected both big and small businesses in the country.

Essay on Indian Economy 500 Words in English

Below we have provided Indian Economy Essay in English, written in easy and simple words for class 6, 7, 8, 9 and 10 school students.

“There can be economy only where there is efficiency.” – Benjamin Disraeli

Indian economy is the fifth largest economy in the world currently. It is a developing market economy. The economic growth of India has even surpassed that of China in recent years. India has been able to successfully jump up ranks in various indexes, including the Ease of doing business index. Agriculture still remains the largest employer in the country, with the construction and real estate sector right behind it. India is the world’s second-largest coal and cement producer. The government has had a major role in accelerating the economic growth of the country.

The way industries operate in our country has been enhanced by the Industrial Policy. Many industries have been freed from the system of licensing and have no restriction on importing new and latest technology from other countries. The government has also taken up disinvestment in the industries where it is unprofitable. The focus on privatisation is being increased to intensify healthy competition. The government is also making efforts to revive and promote small scale industries and businesses.

The New Trade Policy has made it extremely easy for traders to carry out imports and exports. The trade of all items barring a restricted few has been allowed. Also, the tax on many items has been abolished, while for others, the amount has been visibly minimised. A lot of incentives are also being provided to exporters to encourage foreign trade and gain foreign currency.

History of the Indian Economy

For continuous 1700 years starting from the 1st century A.D., the Indian economy constituted about 35 to 40 percent of the world’s GDP and was the topmost flourishing economy. The Indus Valley civilisation proved to provide a form of permanent settlement to the people of the country alongside efficient water supply, urban planning and sanitation.

The silk route provides proof of early Indian trade. Under the Mughal empire, the Indian economy thrived and prospered. It was during this time that a focus on industrial production was also seen. Under the British rule, the Indian economy suffered some significant setbacks and was downtrodden. There were major changes seen in the agricultural sector. The commercialisation of agriculture increased. Farmers were forced to grow cash crops that were used in trade, rather than producing food crops.

This resulted in numerous famines. The once rich handicrafts and handloom sector also dipped and sunk during the British Raj. However, the colonial rule is responsible for giving the country railways, a legal system and a single currency exchange rate. The British era in India was rather exploitative, but our economy has come a long way since then with the help of policies pertaining to privatisation, liberalisation and globalisation .

Sectors of the Indian Economy

As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the agricultural sector has reduced. However, it still continues to employ more than 50 percent of the country’s population . India is the largest producer of milk, pulses and jute and is the second-largest producer of wheat, rice and cotton. The agricultural sector accounts for about 20% of India’s GDP.

The main industries included in the Indian industrial sector include textile, construction, power, food processing, etc. The industrial sector employs around 22 percent of the country’s workforce and accounts for 26 percent of India’s GDP. Foreign Direct Investment is one measure by the government, which has increased foreign investments in the country, leading to further growth in this sector.

The services sector contributes the maximum to the GDP of the country. It includes financial services, aviation, insurance, hospitality, entertainment, etc. This sector employs around 23 percent of the Indian population. The main reason why the service sector has been able to do exceedingly well is because of outsourcing. The working population here is skilled, highly educated and cheaper than the labour in other countries.

Problems facing the Indian Economy

Unemployment is a problematic issue for the working-age population of India. The rate of unemployment has increased, and so has the population between the age bracket of 15-59 years. This unemployment is prevalent in the rural as well as the urban areas and is more widespread among the unskilled workers. A significant chunk, including women, especially those that live in rural areas are illiterate and have low educational standards. This leaves so much potential untapped and opportunities unexplored.

• International
• Today’s Paper
• Premium Stories
• Bihar 10th Result
• Express Shorts
• Health & Wellness
• Board Exam Results

ExplainSpeaking: Why is India’s GDP facing another controversy

To understand the criticisms presented as well as whether or not they are well-founded, readers need to understand the following things about how gdp is calculated in india..

Dear Readers,

On August 31st, the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) released the economic growth data for the first quarter (April, May, June) of the current financial year. It showed that India’s economy grew by 7.8% in Q1.

But almost immediately, it led to a fresh controversy on two different counts.

First, on September 1st, Jairam Ramesh, general secretary of the Indian National Congress , the main Opposition party, alleged that the Q1 GDP data was overstating the GDP by a full percentage point.

“After the headline quarterly GDP growth numbers came out last evening and after the usual round of drum-beating over them, here is the harsh reality… The headline numbers are overstated by a full percentage point because of the price deflators used…” he stated on X (formerly Twitter).

After the headline quarterly GDP growth numbers came out last evening and after the usual round of drum-beating over them, here is the harsh reality: 1. The headline numbers are overstated by a full percentage point because of the price deflators used. 2. Consumption growth is… https://t.co/76SMiWc3aH — Jairam Ramesh (@Jairam_Ramesh) September 1, 2023

Second, some economists also pointed to the two main ways in which India calculates its GDP and argued that they did not match up. In other words, the allegation is that the government is favouring the higher estimate of GDP by using a statistical tool called “discrepancy”.

However, to understand these two criticisms as well as whether or not they are well-founded, readers need to understand the following things about how GDP is calculated in India.

What is GDP and how is it calculated?

The GDP is the most basic way to assess the performance of any economy — both from one year to another as well as across different countries. The idea behind the concept is to assess the size of an economy.

Ideally, the size of the economy should grow from one year to another. And this is what happens more often than not. Barring years when some terrible crisis happens — like in 2020 there was a global pandemic — all economies tend to grow from one year to another.

That’s because technically GDP is defined as the total “market value” of all final goods and services in an economy. Thanks to the bit about “market value”, the GDP can grow either because an economy actually produces more of goods and services or because the same level of goods and services are priced higher, or — as it happens almost always — a combination of the two factors.

Real GDP versus Nominal GDP

It is important here to distinguish between nominal GDP and real GDP. The overall GDP that one observes — by adding up the market value — is called the nominal GDP. But to arrive at the “real” GDP, statisticians remove the effect of price inflation from nominal GDP.

Imagine for a moment that the Indian economy produces only tractors, and that it produced 100 tractors in 2022, each valued at Rs 100. Then India’s GDP in 2022 will be Rs 10,000. Suppose further that in 2023, India’s GDP is Rs 11,000.

In nominal terms, India’s GDP has grown by 10%. But as a policymaker, one might be interested in knowing what caused the increase in GDP.

To be sure, it is entirely possible that all the increase in GDP — Rs 1,000 — happened because the price of each tractor went up by 10%. In other words, inflation went up by 10%. In such a case, the growth of “real” GDP — the increase in the actual number of tractors — is zero per cent.

There is another way in which the GDP could have grown by Rs 1,000 — that’s if India made 110 tractors in 2023, while all of them continued to be priced at Rs 100. In this case both the nominal GDP growth rate as well as the real GDP growth rate would be 10% while inflation would be zero per cent.

So real GDP growth rate is arrived at by taking the nominal GDP growth rate and stripping it off the effect of inflation. This is done by using what is called a GDP or price deflator — the term that Jairam Ramesh used in the quote above.

Now here is the crucial thing: The GDP deflator is not the same number as the retail inflation or the wholesale inflation rate; rather it is a mix of the two.

Since the real GDP growth rate — which is the growth rate one usually talks about — is a derived number, it crucially depends on the rate of GDP deflator that the official statisticians assume to be the rate of inflation in the country.

Two ways to calculate GDP

Beyond real and nominal GDP, there is an additional complication. This pertains to how one calculates the GDP per se.

To arrive at the size of the economy, should one look at all the money earned by everyone in the country or should one look at all the money spent by everyone in the country?

The former method is the income method and the latter method is called the expenditure method of calculating the GDP. As it turns out, India calculates the GDP through both the methods.

On paper, GDP should be the same no matter which method one uses. Indeed, how can it be different? But in reality many issues crop up.

For instance, timely data availability. Official statisticians can’t always know exactly how much money was spent or earned — at least not within the time frame of a quarter or a year. That is why national income data often gets revised.

As such, it is not hard to imagine that the two estimates of GDP aren’t always equal — especially not when quarterly data comes out. The difference between the two GDP estimates is called “discrepancy” — it is like that “miscellaneous” heading under which one puts small expenditures that one cannot immediately recall or verify.

So, are the allegations correct?

Let’s tackle them one by one.

Is India overstating its real GDP growth rate?

As explained, India’s real GDP is a derived number and depends entirely on what statisticians assume to be the GDP deflator (the proxy rate of inflation during a period).

What is known for sure is that India’s nominal GDP in Q1 of FY24 was 8%. On the face of it, a real GDP growth rate of 7.8% implies that inflation was just 0.2% in the three months — April, May and June.

CHART 1 shows how rare this is. It maps both nominal GDP growth rate (in orange colour) and GDP deflator (in blue) for each quarter (going back all the way to Q3 of 2008.

As consumers, most Indians might find a real GDP growth rate of 7.8% an obvious overstatement. That’s because the retail inflation rate (the inflation consumers face) in these three months was 4.7%, 4.3% and 4.9%, respectively.

If one was to “deflate” nominal GDP using consumer price inflation, the real GDP would fall to less than 4%.

But then if one goes by wholesale inflation, the real GDP will actually be much higher than 8%. That’s because wholesale inflation was negative in all the three months — -0.8%, -3.6%, and -4.2%, respectively.

So where does the truth lie?

The fact is that while either of these — retail or wholesale inflation rates — throw up a stark picture, the effective inflation rate is somewhere in between. Even so, experts had warned about the possibility of real GDP growth in Q1 appearing too rosy long before either the data came out or the Congress made allegations.

In a research note released on August 4 — almost a month before the official data was released — HSBC’s Pranjul Bhandari [Chief India and Indonesia Economist, Managing Director, Global Research] had alerted that something like this may happen.

“The 1Q (April-June) GDP growth data is likely to come in at an impressive 8%. Though some of this exuberance is justified, led by improved terms of trade as commodity prices fell, some of it could simply be statistical. We estimate that issues with the manufacturing and services deflator could overstate GDP growth by 1 ppt (percentage point). And a low base could overstate it further,” stated the note.

In times of such statistical abnormality, experts advise that one must buttress one’s understanding of the economy by looking at other available variables.

“In such a scenario, looking at a host of other activity data may do a better job in gauging the actual growth-on-the-ground,” stated Bhandari in the early August note.

However, this whole controversy is neither without reason nor without a lesson.

The fact is that India’s inflation indices need to be updated. In particular, experts have been repeatedly arguing that the WPI — the wholesale price index — must be discarded altogether in favour of a new Producer Price Index.

Why India needs to rethink the use of WPI inflation

In a detailed conversation, N R Bhanumurthy, VC of Dr B R Ambedkar School of Economics, explained why India needs to rethink WPI.

1& gt ; Normally WPI and CPI, which are representative of price pressures in wholesale market and retail markets respectively, are expected to be co-integrated and the causality should run from WPI to CPI. In a sense that changes in wholesale market prices should transmit to retail markets with a lag (as per our estimates in early 2000s, it was one month lag). However, in the recent period such co-integration/causality is broken, thus suggesting that one of the indices is not reflecting the real price and both are not moving together.

2> In terms of coverage, WPI is largely the prices in a segment of the economy as it does not include services. On the other hand, services are covered in CPI. As we now know the share of services in the consumption basket is large and increasing, any price index that excludes the services may not be representative price economy wide.

3> Presently WPI is collected and processed by the Department of Commerce and Industry and largely follows the IIP (Index of Industrial Production) frame, which itself is subject to criticism.

4> Moreover, WPI does not provide information on rural and urban as well as the state level estimates, which are all relevant for public policy.

What about the issue of “discrepancy”? Do they overstate the GDP?

Under normal circumstances, one would assume that there will be some difference between the GDP estimated using income and expenditure methods.

However, if this difference is large, that would reflect poorly on the quality of data and the estimation methodology.

Again, one would expect that the discrepancy level (as a percentage of the total GDP) would be higher in quarterly GDP estimates and lower in annual GDP estimates because with time, more reliable data is available and estimates can be expected to come close to each other.

Some economists such as Ashoka Mody (Visiting Professor of International Economic Policy at Princeton University) who wrote about the “discrepancy” issue in a recent Project Syndicate piece, have raised a question mark on the influence of “discrepancy” in estimating GDP.

“Typically, this discrepancy does not matter for calculating growth rates, because income and expenditure, even if they differ somewhat, have similar trends. But every now and then, the two series follow very different paths, with hugely consequential implications for evaluating economic performance. The Indian National Statistical Office’s latest report is a case in point. It shows that while income from production increased at an annual 7.8% rate in April-June, expenditure rose by only 1.4%. Both measures clearly have many errors. The NSO nonetheless treats income as the right one and assumes (as implied by its “discrepancy” note) that expenditure must be identical to income earned. This is an obvious violation of international best practice. The entire point of the discrepancy line is to acknowledge statistical imperfections, not to make them disappear. The NSO is covering up the reality of anemic expenditure at a time when many Indians are hurting, and when foreigners are showing only a limited appetite for Indian goods,” he wrote in a piece published on September 6.

Since “real” GDP data itself is under question, let’s look at the nominal GDP data and the size of discrepancy. The SCREENSHOT alongside if from the official data release and it shows how the two GDP estimates (highlighted in red) are arrived at and what the level of discrepancies (highlighted in green) is.

As can be seen, the GDP from the income side — calculated by adding Gross Value Added and Net Indirect Taxes — was Rs 7,066,534 crore while the GDP from the expenditure side (without adding discrepancies) was Rs 6,954,807 crore.

In other words, it is true that total expenditures were less than total income. The gap — Rs 111,726 crore — was added to the latter estimate under the heading of “discrepancies”.

But absolute values do not tell anything because with each passing year GDP and discrepancy will keep going up in absolute terms. What matters is the share of discrepancies in total GDP and whether this share has gone up significantly. What also matters is whether there is a trend in discrepancies.

CHART 2 maps this by taking quarterly data that goes back all the way to Q1 of 2011.

What the chart brings out is that discrepancy level for Q1 is not an outlier. In fact, the impact of discrepancy in explaining quarterly GDP has fluctuated a fair bit in the past as well even though broadly speaking it has stayed within 2%-3% of the total quarterly GDP.

However, when one looks at the share of discrepancies in annual GDP data ( SEE CHART 3 ), two things stand out:

One, the fluctuations from one year to another are smaller than the fluctuations from one quarter to another. This is understandable because better quality data is available over the whole year.

Two, there is a distinct trend. Before 2012-13, GDP from the income method was lower than the GDP from expenditure method — that’s why the discrepancy component was negative. After 2012-13, GDP from expenditure method is lower and that is why the discrepancy component is positive.

This is not the first time that experts have raised a question mark on the credibility on India’s GDP estimates. Here’s detailed explainer from 2019 when former Chief Economic Advisor (under the current government itself) had argued that India was overstating its GDP.

The important thing to understand is that the credibility of India’s GDP estimates depends on the quality of underlying data be it the WPI inflation or consumer expenditure or Index of Industrial Production (IIP). Over the past decade many of these databases have not received the attention they deserved. If policymakers do not address the quality of Indian macroeconomic data, the credibility of India’s GDP estimates will continue to be questioned repeatedly.

Share you views and queries on [email protected]

Until next time,

In Maharashtra, BJP is challenged by its own machinations Subscriber Only

Why Katchatheevu is causing a splash in Tamil Nadu poll Subscriber Only

Why the Indian public does not seem to care about Subscriber Only

India must not hesitate to confront some harsh truths Subscriber Only

UPSC Key: Katchatheevu, Vaikom satyagraha, Wheat stocks and more Subscriber Only

Will this be MS Dhoni’s Last Dance? Subscriber Only

Expert Explains: Why US let UNSC resolution on Gaza ceasefire Subscriber Only

The Chamkila story: From Dalit labourer Dhani Ram to music Subscriber Only

1920: The start of India’s election journey Subscriber Only

Udit Misra is Deputy Associate Editor. Follow him on Twitter @ieuditmisra ... Read More

• Explained Economics
• EXPLAINSPEAKING
• Express Explained
• Express Premium

A land deal in Haryana involving a woman IAS officer, her husband who is the state information commissioner, and a former additional chief secretary has been stopped due to discrepancies found by Panchkula revenue officials. The deal involves a 14-acre land parcel owned by an erstwhile king and has been under a 20-year-old stay.

More Explained

Best of Express

EXPRESS OPINION

Apr 02: Latest News

• 01 IPL 2024: How Mumbai Indians collectively combusted to disappoint home fans
• 02 Rohit Sharma gets startled by fan during MI vs RR IPL match. WATCH
• 03 32-year-old man dies trying to swerve car to save animal on Gwal Pahari road
• 04 MI vs RR: Hardik Pandya booed, Rohit Sharma doesn’t last long, an Impact sub that bombed and more
• 05 Cryptocurrency scam: ED attaches assets worth Rs 433 cr of Darji, others
• Elections 2024
• Political Pulse
• Entertainment
• Movie Review
• Newsletters
• Gold Rate Today
• Silver Rate Today
• Petrol Rate Today
• Diesel Rate Today
• Web Stories

Essay on India and Economic Growth | Economics

Here is an essay on ‘India and Economic Growth’ for class 8, 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘India and Economic Growth’ especially written for school and college students.

Essay on India and Economic Growth

Though it seems surprising but it is a fact now that after Japanese Miracle, East Asian Miracle and Chinese Miracle there has been now India’s growth miracle, as in the last 15 years (2000 to 2015) India achieved on an average annual growth rate of around 7.3 per cent while China’s average annual growth rate during these fifteen years has been around 10 per cent. More surprisingly, in the four successive years (2004-2008), India achieved average annual growth rate of 9 per cent. Further, in the Eleventh Plan period (2007-12) there has been average annual GDP growth rate of 8 per cent which is the highest achieved in any Indian plan.

It is due to this high rate of GDP growth rate that, according to a World Bank’s International Comparison Program (ICD) report, in 2011 India displaced Japan to become the world’s third biggest economy in terms of GDP (based on purchasing power parity prices) ranked after the U.S. and China. India’s miraculous growth in recent years can be seen from the fact that the previous International Comparison Program (ICP) survey report for the year 2005 had placed India in terms of GDP (at PPP prices) in the 10th place. So between 2005 and 2011 due to higher GDP growth rate India jumped from 10th place to the 3rd place in respect of GDP (at PPP prices).

India’s share in World GDP in terms of PPP was 6.4% in 2011 compared with China’s 14.9 per cent and the U.S. 17.1 per cent, the latest ICP survey showed. The survey covered 199 countries. In 2011 ranking, India’s economy was 37.1 per cent of the U.S. economy compared to 18.9 per cent in 2005. It may be noted that purchasing power parity (PPP) prices are used to compare economies and incomes of the people by adjusting for differences in prices in different countries to make a meaningful comparison. However, it is worthwhile to mention that due to large population, in respect of per capita GDP, even in PPP terms, India’s rank in 2011 was placed at 127 in the 199 country ranking while China’s rank was placed at 99 compared to 12th rank of the U.S.

ADVERTISEMENTS:

India’s Growth Miracle:

Since 2003 Indian economy has emerged as one of the fastest growing economies of the world. In fact, next to China, India’s growth rate from 2003-04 to 2014-15 has been highest in the world. This is often referred to as India’s growth miracle. Before 1980s India’s average growth rate stuck at around 3.6 per cent per annum which Late Prof. Raj Krishna called Hindu rate of growth. In the nineteen eighties India’s average rate of economic growth rose to 5.6 per cent per annum and further in the 1990s and up till 2002-03 (i.e., in 12 years period), India’s average growth rate went up to 6.2% per annum under liberalisation and globalisation of the Indian economy.

But from 2004-05 to 2007-08 India’s average annual growth rate of GDP rose to over 9 per cent per annum. In 2008-09 while the advanced developed countries were experiencing recession (i.e., negative growth), India succeeded in achieving 6.7 per cent growth rate which further rose to 8.6% in 2009-10 and 8.9% in 2010-11.

It will be seen from Table 64.1 (last row) that the GDP growth rate at factor cost (at 2004-05 prices) picked up from the year 2003-04. As compared to average GDP growth rate of around 6.2 per cent in 1991-2003, it was estimated at 8 per cent in 2003-04, 7.1 per cent in 2004-05, 9.5 per cent in 2005-06, 9.6 per cent in 2006-07, and 9.3 per cent in 2007-08. In the year of global financial crisis, it fell to 6.7 per cent in 2008-09. But even then it was well above other countries except China.

The GDP growth rate again rose to 8.6 per cent in 2009-10 and to 8.9 per cent in 2010-11. In the next two years, 2011-12 and 2012-13 there was temporary slowdown in economic growth but in those two years due to adverse global factors, the growth rate declined in all countries including China. However, from 2013-14 onwards, India’s growth rate has picked up while GDP growth rates in other countries of the world remain at lower levels. India’s GDP growth rate has raised to 6.9 per cent in 2013-14 and to 7.3 per cent in 2014-15 and it is estimated to up to 7.6 to 7.8 per cent in 2015-16. With this India which has been the second fastest growing economy of the world since 2003 next only to China will overtake China in 2015-16 and is expected to become the fastest growing economy of the World. India’s growth rate since 2004-05 is depicted in Fig. 64.1.

Impact of Covid-19 on The Indian Economy

• Categories: Covid 19 India Indian Economy

About this sample

Words: 1417 |

Published: Feb 8, 2022

Words: 1417 | Pages: 3 | 8 min read

Table of contents

Introduction.

• https://en.wikipedia.org/wiki/Economy_of_India
• https://www.researchgate.net/publication/341266520_Effect_of_COVID-19_on_the_Indian_Economy_and_Supply_Chain
• https://etinsights.et-edge.com/wp-content/uploads/2020/04/KPMG-REPORT-compressed.pdf

Cite this Essay

Let us write you an essay from scratch

• 450+ experts on 30 subjects ready to help
• Custom essay delivered in as few as 3 hours

Get high-quality help

Dr. Heisenberg

Verified writer

• Expert in: Nursing & Health Geography & Travel Economics

+ 120 experts online

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy . We’ll occasionally send you promo and account related email

No need to pay just yet!

Related Essays

2 pages / 725 words

1 pages / 536 words

3 pages / 1316 words

6 pages / 2789 words

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

121 writers online

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

Related Essays on Indian Economy

The Vaishya caste is one of the four major social classes in Hinduism, known as Varnas, and is traditionally associated with commerce, agriculture, and trade. The Vaishya caste plays a crucial role in Indian society, as it is [...]

Credit control is absignificant tool used by Reserve Bank of India. It is an important weapon of the monetary policy used to control demand and supply of money which is also termed as liquidity in the economy. Administers of the [...]

There was a lot of learning in the training there is a lot more to learn than what was imparted during the training. Indian Finance Market is very competitive and requires learning and reading every day to know what is going on [...]

With nearly 47 Million internet users and a GDP rate of 6-7 percent, India represents a digital economy. India has proved to be the biggest market potential for global players. This digital revolution is expected to generate new [...]

In recent years, industrial internet of things (Industrial IoT) has become the most popular industrial technical paradigms and business concepts. With the continuous integration of emerging information and communication [...]

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%,18% and 28%. Petroleum products and [...]

Related Topics

By clicking “Send”, you agree to our Terms of service and Privacy statement . We will occasionally send you account related emails.

Where do you want us to send this sample?

By clicking “Continue”, you agree to our terms of service and privacy policy.

Be careful. This essay is not unique

This essay was donated by a student and is likely to have been used and submitted before

Download this Sample

Free samples may contain mistakes and not unique parts

Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

Please check your inbox.

We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

Get Your Personalized Essay in 3 Hours or Less!

We use cookies to personalyze your web-site experience. By continuing we’ll assume you board with our cookie policy .

• Instructions Followed To The Letter
• Deadlines Met At Every Stage
• Unique And Plagiarism Free

India's GDP set to grow 8% or more in Jan-March quarter, finance minister says

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Reporting by Nikunj Ohri in New Delhi Editing by Helen Popper

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Spain's PM urges Israel to clarify circumstances of airstrike on aid workers

Israel must clarify the circumstances surrounding the deaths of seven people working for Spanish-American celebrity chef Jose Andres' World Central Kitchen in an Israeli airstrike in central Gaza, Spanish Prime Minister Pedro Sanchez said on Tuesday.

Advertisement

Supported by

5 Things to Know to Understand India’s Economy Under Modi

As Prime Minister Narendra Modi seeks a third term, India’s growth has received the attention of the world’s investors but inequality has deepened.

• Share full article

By Alex Travelli

Reporting from New Delhi

Narendra Modi has big money behind him as he appears set to win a third term as India’s prime minister. His party has collected more political cash than the others combined, and the country’s richest business leaders support him.

The campaign is fueled partly by a winning story Mr. Modi tells about India’s economy, some of which can be traced to changes made during his decade in office. He has also benefited from geopolitical currents that have made India more attractive to global financiers. Here are five factors that are essential to understanding India’s economy. Elections will start on April 19 and conclude June 4.

India is big and getting bigger.

India, the world’s largest population , has been poor for centuries on a per person basis. But its economy has developed an undeniable momentum in the past three decades and is now worth $3.7 trillion. Size like that has its advantages: Even one percentage point of growth is monumental.

“Fastest-growing major economy” has become India’s signature in the past few years. In 2022 India became the fifth-largest economy — stepping over Britain. Even if it continues to grow at a relatively modest pace, it should overtake Germany and Japan to become the third-largest economy around 2030, behind only China and the United States.

The “India growth story,” as local businesspeople call it, is attracting a surge of excitement from investors, especially overseas. Under Mr. Modi, Indians are becoming more hopeful about their country’s economic future. As the economy gets bigger, even smaller rates of growth pile on huge sums of wealth.

Yet many facts of the Indian economy remain stubbornly in place. A large proportion of the work force toils on farms, for instance, and a relatively small part of it is employed in factories. Without better jobs , most Indians will be left waiting to taste this success.

There’s nothing like being in the right place at the right time.

Over the past 10 years, the rest of the world has given Mr. Modi opportunities to turn adversity into India’s advantage. He took office as oil prices were cut in half, a huge boost to the country because it relies heavily on imported crude .

The next few years were bumpier. Shocks caused by Mr. Modi’s boldest moves — an abrupt ban on bank notes and a big tax overhaul — were slow to be absorbed. By 2019 growth was slowing to less than 5 percent. Mr. Modi won re-election that year on the strength of a nationalistic campaign after brief border clashes with Pakistan.

When the Covid-19 pandemic came, it was cruel to India. During the first lockdowns, the economy shrank 23.9 percent. A 2021 wave pulled India’s health-care system into crisis.

India’s economic recovery then coincided with a supercharged enthusiasm by Western countries to tap India as an economic and strategic partner. The pandemic had exposed the world’s deep dependence on China as a supplier and manufacturer. And China’s heightened tensions with the United States, its own border clashes with India, and now its uncertain economic prospects inspired businesses and investors to look to India as a solution.

Build, baby, build: India shows off shiny new projects.

The most visible improvements to India’s economy are in infrastructure. Mr. Modi’s gift for implementation has helped build up capacity exactly where India has missed it most.

The building boom started with transportation: the railways, ports, bridges, roads, airports. India is remaking itself rapidly. Some of the developments are truly eye-catching and are laying the tracks for faster growth. The hope is that local businesses will start investing more where the government has lent its muscle.

Investment in India’s education and public health has been less meaningful. Instead, the government under Mr. Modi has aimed to make concrete improvements for ordinary Indians: bringing electricity to most remote villages, and drinking water and toilets to homes that lacked them.

Beneath the gleam, a digital powerhouse is built.

Less tangible but perhaps more significant has been India’s rapid adoption of what the government calls “digital public infrastructure.” This is a web of software that starts with Aadhaar, a biometric identification system established under Mr. Modi’s predecessor, Prime Minister Manmohan Singh. From unique digital identities, it has tied together access to bank accounts, welfare benefits and tax requirements.

This new organization of India’s data, combined with a dense and cost-effective mobile network, has brought efficiencies that grease the gears of commerce. India is proudly exporting the basic framework of its digital architecture to other countries.

Inequality deepens as old problems go unsolved.

Some of the Indian economy’s persistent ailments have been left to fester. Mr. Modi has tried and failed to fix things that plagued previous governments, like industrial policy, the broken agricultural markets and rules for land acquisition. What has become even worse under his government is the country’s vast inequality.

A study published last month by the World Inequality Database in Paris found that while the number of billionaires in India nearly tripled in the past 10 years, the incomes of most Indians were stagnant. The median income is still only $1,265 a year, and 90 percent of the country makes less than $3,900. When so many are left with so little, it is hard to see how domestic consumption will spur faster growth.

The Indian government is quick to reject most such reports; the underlying data is too thin, its economists say. But that’s partly because of the government’s own doing. For all of India’s digital innovation, deciphering what is going on in the country’s economic life has become harder. Under Mr. Modi’s government, fewer official statistics are published and some important data sets, such as those tracking household consumption, have been delayed and redesigned.

What’s more, institutions like think tanks and universities face legal and financial pressure to fall in line behind the government’s messaging.

Alex Travelli is a correspondent for The Times based in New Delhi, covering business and economic matters in India and the rest of South Asia. He previously worked as an editor and correspondent for The Economist. More about Alex Travelli

India’s 8% Growth Story Masks What’s Wrong With Modinomics

“All that glitters is not growth,” analysts at Nomura wrote in a recent note. “Underlying growth is weaker than what the headline suggests.”

• Share to Facebook
• Share to Twitter
• Share to Linkedin

India's Prime Minister Narendra Modi.

Between Donald Trump and Narendra Modi, it’s often hard to tell who’s the better economic salesman.

Former U.S. President Trump’s ability to bend cold, hard data, charts and verifiable trendlines to his own will and political advantage seems unmatched. Until you consider Prime Minister Modi’s uncanny knack for convincing a critical mass of 1.4 billion Indians that he’s already made their economic prospects great again.

On the surface, it can be hard to quibble with Modi’s spin as his Bharatiya Janata Party tries to secure another five years in power. The election process that begins April 19 is well timed for the BJP.

India is growing north of 8% at a moment when the stock market is going gangbusters and foreign investors fleeing China are pivoting its way. That includes Japanese investors, who are increasingly buying into the “China-plus-one” theory and diversifying into Indian assets.

Xi Jinping’s challenges over in Beijing are making 2024 an even more unexpectedly serendipitous moment for New Delhi. Asia’s biggest economy is bleeding capital amid deflation and a deepening property crisis.

“People are interested in India for several reasons — one is simply it’s not China,” Vikas Pershad, portfolio manager at M&G Investments, told Bloomberg. “There’s a genuine long-term growth story here.”

Of course, Chinese leader Xi would say the same of his economy. But Modi has the advantage of economic ascendancy in statistical terms, too. By 2027, brokerage house Jefferies thinks India will replace Japan as the No. 3 economy. In dollar terms, India now produces about $3.6 trillion of annual output, the fifth most globally.

Below the surface, though, India’s moment in the global spotlight isn’t all it appears.

“All that glitters is not growth,” analysts at Nomura Holdings wrote in a recent note. “Underlying growth is weaker than what the headline suggests.” ll that glitters is not growth,” analysts at Nomura Holdings wrote in a recent note. “Underlying growth is weaker than what the headline suggests.” The reason, Nomura argues, is that India growth “is primarily supported by strong public capex growth, while private consumption and private capex remain subdued.”

The all-important agricultural sector, meanwhile, has "underperformed.” To be fair, as Nomura points out, certain industrial sectors are indeed “resilient." Look no further than the fact that more than 7% of Apple Inc.’s iPhone production is now done in India.

Yet there are growing worries that India’s 8% growth isn’t producing nearly as many new jobs as hoped.

“While the unemployment rate eased in urban India, it rose substantially in rural India," the Centre for Monitoring Indian Economy, an independent advisory firm, argued in a March 1 report. It believes India’s actual unemployment rate was 8% in February, more than double the official rate.

Yet the real worry is the outsized role of government expenditures in driving India’s current growth. Last month, Modi’s government announced a roughly 11% jump in capital expenditure in the fiscal year ending March 2025. That increase is on top of a 33% surge in the previous year.

All this helps explain why Arvind Subramanian, a top former chief economic adviser to New Delhi, finds recent data on gross domestic product “absolutely mystifying.” He pointed out at an India Today conference last week that the numbers “don’t add up.”

For example, Subramanian said, “the implied inflation numbers given by the government are between 1% and 1.5%, but the actual inflation is around 3% and 5%.” What’s more, he said, “the economy is growing at 7.5% even though private consumption is at 3%.”

"So it's a lot of stuff about the numbers which you know, I don't understand,” Subramanian said. “I am not saying these are wrong. That's for others to judge.”

But one area of judgement that Subramanian finds significant is that while stock market inflows are increasing, long-term investments in factories generally aren’t. “You can see foreign direct investment actually collapsed quite a bit," he said.

It’s an important point. The so-called “hot money” now swamping Indian markets is fine. But the really important money is the capital that builds bricks-and-mortar facilities that create jobs and represent long-term commitments to Modi’s India.

Until investors know for sure that India’s growth is driven more by private-sector energy than government efforts, India’s GDP trends will be a matter of debate. For all the excitement about India’s private-sector development, the hand of the public sector continues to dominate.

Something that India and China actually do have in common: both have macro dynamics that divert attention from cracks in their financial systems. To ensure India’s rapid growth is shared widely, Modi’s team needs to do serious heavy lifting on reforms to level playing fields across sectors.

It’s here where global investors have valid reasons for skepticism. That goes for Japan, of course, as stocks surge past the 1989 highs. And Trump’s claims to have been the one who made the American economy great again.

Yet Modi must close the gap between rhetoric and economic reality before it really gets away from him. Before it’s too late.

• Editorial Standards
• Reprints & Permissions