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Economy of India

Indian economy is considered to be a developing economy but the economy is unstable because there are various unsolved issues still crushing the Indian economy. But still, India has managed to bring its Economy at a moderate rate. 


Issues

The Indian economy was considered the best economy in the world before the issues started squeezing the Indian economy. 


  1. 1. Mughal Invaders - Babur was the first Mughal Invader to invade India and robbed all the gold and silver of the villages and kings of those villages. He invaded India in 1526. After his successful loot, all the other Mughal emperors started invading India and this legacy stayed till the last Emporer Aurangzeb till 1858. They have exploited India at that time. After the Mughals left, the Indian economy faltered. 

  2. 2. British Rule - The Mughal rule ended because of Britishers' invasion. The British started slowly capturing India since 1858. The British Raj had taken place between 1858 and 1947. In these years, Britishers did the same thing as Mughals Emporers did. They exploited villagers by imposing various taxes and also imposed double penalties on the non-recovery of their loans proffered to the farmers. They exploited the farmers in the worst manner ever as they were illiterate and the one stoping such injustice was either sentenced to remain in the jail for the lifetime or were sentenced to death by hanging them in between the square or market. In 1947, when the British were forced to left India they took various things with them like the Diamond of Kohinoor, all the treasures, wealth and many more back to London. 

  3. 3. Unemployment - Although after leaving India, the Britishers left the companies that were initialized by them but still unemployment was at the peak because there was no money left by Britishers. It became a hierarchy. No money lead to no development of industries and ultimately it gave rise to unemployment. Unemployment leads to poverty. 

  4. 4. Poverty - After the exploitation by the British, poverty in India spread like fire. Poverty was a result of the spread of unemployment. Even today, poverty is present in India due to various reasons. Today, thousands of people sleep without having even a piece of food. Poverty is eating our country rapidly.

  5. 5. Increasing Population - Population has also been a major issue for India. The issues like poverty and unemployment are a result of exceeding the population. There is no harm in population but it should not exceed more also the country should have a sufficient amount of basic resources to fulfil everyone's needs. Basic necessity includes land, per capita income, daily resources, employment, and such necessities. Population explosion is a result of less education as education explains a lot about population controls.

Present 

The Indian fiscal year is between 1st April and 31at March. Today, the Indian economy has developed a lot then it was in the post-independence period. But there also has been an inflation in the prices of every food item.

Statistical details of the GDP growth rate of India. 


Points of difference concerning(2019)

Nominal

Purchasing Power Parity(PPP)

GDP

$2.9 trillion

$11.3 trillion

GDP Rank

5th

3rd

GDP per capita

$2,172

$8,378

GDP per capita Rank

142nd

119th



Subjects

Points

Percentage

GDP Distribution by Sectors(2017)

Agriculture

15.4%

Industry

23%

Service

61.5%

GDP Distribution by Segments(2017)

Household consumption

59.1%

Government consumption

11.5%

Investment in fixed capital

28.5%

Investment in inventories

3.9%

Exports of goods and services

19.1%

Imports of goods and services

-22.1%








External Trade

Points of Difference

Import(2018-19)

Export(2018-19)

Amount

$514 billion

$330 billion

Products

Agricultural – 8.1%

Fuels & Mining – 30%

Manufacturers – 51.7%

Others – 10.2%

Agricultural – 12.8%

Fuels & Mining – 13.8%

Manufacturers – 70.5%

Others – 2.9%

Main partners

Arab League – 19.88%

China – 13.68%

ASEAN – 11.53%

European Union - 11.35%

United States – 6.92

Hong Kong – 3.50%

South Korea – 3.26%

Japan – 2.48%

Others – 27.4%

Arab League – 17.37%

European Union – 17.34%

United States – 15.88%

ASEAN – 11.38%

China – 5.08%

Hong Kong – 3.94%

Japan – 1.47%

South Korea – 1.43%

Others – 26.11%




Conclusion

India imports more goods then it exports. India is ranked at 10th largest importer and 19th largest exporter which indicates a lot of gaps. To boost the Indian economy it is important to forget our past look for our present so that we prosper in our future. We should look into deducting the problems of India, the Economy will ultimately grow up. But this task should be carried out as soon as possible because India's economy is still weak and if it crosses its line of weakness then no one can save India to enter into a black hole of poverty and starvation.


1 Comment
  • ravipushp81@gmail.com 5 years, 2 months

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