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India’s journey from million to trillion-dollar economy has been spectacular

India’s journey from million to trillion-dollar economy has been spectacular
India’s journey from million to trillion-dollar economy has been spectacular

India has traversed a wonderful journey full of ups and downs in the last 75 years since gaining independence from becoming a million-to-trillion-dollar economy.

The day is not far when India, along with America and China, will be among the top 3 economic superpowers of the world.

Image Credit source: DH

India has Independence million in the last 75 years since achieving trillion-dollar economy Till the time he has come a wonderful journey full of ups and downs. When the British came here in 1608, India ‘Golden Bird’ It was called and after about 350 years after this, the rulers of independent India got empty treasury in inheritance. Then the GDP of India was only 2.7 lakh crore rupees, which was then global gross domestic product It was only 3 percent.

an agricultural economy

India’s economy was based on agriculture, which contributed more than 50 percent to the country’s GDP. Some of India’s foodgrain production in 1947 was about 50 million tonnes and now this production has increased five times. However, now the share of agriculture sector in the country’s economy has come down to less than 16 percent. This shows how the Indian economy has diversified over the years.

Liberalization of 1991 proved to be a big change

Today India not only produces enough food grains but also exports. Currently, India’s GDP is about 7.8 percent of the world’s GDP. India is included in the top six economies of the world.

Critics often say that India’s adoption of socialism and the Soviet model of development did not make it as big an economy as it could have been, to some extent this is true. However, the contribution of the model should also not be forgotten which enabled India to start industrialization and build the infrastructure for development. It took about 44 years for the country to start liberalizing the economy and in 1991 the time came, the benefits of which are now visible.

The PV Narasimha Rao government’s decision to open up the Indian economy in 1991 was a courageous move. He made economist Dr. Manmohan Singh as his finance minister. To reduce the fiscal deficit, the two together introduced foreign investment, reforms in the capital market, deregulation of domestic trade and reforms in the trade system.

Make in India became the new mantra

The current Narendra Modi government, through its Make in India campaign, is setting targets to make India a hub of international production and encourage foreign investment. It was the strength of the Indian economy that was able to withstand the famine of the 1960s. . After becoming a nuclear power in 1998, India fought international sanctions very well. A country that was heavily indebted and dependent on food imports, which had to mortgage its gold reserves with foreign banks to avoid bankruptcy, is today a major economic superpower in the world. India’s progress is both commendable and amazing.

India on its way to become a powerful global economy

India’s achievement on the economic front can be gauged from the fact that its two neighboring countries Pakistan and Sri Lanka also became independent around the same time. But today both these countries are struggling to keep their existence, while India kept on moving forward despite all the obstacles.

Had it not been for the COVID-19 pandemic that derailed the global economy, India would have been able to achieve a growth rate of 10 percent by 2024. However, the day is not far when India, along with America and China, will be among the top 3 economic superpowers of the world.

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The article is in Hindi

India

Tags: Indias journey million trilliondollar economy spectacular

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