However, the rural regions of our country are still under-developed. 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. This did not only impact the businesses but also the workers employed there. Demonetization helped in doing away with the high value fake currency notes, indian economy essay. It is a developing market economy. We also have small scale industries such as clothe industry, plastic products industry, jute indian economy essay paper industry, food processing industry and toy industry.
Long and Short Essay on Indian Economy in English
The economy of India could well be described by two words — developing and mixed. Developing economy means that it is still developing and not as affluent as the economy of some of the developed western countries. Mixed economy on the other hand refers to a capitalist economy as well as an amalgamation of private and public enterprises. Indian economy is growing at a good rate. The agricultural, industrial as well as service sector in our country is expanding and improving with time and thus contributing to its economic growth. However, just like other developing countries, the economy of India is also faced with numerous challenges.
Some of the indian economy essay challenges faced by the Indian economy are corruption, illiteracy and huge cultural, social and economical disparity among its states. Here we are providing essay on Indian Economy of varying lengths to help you with the topic in your exam. After reading these essays you will have every essential information about Indian economy and its status. You will also know how the economy of a nation depends on corruption and education of its people. India is mainly an agricultural economy. Agriculture does not just mean growing and selling of crops but also involves poultry, fishing, cattle rearing and animal husbandry among other similar activities. People in India earn their livelihood by indulging in many of these activities. These activities are vital for our economy.
The industrial sector comes next. Many industries have surfaced in our country ever since the industrial revolution. The industrial sector has especially seen a boom in the last few decades. We also have small scale industries such as clothe industry, plastic products industry, jute and paper industry, food processing industry and toy industry. Our small scale industries also give a good boost to the economy. Apart from this, we have service sector which is another contributor to the Indian economy. This sector includes the banking sector, hotel industry, telecom sector, insurance sector, transport sector and more. Professionals such as engineers, doctors and teachers also come under this sector.
Indian economy has seen a major growth in the last few decades. The credit for this boom largely goes to the service indian economy essay. 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, indian economy essay. A number of new large scale as well as indian economy essay scale industries have been set up in the recent times and these have also proved to have a positive impact on the Indian economy. During the last year, India suffered from inflation due to the rise in the prices of food items.
However, it is recovering from the loss and the economic condition is likely to improve this year, indian economy essay. The Central Statistics Organisation CSO has recognized India as one of the fastest growing economy. It has been estimated that if we continue to grow at this rate, we would likely become one of the top three economic powers in indian economy essay world over the next decade or two. We have a indian economy essay of talented and creative youths who are hard working and ambitious. Our government is also taking initiatives to improve the economic condition of the country by bringing in new opportunities for employment and business. No wonder, our economy is growing at a good pace. British ruled our country for nearly years.
They looted our indian economy essay and left it in a poor economic state. However, indian economy essay, our efficient political leaders who played a major role in the independence of the country took charge of the condition and worked collectively for its socio economic progress. The government of the country assessed the problematic areas and came up with policies to raise its economy. Majority of the working Indian population was and is still engaged in the agriculture sector. Growing crops, fishing, indian economy essay, poultry and animal husbandry were among the tasks undertaken by them. Many people were also engaged in the cottage industry.
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. Many industries have been set up since independence, indian economy essay. 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 large amount of raw material as well as finished goods. 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 service sector has also helped in the growth of our country. This sector has seen a growth in the last few decades. The privatization of the banking and telecom sectors has a positive impact on the service sector, indian economy essay. The tourism and hotel industries are also seeing a gradual growth. The Indian economy has seen 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 indian economy essay make efforts to improve the economic condition of these areas. Indian economy is growing at a steady speed. The increasing number of various manufacturing industries the growth in export of manufactured goods and the privatization of banking and telecom sector have made a positive impact on the Indian economy.
India had indian economy essay a very difficult phase after independence when indian economy essay economic condition of the country declined at a rapid speed, indian economy essay. The government of India as well as the talented youth have worked hard to raise it. India was once known as the golden sparrow because of the wealth accumulation in the country. This is one of the main reasons it attracted foreign invaders. After the colonisation by British, India was left with almost nothing.
Most of the Indians were engaged in cottage industries. However, the products manufactured by them were no longer in demand as people had begun using industrial goods. Handling the economic condition of the country was one of the main challenges for the newly formed Indian government. In indian economy essay to ensure an upward graph, it came up with the following policies:, indian economy essay. The efforts of the Indian government and the hard work of the general public have paid off. India has become one of the fastest growing and developing nations. Our country has made good progress in various industries during the last few decades and this has led to its economic growth.
Information Technology, infrastructure, retail, financial services, automotive and healthcare are among the sectors that have seen a major boom lately. The average GDP of our country is around 7 percent. India stands at the seventh position worldwide when it comes to GDP. However, even as India has attained this stature, the picture is not all rosy. The main problem of our country is unequal distribution of wealth. There are still many people in our country who are living below the poverty line, indian economy essay. The economic growth of our country is of no good if such extreme poverty indian economy essay persists.
The government of our country has taken several initiatives to ensure the economic growth and development ever since independence. The sharp mindedness of the Indian youths and the numerous initiatives taken by the Indian government has collectively contributed to the economic growth. However, we still have a long way to go. The news of demonetization was a big shocker for every Indian, indian economy essay. In NovemberPrime Minister, indian economy essay, Narendra Modi announced the scrapping of high value currency notes in an attempt to bring down the black money accumulation. The decision was also aimed at promoting indian economy essay use indian economy essay plastic money.
However, it called for a lot of discomfort and discontentment among the general public. The worst affected were the people in the rural areas who did not have access to internet and plastic indian economy essay. Many big and small businesses in the country were hit badly. Several of them were shut down as a result of this. While the short term effects of demonetization were devastating, this decision did had a brighter side when looked at from long term prospective. Here is a look at the positive and negative impact of demonetization on the Indian economy:. Many businesses in India work on the power of black money.
Demonetization helped in closing these businesses and destroying the black money accumulated by the people of India thus having a positive impact on its economy. A number of fake currency notes were being circulated in the country having a bad impact on its economy. Demonetization helped in doing away with the high value fake currency notes. The circulation of the old currency notes was banned with immediate effect. All those who had these currency notes required depositing them in the banks so that their money did not go wasted. Cash indian economy essay to trillions of rupees was deposited in the Indian banks and this led to an increase in the GDP of the country.
Real Estate is one industry that runs largely on black money. Demonetization stopped the flow of black money in the real estate sector to ensure a fair play.
essay on environment conservation
Many industries have surfaced in our country ever since the industrial revolution. The industrial sector has especially seen a boom in the last few decades. We also have small scale industries such as clothe industry, plastic products industry, jute and paper industry, food processing industry and toy industry. Our small scale industries also give a good boost to the economy. Apart from this, we have service sector which is another contributor to the Indian economy. This sector includes the banking sector, hotel industry, telecom sector, insurance sector, transport sector and more.
Professionals such as engineers, doctors and teachers also come under this sector. Indian economy has seen a 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 the recent times and these have also proved to have a positive impact on the Indian economy.
During the last year, India suffered from inflation due to the rise in the prices of food items. However, it is recovering from the loss and the economic condition is likely to improve this year. The Central Statistics Organisation CSO has recognized India as one of the fastest growing economy. It has been estimated that if we continue to grow at this rate, we would likely become one of the top three economic powers in the world over the next decade or two. We have a pool of talented and creative youths who are hard working and ambitious. Our government is also taking initiatives to improve the economic condition of the country by bringing in new opportunities for employment and business. No wonder, our economy is growing at a good pace. British ruled our country for nearly years.
They looted our country and left it in a poor economic state. However, our efficient political leaders who played a major role in the independence of the country took charge of the condition and worked collectively for its socio economic progress. The government of the country assessed the problematic areas and came up with policies to raise its economy. 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.
Many people were also engaged in the cottage industry. 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. Many industries have been set up since independence. 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 large amount of raw material as well as finished goods.
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 service sector has also helped in the growth of our country. This sector has seen a 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. The Indian economy has seen 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.
Indian economy is growing at a steady speed. 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. As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the agricultural sector has reduced. India is the largest producer of milk, pulses and jute and is the second-largest producer of wheat, rice and cotton. The main industries included in the Indian industrial sector include textile, construction, power, food processing, etc.
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. 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 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. There is the existence of poor infrastructure in the economy. Millions of Indians do not have access to basic life amenities. You would often have heard the words :. Relation politics mars the opportunities deserved by many worthy individuals.
The rapidly escalating per capita income, property and food costs have stalled even the basic tasks of everyday routine. This indicated that inflation is not actually due to excess demand, but due to cost pushing factors like impediments in the supply chain of agricultural commodities. This hits especially the poor adversely, who are the most vulnerable to price rise. One of the reasons behind inflation is the hoarding of essential commodities and then selling them at sky high prices when demand surges. The rise in the prices would cause RBI to increase interest rates. Thus, those in debts, would face difficulty in paying back loans. This restricts investment in public services like education and health. India has large reserves of foreign currency, but there has been running a current account deficit.
Also, imports are growing faster than exports. The wide chasm caused a giant fall in the value of rupee between and The disparity between rich and poor sections is increasing by the day. Economic growth has failed to benefit the poor. Recently, callous remarks were made about the poverty index. The period has seen a slowdown in economic growth. Unemployment rates have to be brought down. India is behind China, which has comparatively a better developing economy. Poor quality and limited outreach of education is another hurdle.
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