Essay on the Economy of India! The Indian economy is diverse and embraces a huge area including agriculture, mining, textile industry, manufacturer and a vast area of other services. There is an enormous shift from what the economy used to be in the distant past. Indian economy is the third largest in the world, as measured by ‘Purchasing Power Parity’ (PPP) India as a mixed economy has made rapid strides during about sixty years after independence. Millions of people who were living below the poverty line have been uplifted. This has become possible because the government took the basic industries like mining, quarrying, iron and steel, heavy electricals, nuclear energy in its hand because they create raw material for many other + Words Essay on Indian Economy. India is on the high road to economic growth. From , the world economy has declined due to the COVID pandemic. Repeated waves of infection, supply-chain disruptions and inflation have created challenging times. Faced with these challenges, the Government of India has taken immediate action so that it has the least
Essay on Indian Economy for Students in English | Words Essay
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. 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. 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. 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, essays on indian economy. 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. For continuous years starting from the 1st century A. The Indus Valley civilisation essays on indian economy to provide a form of permanent settlement to the people of the country alongside efficient water supply, essays on indian economy, 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, essays on indian economy, 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. As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the essays on indian economy 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, essays on indian economy. The main reason why the service sector has been able to do exceedingly well is because essays on indian economy outsourcing.
The working population here is skilled, highly educated and cheaper than the labour in other countries. Unemployment is a problematic issue for essays on indian economy 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, essays on indian economy.
This leaves so much potential untapped and opportunities unexplored. TABLE OF CONTENTS.
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Essay on the Economy of India! The Indian economy is diverse and embraces a huge area including agriculture, mining, textile industry, manufacturer and a vast area of other services. There is an enormous shift from what the economy used to be in the distant past. Indian economy is the third largest in the world, as measured by ‘Purchasing Power Parity’ (PPP) + Words Essay on Indian Economy. India is on the high road to economic growth. From , the world economy has declined due to the COVID pandemic. Repeated waves of infection, supply-chain disruptions and inflation have created challenging times. Faced with these challenges, the Government of India has taken immediate action so that it has the least 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
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