essay on economic conditions in india

Essay on Indian Economy

India’s economy is described as huge, complex and growing. It is one of the most exciting and emerging markets in the world. Since 1951, India has grown as a planned economy. The first few plans focused on growth with the strengthening of the manufacturing sector, emphasising heavy industries to form the backbone of the economy. Other principal areas of planning were agriculture and social development. During the post-independence period and the period of the “Five-year plans”, efforts were focused on identifying the needs of the economy. Further, the economic reforms in the early 90s opened a new chapter in India’s economic history. It gave India an opportunity to shake off the shackles of its past and emerge on the world stage as a progressive nation. This essay on the Indian Economy will help students know about the Indian economy in detail.

Students can go through the list of CBSE Essays on different topics. It will help them to improve their writing skills and also increase their scores on the English exam. Moreover, they can participate in different essay writing competitions which are conducted at the school level.

500+ Words Essay on the Indian Economy

India is on the high road to economic growth. Since 2020, the world economy has declined due to the COVID-19 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 impact on the Indian economy.

The Indian economy has been staging a sustained recovery since the second half of 2020-21. However, the second wave of the pandemic in April-June 2021 was more severe from a health perspective. The national lockdown has affected small businesses, common people and everyone in India. Due to this, the Indian economy has gone down. But now, it is slowly rising up and taking its form.

Role of Agriculture in the Indian Economy

Agriculture is one of the most important sectors of the Indian economy. It supplies food and raw materials in the country. At the time of independence, more than 70% of India’s population depended on agriculture to earn a livelihood. Accordingly, the share of agriculture in the national product/income was as high as 56.6% in 1950-51. However, with the development of industries and the service sector, the percentage of the population depending on agriculture, as well as the share of agriculture in the national product, has come down. Agriculture is the source of food supply. Agriculture is also a major source of foreign exchange earnings through export. The share of agriculture in India’s export in the year 2011-12 was 12.3%. The major items of export include tea, sugar, tobacco, spices, cotton, rice, fruits and vegetables, etc.

Role of Industry in India’s Economy

Industry is the secondary sector of the economy and is another important area of economic activity. After independence, the Government of India emphasised the role of industrialisation in the country’s economic development in the long run. Initially, the public sector contributed the maximum to economic growth. In the early 1990s, it was found that the public sector undertakings were not performing up to expectations. So, in 1991, the Indian Government decided to encourage the role of the private sector in industrial development. This step was taken to strengthen the process of industrialisation in India.

The progress of the Indian economy after independence was impressive indeed. India became self-sufficient in food production due to the green revolution, and industries became far more diversified. However, we still have to go a long way to become a 5 trillion economy by 2025. But, with government effort and the right policymakers, it can be achieved.

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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.

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Speech therapist, gynaecologist.

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India’s Highs and Lows in Economic Growth Essay

Introduction, india’s advantages, india’s disadvantages.

Bibliography

China and India are recognized as the world’s most important developing countries. While the per-capita incomes for citizens of both countries still remains quite low, the two countries have risen considerably with rapid economic growth in recent decades 1 .

India in particular has become one of the fastest growing countries in the world after China and the country shows signs of maintaining the growth momentum in a sustainable manner.

The fact that India’s economy continued to grow even during the global financial meltdown of 2008-2009 has led many to favorably compare this growing economy with rising china. A number of advantages unique to India have positively affected its economic growth.

Even so, India has some disadvantages which impede on its economic well being. This paper will set out to articulate India’s advantages and disadvantages in the economic growth context. Suggestion of how the country can achieve a balance of these factors so as to continue enjoying sustained economic growth will also be made.

Arguably the greatest advantage that has contributed to India’s economic prosperity is its democratic political system. The democratic system has had and promises to have a stabilizing effect on the country. As a result of the economic growth experienced by the country, there have emerged some inequalities between the rich and the poor.

Communities have also begun making increasing demands for a share in the country’s prosperity. Democracy in India has acted as a mechanism for diffusing the smoldering tensions among the country’s disparate population groups 2 .

This is in sharp contrast to the communist rule in china where the government is increasingly finding it hard to politically manage conflicts. As a result of the political system adopted by China, the gap between the rich and the poor has in the past three decades grown excessively.

Income distribution in china is unequal which has led to high social discontent especially among villagers from central China. Academic analysts assert that this rural discontent threatens Chinese stability and hence Future Chinese prosperity is not guaranteed 3 .

In India, the poorest people are the strongest supporters of the country’s democratic process. India therefore has a diverse source of stabilizing legitimization of its political system hence guaranteeing the countries future.

The economic growth experienced in India has been fairly uniform compared to that of China’s. While the Chinese government has made monumental investments in infrastructure, its economic development has been mostly focused on coastal areas 4 .

Other regions have therefore suffered from budget cuts as more money is channeled to these high priority areas. India’s investments have been uniformly distributed among all states since there is representation by the state members in the parliament. India therefore has an advantage since the entire country is experiencing growth while China’s growth is only concentrated in a few key cities.

The entrepreneurial instincts of Indian business and the support of the government for entrepreneurs have led to India’s growth. While the Chinese economy is largely propelled by government-owned companies, the Indian economy is driven primarily by its domestic private sector 5 .

The government of India gives the private sector a relatively free hand which has led to economic growth. The period from 1969 and 1974 was characterized by stringent regulation by the government of private and foreign companies which led to low levels of growth and productivity 6 .

Private sector oriented liberalization in India comprised of gradually removing the controls that the state had previously had over private enterprise. The gradual liberalization of the economy favoring the private sector between 1975 and 1990 resulted in a significant change in this trend 7 .

India’s private sector was freed from significant state control and the subsequent boom by this sector is associated with high levels of economic growth in India. In addition to this, the political structure of India has encouraged people to work hard so as to amass wealth.

The democratically inspired economic policies of India encourage competition and individual enterprise as individuals pursue their self-interest of survival and wealth accumulation 8 . This eventually leads to increased profits for the businesses and overall economic development for the country.

The political freedom afforded to the people of India has resulted in huge gains in the information age. India has emerged as a world leader in information technology software while China has continued to lag behind in this ever increasing key aspect of any modern economy 9 .

In China, the fear by the Communist Party of its own people has resulted in tight controls over Web access; a factor that has constrained information technology growth. Indians have the economic opportunities that the Chinese people are denied by the dictatorial system.

India’s young population is also an advantage in the country’s economic prosperity. Compared to China, India’s population is younger while china is an ageing country with big cities like Beijing having a significant population of old people 10 .

An older population means that China will have a decreasing labor force in the near future. Contrary to this, India will still have an increase in their labor force due to its rising population. Studies document that by 2045, India will have the world’s largest population.

In spite of all of India’s advantages, China has emerged as the power to reckon with in the recent India. Some researchers of comparative studies of the world’s two most populous nations have even concluded that china is a success and India is a failure 11 .

India has been unable to banish illiteracy among its people with a 2001 census noting that illiteracy levels were as high as 40% 12 . This has been blamed on many factors one of which is that the social elite governing the Indian state have tolerated child labor which has fueled factories at the cost of depriving millions of children an education or a decent living.

While steps have been made to increase literally levels in the country, India continues to lag behind in secondary school enrolment when compared to other in East and South East Asia countries 13 .

Research further indicates that human development in areas such as primary education and health have not been impressive 14 . Without investing in its human capital, India will not be able to sustain its economic growth which relies heavily on the county’s labor force.

India’s poor infrastructure is one of the significant setbacks faced by the country since infrastructure plays a major role in a country’s economic growth. Infrastructure development contributes to overall economic development by; creating production facilities and stimulating economic activities, reducing transaction and trade costs hence improving competitiveness, and providing employment opportunities and physical and social infrastructure to the poor 15 .

India and China both suffered from poor infrastructure for decades but there has been increased government investment in infrastructure so as to fuel development. While India has done a spectacular job in reforming its telecommunications sector, airlines, and banks, it has failed to achieve the same levels of success in its ports, airports, and highways.

The Chinese government has made significant efforts by investing huge amounts of money to transport and communication infrastructure in the country 16 . To be globally competitive with developed countries such as the US, India must improve on its infrastructure and especially its transportation facilities.

India’s considerable population growth in recent years may prove to be a setback to its economic development. While both China and India have experienced population increases in the past two decades, India’s growth has been more pronounced.

The United Nations reported that between 1989 and 2005, India’s population grew at almost twice the average annual rate of China’s 17 . China’s relatively lower growth rate is attributed to its strict family planning policies which limit a couple to only one child.

Studies indicate that India is yet to solve the many social problems that are associated with its rapidly growing population. High population has meant that a significant portion of Indians still live in absolute poverty 18 .

In spite of India’s democratic stance, the country has adopted nationalism which has been a hindrance to its economic growth. Indian nationalism has traditionally been based on the rejection of openness which was seen as a dependency on imperialism. India therefore sought to be self reliance; producing shoddy goods and rejecting an opening to world markets that rapidly expanded wealth in East and Southeast Asia 19 .

Nationalism has also resulted in patronage and a tradition of corruption especially within government offices. India’s corruption levels especially in the government are still significantly high.

The Global Corruption Report 2006 fixed India’s Corruption Perception Index at 2.9 which made it position 97 of the 159 countries surveyed. China performed better with a Corruption Perception Index of 3.2 and ranking at 78. Corruption deters investors from coming into the country and it is also detrimental to the country’s economic well being.

India’s manufacturing industry faces major regulatory bottlenecks which impede on the ability of this sector to perform optimally. This is especially the case in the domestic market where Indian companies are unable to function with efficiency due to bureaucracy and stringent regulations 20 .

In spite of the progress made by private Indian firms as a result of liberalization, there is still strong state and central control of firms and Indian firms need to get the government’s permission before making investments.

Such regulations act as bottlenecks for firms that seek a speedy and judicious clearance of their investment proposals. A report by the World Business Environment Survey in 2004 indicated that management in India spends about 16 percent of its time dealing with public officials on regulations and administration 21 .

China on the other hand has removed most logistical and regulatory bottlenecks for her domestic industries to as to make them competitive both locally and on an international platform.

India has not promoted a developmental, transparent, and investment friendly democracy. As it currently stands, there are many regulations that deter foreign investors from making investments in India since the country is not an easy place to begin business especially in manufacturing 22 .

China has managed to attract foreign investment to the country by setting up laws that are favorable to investors. China has also adopted a policy of attracting expatriates to return home and invest in the country.

India has been unable to do the same with its vast number of expatriates who could improve the country’s economy significantly if they decided to invest in it. India needs to improve its investment climate so as to drive growth by creating an attractive business environment.

The rapid economic growth experienced by India has been the result of the various advantages articulated in this paper. The shift of the Indian economy from being under a government-controlled environment to responding to a market-based environment led to significant economic growth for the country.

While economic change in India has been more difficult in India than in China, it is more stable since it has been the result of a social and political consensus that favored change. This is in contrast to the authoritarian political system in China which is predicted to lead to destabilization.

The impressive growth records of China compared to India have been used to argue that authoritarian forms of government are more efficient at achieving economic growth, welfare, and equality than democratic forms of government.

As it currently stands, China has been able to achieve high rates of economic growth despite the absence of democracy. However, this paper has suggested that this growth may not be sustainable due to the tension building up among Chinese citizens and the prospects of future instability. India on the other hand is certain to enjoy future growth due to its democratic form of governance.

Even so, there are some disadvantages that pose a threat to India’s future growth and therefore reduce the chances of India reaching and even exceeding the level of China. Slow progress in human development in areas such as education will make it more difficult for India to grow in the long run.

Growth in human capital results in an improvement of the ability of workmanship as well as productivity; both of which result in economic growth. Massive improvements in public health and education are therefore required to give India a competitive edge over China.

In order for India to maintain its growth momentum, it is imperative that the infrastructure facilities be strengthened. Investment climate surveys on doing business in India repeatedly show that poor quality of infrastructure facilities act as a major hindrance to business growth in India.

This paper set out to highlight India’s advantages and disadvantages in the economic growth context in comparison to China. From the arguments presented, it is clear that India can compete favorably with China due to the many advantages that are as a result of the country’s political system, government policy, and population.

Even so, there are a number of major hindrances to economic growth that must be addressed if India is to keep up its impressive economic growth. As it currently stands, Chinese economy has been more successful at providing for the needs of the population. If India can overcome the negative factors highlighted in this paper, her economic growth can rise to levels equaling and even rivaling those currently enjoyed by china.

Anil, Lal and Clement, Ronald. “Economic development in India: the role of individual enterprise.” Asia-Pacific Development Journal 12, no. 2 (2005): 82-99.

Dash, Ranjan and Sahoo, Pravakar. “Economic growth in India: the role of physical and social infrastructure.” Journal of Economic Policy Reform 13, no. 4 (2010): 373–385.

Friedman, Edward. “Is China a Success while India is a Failure?” World Affairs 167, no.2 (2004): 59-70.

Kunal, Sen. “What a long, strange trip it’s been: reflections on the causes of India’s growth miracle”. Contemporary South Asia 17, no. 4 (2009): 363–377.

Mukherji, Rahuj. “The State, economic growth, and development in India.” India Review 8, no. 1 (2009): 81–106.

Pogge, Thomas. “Growth and Inequality Understanding Recent Trends and Political Choices.” Dissent 54, no. 2 (2008): 66-75.

Prater, Edmund and Patricia, Swafford. “Emerging Economies: Operational Issues in China and India.” Journal of Marketing Channels 16, no.3 (2009): 169–187.

Pucher, John et al. “Urban Transport Trends and Policies in China and India: Impacts of Rapid Economic Growth.” Transport Reviews 27, No. 4 (2007): 379–410.

Ruisheng Cheng. “Reflections from China.” Journal of International Affairs 62, no. 2 (2011): 213-219.

Siggle, Eckhard. “Poverty alleviation and economic reforms in India.” Progress in Development Studies 10, no.3 (2010): 247-259.

1 John Pucher, “Urban Transport Trends and Policies in China and India: Impacts of Rapid Economic Growth,” Transport Reviews 27, no. 4 (2007): 379.

2 Thomas Pogge, “Growth and Inequality Understanding Recent Trends and Political Choices,” Dissent 54, no. (2008): 67.

3 Edward Friedman, “Is China a Success while India is a Failure?” World Affairs 167, no.2 (2004): 65.

4 John, 380.

5 Rahuj Mukherji, “The State, Economic Growth, and Development in India,” India Review 8, no. 1 (2009): 94.

6 Rahuj, 83.

7 Sen Kunal, “What a long, strange trip it’s been: reflections on the causes of India’s growth miracle”, Contemporary South Asia 17, no. 4 (2009): 366.

8 Lal Anil and Clement Ronald, “Economic development in India: the role of individual enterprise,” Asia-Pacific Development Journal 12, no. 2 (2005): 82.

9 Edward, 67.

10 Cheng Ruisheng, “Reflections from China: An Interview with Cheng Ruisheng,” Journal of International Affairs 62, no. 2 (2011): 214.

11 Edward, 59.

12 Rahuj, 99.

13 Ranjan Dash and Sahoo Pravakar, “Economic growth in India: the role of physical and social infrastructure,” Journal of Economic Policy Reform 13, no. 4 (2010), 375.

14 Rahuj, 97.

15 Ranjan and Sahoo, 373.

16 John, 381.

17 John, 382.

18 Eckhard Siggle, “Poverty alleviation and economic reforms in India,” Progress in Development Studies 10, no.3 (2010): 250.

19 Edward, 66.

20 Rahuj, 94.

21 Edmund Prater and Patricia Swafford, “Emerging Economies: Operational Issues in China and India,” Journal of Marketing Channels 16, no.3 (2009): 182.

22 Rahuj, 98.

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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.

The World Bank In India

With a population of more than 1.4 billion, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.

AT A GLANCE

India is one of the fastest growing economies of the world and is poised to continue on this path, with aspirations to reach high middle income status by 2047, the centenary of Indian independence. It is also committed to ensuring that its continued growth path is equipped to deal with the challenges of climate change, and in line with its goal of achieving net-zero emissions by 2070.

The growth of the past two decades has also led to India making remarkable progress in reducing extreme poverty. Between 2011 and 2019, the country is estimated to have halved the share of the population living in extreme poverty - below $2.15 per person per day (2017 PPP) (World Bank Poverty and Inequality Portal and Macro Poverty Outlook, Spring 2023). In recent years, however, the pace of poverty reduction has slowed especially during the COVID-19 pandemic, but has since moderated in 2021-22.

Certain challenges persist. Inequality in consumption continues, with a Gini index of around 35 over the past two decades. Child malnutrition has remained high, with 35.5 percent of children under the age of 5 years being stunted, with the figure rising to 67 percent for children in the 6-59 months age group. Headline employment indicators have improved since 2020 but concerns remain about the quality of jobs created and the real growth in wages, as well as around the low participation of women in the laborforce.

India’s aspiration to achieve high income status by 2047 will need to be realized through a climate-resilient growth process that delivers broad-based gains to the bottom half of the population. Growth-oriented reforms will need to be accompanied by an expansion in good jobs that keeps pace with the number of labor market entrants. At the same time, gaps in economic participation will need to be addressed, including by bringing more women into the workforce.

The World Bank is partnering with the government in this effort by helping strengthen policies, institutions, and investments to create a better future for the country and its people through green, resilient, and inclusive development.

Economic Outlook

After real GDP contracted in FY20/21 due to the COVID-19 pandemic, growth bounced back strongly in FY21/22, supported by accommodative monetary and fiscal policies and wide vaccine coverage. Consequently, in 2022, India emerged as one of the fastest growing economies in the world, despite significant challenges in the global environment – including renewed disruptions of supply lines following the rise in geopolitical tensions, the synchronized tightening of global monetary policies, and inflationary pressures.

In FY22/23, India’s real GDP expanded at an estimated 6.9 percent. Growth was underpinned by robust domestic demand, strong investment activity bolstered by the government’s push for investment in infrastructure, and buoyant private consumption, particularly among higher income earners. The composition of domestic demand also changed, with government consumption being lower due to fiscal consolidation.

Since Q3 FY22/23, however, there have been signs of moderation, although the overall growth momentum remains robust. The persisting headwinds – rising borrowing costs, tightening financial conditions and ongoing inflationary pressures – are expected to weigh on India’s growth in FY23/24. Real GDP growth is likely to moderate to 6.3 percent in FY23/24 from the estimated 6.9 percent in FY22/23.

Both the general government fiscal deficit and public debt to GDP ratio increased sharply in FY20/21 and have been declining gradually since then, with the fiscal deficit falling from over 13 percent in FY20/21 to an estimated 9.4 percent in FY22/23. Public debt has fallen from over 87 percent of GDP to around 83 percent over the same period. The consolidation has largely been driven by an increase in revenues and a gradual withdrawal of pandemic-related stimulus measures. At the same time, the government has remained committed to increasing capital spending, particularly on infrastructure, to boost growth and competitiveness.

Last Updated: Sep 27, 2023

THE WORLD BANK GROUP AND INDIA

The World Bank Group’s (WBG) over seven decade-long partnership with India is strong and enduring. Since the first loan to Indian Railways in 1949, the WBG’s financing, analytical work, and advisory services have contributed to the country’s development. International Development Association – the WBG’s soft-lending arm created for developing countries like India - has supported activities that have had a considerable impact on universalizing primary education; empowering rural communities through a series of rural livelihoods projects; revolutionizing agriculture through support of the Green and White (milk) Revolutions; and helping to combat polio, tuberculosis, and HIV/AIDS. In FY18, the relationship reached a major milestone when India became a low middle-income country and graduated from International Development Association financing.

COUNTRY PARTNERSHIP FRAMEWORK

The WBG’s present engagement with India is guided by its Country Partnership Framework for FY18-22 (CPF). The CPF builds on the decades-long partnership and seeks to address the country’s development aspirations and priority needs identified in the Group’s Systematic Country Diagnostic for India . It aims to work with India so that the country’s rapidly growing economy makes much more efficient use of resources; fosters inclusiveness by investing in human capital and generating more quality jobs; and develops strong public sector institutions that are capable of meeting the demands of a rising middle-class economy. The CPF’s approach combines a focus on ‘what’ the WBG will work on and ‘how’ it will engage India in the process. What will the WBG work on?

Promoting resource-efficient growth , including in the rural, urban, and energy sectors as well addressing disaster risk management and air pollution;
Enhancing competitiveness and enabling job creation , including improving the business climate, access to finance, connectivity, logistics, skilling, and increasing female labor force participation;
Investing in human capital through early childhood development, education, health, social protection, and rural water supply and sanitation.

How will the WBG amplify the impact of its work in India?

By leveraging the private sector
By harnessing India’s federalism
By strengthening public institutions
By supporting Lighthouse India to foster knowledge exchanges within the country and between India and the rest of the world.

In all its activities, the WBG will seek to address climate change, gender gaps, and the challenges and opportunities afforded by technology .

WORLD BANK GROUP PROGRAM

The World Bank’s lending program consists of 98 lending operations. Of the $21.4 billion in commitments, $19.3 billion is from IBRD, $2.0 billion is from IDA – the Bank’s soft lending arm - and $0.1 billion is from other sources, primarily grant funding from the Global Environment Fund.

Roughly a little more than one third of these operations and around 40% of commitments are either for central or multi-state operations, while the remainder consists of state-specific operations in 26 of India’s 28 states.

The four largest portfolios are Agriculture (15 operations totaling $3.1 billion in commitments), Energy , (11 projects totaling $4.0 billion in commitments), Health, Nutrition & Population (11 projects totaling $2.8 billion) and Transport and Water (11 projects each totaling $2.5 billion respectively).

In FY23, the Bank approved 15 operations amounting to $4.37 billion. Of this, $ 4.32 billion is lending from IBRD and $0.05 billion from IDA (recommitted from cancelled IDA programs). Around 15-18 projects are expected to be delivered in FY24, with total commitments in the range of $3.5 – 4 billion.

For the IFC, India is the biggest client country, accounting for over 10 percent of its global portfolio with a committed portfolio of US$6.5 billion as of June 30, 2023. IFC has more than 250+ active projects in sectors including infrastructure, health, energy, manufacturing, housing, technology, and finance. Since its first engagement in 1958, IFC has invested more than US$27 billion (including mobilization) in over 500 companies in India. India is the sixth largest shareholder in IFC, owning a 4.01 percent stake.

IBRD and IFC work together in several areas, most notably in energy, transport, water and health. The World Bank partnership has been particularly strong in raising financing for renewable energy initiatives, especially in supporting the Government of Madhya Pradesh in setting up the largest solar park project that provides solar power with a total capacity of 2.25 gigawatts at a record low cost, reducing carbon emissions by 3.8 million metric tons per year and powering 60% of the Delhi metro. Similarly, IFC and IBRD collaborated under the Government of India’s flagship Clean Ganga program, ‘ Namami Gange ,’ helping revamp sewage treatment plants using hybrid annuity-based PPP projects, treating 218 million liters of water per day in three cities, and contributing to the steady rejuvenation of the sacred river for millions. IFC led the PPP mandate, while IBRD loan facilitated payment guarantees to boost private sector participation in the sector.

The Multilateral Investment Guarantee Agency (MIGA) does not have exposure in India. MIGA has been working closely with the Ministry of Finance to provide credit enhancement solutions at the state-level and state-owned enterprise (SOE) level. This will enable state governments and SOEs to utilize long-term commercial financing, which can complement concessional lending provided by other multilaterals and development finance institutions.

The WBG has a wide-ranging program of Advisory Services & Analytics. The program informs policy debate, provides analytical underpinnings and learnings for operations and strategy, facilitates the scale up of innovative solutions, and helps to improve state capability. As of October 2021, some 18 analytical studies and 15 advisory activities were ongoing. Key areas of focus include poverty and macroeconomic analysis , financial sector reform , enhancing human capital including universal health coverage and gender , air quality management , as well as state capability and governance .

*FY23 means Financial Year from July 2022 - June 2023

WBG financing supported India’s achievement of numerous results over the past five years, highlights of which include:

Education : The World Bank’s approximately $2.7 billion support for education in India covers primary, secondary, and tertiary education, as well as skills development for its young population.

The World Bank’s $250 million Skill India Mission Operation (SIMO) is backing Central and State government initiatives to skill young people—including the disadvantaged and vulnerable—to acquire the skills needed for a wide range of jobs that are in demand in the market. The project has trained almost 6 million young people, 34 percent of whom are women. Some 40 percent of the trainees were employed within six months of completing their course.

The World Bank also supports state government programs for reforms in primary and senior secondary education. School education projects in Andhra Pradesh , Chhattisgarh , Gujarat and Nagaland are helping strengthen foundational learning of the students, provide training and resources for the professional development of teachers, and use data-driven programs to improve learning assessment systems for remedial education.

A new World Bank program - Multidisciplinary Education and Research Improvement in Technical Education Project to be implemented in 14 States and Union Territories will support research and innovation in climate change and sustainable energy. The program is expected to benefit around 350,000 students. In Madhya Pradesh and Odisha , reforms in tertiary education have helped close to 2 million students from disadvantaged groups get access to quality higher education and skills, making them more employable.

Social Protection :

During the COVID-19 pandemic, World Bank support of $1.65 billion through two projects, Accelerating India’s COVID-19 Social Protection Response Program and Creating a Coordinated and Responsive Indian Social Protection System helped protect the poor and vulnerable through transfers in cash and kind. About 320 million vulnerable people received cash transfers into their bank accounts. About 800 million people received additional food rations.

In Jharkhand , a market-driven skills training and secondary education program has helped set up about 13,000 strong community level clubs that provide skills and education to over one million adolescent girls and young women.

In West Bengal , an ongoing program is providing social protection services to poor and vulnerable groups, with a focus on strengthening institutions for delivering care to elderly persons and those with disabilities. The program is also working to increase female labor force participation. Digital transfers through the Jai Bangla Platform reached 3.1 million beneficiaries in the first half of 2023.

The World Bank’s current health portfolio in India of around $2.8 billion includes both national and state-level projects:

A $1 billion COVID-19 Emergency Response Project helped the government strengthen health facilities in states, procure essential medical supplies – such as testing-equipment and kits, personal protective equipment, gloves, masks, and oxygen cylinders. It also helped insure 2.2 million frontline health workers. In addition, it helped expand health facilities dedicated to COVID-19, raising their number from 163 in March 2020 to more than 23,000 in June 2022. Over 926 million COVID-19 tests were supported and 3,362 testing laboratories created.

An additional $1 billion in World Bank support is helping the government strengthen health service delivery . This includes all aspects of pandemic preparedness and response , improving real-time disease surveillance, better One Health coordination and enhancing capacity for biosecurity.

World Bank is also supporting the National Tuberculosis (TB) Elimination Program to improve success rates of treatment, including of multidrug-resistant TB (MDR-TB). It is also scaling up direct transfer of cash benefits into the bank accounts of TB patients.

In Andhra Pradesh , Meghalaya , Mizoram , Nagaland , Tamil Nadu , and Uttarakhand ongoing programs focus on improving the quality of health care services, and strengthening the management of non-communicable diseases. In Uttarakhand, clusters of public health facilities, using a public private partnership (PPP) model, now have specialists available regularly, resulting in improved service delivery. Digital health strategies for improved service delivery are being implemented in Andhra Pradesh, Nagaland and Tamil Nadu.

Rural Water Supply and Sanitation : Since 2000, World Bank projects have contributed over $2.8 billion in financing for rural water supply and sanitation. About 30 million people from over 30,000 villages—with populations ranging from 150 to 15,000—have gain better access to drinking water. About 167 million rural people have benefitted from improved sanitation. Many of the projects have helped promote women’s participation in discussions around changing age-old sanitation behaviors. Local institutions have been strengthened to improve operations and maintenance of water and sanitation infrastructure and upgrade service delivery.

Agriculture

World Bank-financed projects are promoting climate resilient agriculture in Andhra Pradesh, Himachal Pradesh, Karnataka, Maharashtra Odisha and Tamil Nadu. The focus is on introducing climate smart technologies, using water more efficiently, adopting crop diversification for better soil health and using climate resilient seeds. World Bank is also focusing on reducing greenhouse gas emissions and using clean energy in post-harvest activities. Since 2016, World Bank-financed projects have brought around 1.7 million hectares of land under climate resilient agriculture. Around 2 million farmers are adopting improved agriculture technologies.

Empowering Rural Women

Since 2003, World Bank has provided $2.2 billion in support of the Women’s Self-Help Group (SHG) movement in India through several state and national projects. Around 32 million rural women have been mobilized into 2.9 million SHGs. Rural women have been trained and now earn their own livelihood as Pashu Sakhis (looking after animals), Bank Sakhis (helping rural people operate Bank accounts), or operating canteens at government hospitals and offices, and as masons building toilets. These empowered women have also been encouraged to become entrepreneurs, running small businesses like poultry and goat farms, grocery shops, and cottage industries, and provided access to markets. These entrepreneurial initiatives have helped the SHGs access commercial finance of over $14.5 billion. These projects were also the genesis of the Government of India’s National Rural Livelihoods Mission (NRLM), which is world’s largest platform for women’s social and economic empowerment. As of April 2023, the NRLM supports over 91 million women through 8.4 million SHGs.

poor families dependent on degraded sodic lands in Uttar Pradesh have experienced a three- to six-fold increase in crop yields

India: Commitments by Fiscal Year (in millions of dollars)*

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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.

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

A view of the Red Fort in Delhi, capital of India, by night

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

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Suchi kedia.

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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.

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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.

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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.

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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.

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

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Essay on My Vision for India in 600+ Words

Updated on
Apr 10, 2024

Essay on My Vision for India: India, that is, Bharat, is the largest democracy in the world. Up until 1947, India was a British colony. On August 15th, 1947, a new India was born. Though drained and divided, India was desperate to make it on its own. Today, India has the 5th largest economy, the 4th largest military strength, and is home to over 1.4 billion people.

Recently, the Indian Government launched Vision @2047 to make India a global economic power by 2047. The tagline for this scheme was ‘BRINGING CITIZENS AND GOVERNMENT CLOSER’.

Table of Contents

1 Economic Development in India
2 India’s Geopolitical Relations
3 Technology
4 Conclusion

Quick Read: English Essay Topics

Economic Development in India

The International Monetary Fund (IMF) released in its 2023 report that India, along with China is likely to drive half of global growth in the coming years. This will be in stark contrast to just a tenth of the growth for the USA and Europe combined. It means India and China will together pave the way for a global economic rebound.

In 2023, the Indian economy will retain its crown as a bright spot, and it will remain the fastest-growing economy in the world. The American economy, on the other hand, grew by just 1.4% and that of China by 5.2%.

In the post-pandemic period, the Indian economy’s growth projection was 6.1%. This is a little less than what it was in 2022, 6.8%, but India is still the fastest-growing economy in the world, and the Indian Prime Minister is determined to make India the 3rd largest economy in the next 4 to 5 years.

India’s Geopolitical Relations

Right after WWII, the world was divided into two blocs; the Capitalist and the Socialist. However, India successfully navigated the Cold War and became a political force for decolonization. India liberated Bangladesh in 1971, reached out to Africa, successfully dehydrated Israel and Palestine, and struck strategic partnerships with the Gulf.

Today, world powers see India as an important partner, a leading voice in multilateral forums. India has become the face of peace and the loudest cheerleader of counter-terrorism.

Today’s India is capable of standing for itself. India has taught the world tolerance and universal acceptance. During the nationalist movements in the 1920s and 1930s, India was raising the banner of Swaraj, or Self-Government. However, Winston Churchill, the former British PM, dismissed India’s experience with self-government, believing India was socially diverse.

He said, ‘India is merely a geographical expression. It is no more a single country than the equator.’ He was convinced that independent India wouldn’t be able to stay together. Well, Churchill was wrong. India remains united and grows stronger. India’s success as a secular state has surprised many.

Quick Read: Essay on Digital India

Just 17 years after Independence, India decided to go into space. The Indian National Committee for Space Research (INCO SPAR) was set up, and in 1963, India launched its first rocket from a town called Thumba, Kerala. The rocket parts were transported on bicycles and bullock carts.

On August 23, 2023, Indian space programs reached a new height with the successful landing of Chandryaan 3 on the lunar surface. Today, India is a well-established space power, it has reached the Red Planet and is unfurling the tri-color in space to mark its 75 years of independence.

India was also the first country outside the UNSC permanent members to successfully test a nuclear bomb. And India did this despite the world’s best efforts. The American secret agency was spying on us using a satellite, and they even killed an Indian scientist to roadblock the mission. On May 18, 1974, India took the world by surprise. It became a nuclear power by successfully testing its first nuclear bomb. The operation was named ‘Smiling Buddha’.

This is today’s India, and my vision for India is far from done. India has achieved a lot in its 75 years since independence, all thanks to education and democracy. For India, its next milestone is even greater than before, as our Prime Minister aims to make India a global economic power. It can be done only when the government and the people come together with just one goal in mind; Making India great.

Quick Read: Essay on Viksit Bharat

Ans: India, that is, Bharat, is the largest democracy in the world. Up until 1947, India was a British colony. On August 15, 1947, a new India was born. Though drained and divided, India was desperate to make it on its own. Today, India has the 5th largest economy, the 4th largest military strength, and is home to over 1.4 billion people. Recently, the Indian Government launched Vision @2047 to make India a global economic power by 2047. The tagline for this scheme was ‘BRINGING CITIZENS AND GOVERNMENT CLOSER’.

Ans: On August 23, 2023, Indian space programmes reached a new height, with the successful landing of Chandryaan 3 on the lunar surface. Today, India is a well-established space power, it has reached the Red Planet and is unfurling the tri-color in space to mark its 75 years of independence. The Indian National Committee for Space Research (INCO SPAR) was set up and in 1963, India launched its first rocket from a town called Thumba, Kerala. The rocket parts were transported on bicycles and bullock carts.

Ans: The International Monetary Fund (IMF) released in its 2023 report that India, along with China is likely to drive half of global growth in the coming years. This will be in stark contrast to just a tenth of the growth for the USA and Europe combined. It means India and China will together pave the way for a global economic rebound. In 2023, the Indian economy will retain its crown as a bright spot, and it will remain the fastest-growing economy in the world. The American economy, on the other hand, grew by just 1.4% and that of China, by 5.2%.

Shiva Tyagi

With an experience of over a year, I've developed a passion for writing blogs on wide range of topics. I am mostly inspired from topics related to social and environmental fields, where you come up with a positive outcome.

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Economic conditions outlook, March 2024

Executives’ latest views on the global economy and their countries’ economies lean much more positive than they did at the end of 2023.

In the latest McKinsey Global Survey on economic conditions, 1 The online survey was in the field from March 4 to March 8, 2024, and garnered responses from 957 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP. the outlook on domestic conditions in most regions has become more hopeful, despite ongoing shared concerns about geopolitical instability and conflicts. In a year brimming with national elections, 2 Katharina Buchholz, “2024: The super election year,” Statista, January 19, 2024. respondents increasingly see transitions of political leadership as a primary hazard to the global economy, particularly in Asia–Pacific, Europe, and North America.

Furthermore, respondents now view policy and regulatory changes as a top threat to their companies’ performance, and they offer more muted optimism than in December about their companies’ prospects.

Optimism builds over global and domestic conditions

Respondents share much brighter assessments of the global economy and conditions in their countries than they did at the end of 2023, and views of the global economy are the most positive they’ve been since March 2022 (Exhibit 1). In the December survey, respondents were equally likely to say the global economy had improved and worsened. Today, respondents are twice as likely to report improving rather than deteriorating conditions. Looking ahead to the next six months, respondents are also more optimistic than they were last quarter. Forty-six percent expect the global economy to improve—nearly double the share expecting worsening conditions—while 37 percent expected improvement in the previous survey.

Likewise, respondents offer hopeful views when asked about the most likely near-term scenario for the global economy, suggesting confidence in central banks. They are more likely to expect a soft landing overall—with either slowing or accelerating growth compared with 2023—than a recession (Exhibit 2). The largest share of respondents expect a soft landing, with slowing growth relative to 2023.

Respondents’ views on their own economies have also become more upbeat. Nearly half of respondents say economic conditions at home are better now than they were six months ago, up from 41 percent in December, while just 22 percent say conditions have gotten worse. Respondents in Europe—who offered the most negative assessments of any respondents in September and December—are now nearly twice as likely as in December to say conditions have improved in the past six months, though it is unclear what has prompted that change and whether it is a durable finding.

McKinsey’s original survey research

More than half of respondents expect their economies to improve over the next six months. It’s the first time in two years that a majority of respondents have said that. In most regions, larger shares of respondents express optimism about economic conditions at home now than in December (Exhibit 3).

Geopolitical instability remains top of mind as concerns over political transitions rise

Geopolitical instability and conflict continues to be the most cited risk to global growth, selected by two-thirds of respondents for the second quarter in a row (Exhibit 4). Yet in this first quarterly survey of 2024—a year in which more than 60 countries will hold national elections 3 Katharina Buchholz, “2024: The super election year,” Statista, January 19, 2024. —transitions of political leadership have jumped from the fifth-most-cited to the second-most-cited threat to the world economy. The share of respondents in Europe reporting political transitions as a top threat is 2.4 times the share in December, while the shares in North America and Asia–Pacific have nearly doubled. 4 Prior to the latest survey, respondents in Mexico were included in Latin America in analyses but are now included in North America. We see a smaller uptick in concern about supply chain disruptions, which is cited as a threat by the largest share of respondents since December 2022.

Looking at risks to growth in respondents’ countries, geopolitical instability and conflict remains the top perceived threat, cited by a larger share than in any quarter since March 2022. Uneasiness about domestic political conflicts and transitions of political leadership, now the second- and third-most-cited risks, have overtaken concerns about inflation, which was the second-most-cited risk in December. Among respondents in North America, transitions of political leadership are cited nearly twice as often as in December (Exhibit 5). In Greater China, multiple risks now appear to carry equal weight, whereas in December, inflation was the top concern.

Policy and regulatory changes top the list of cited threats to companies’ growth

As respondents’ concerns about inflation as a domestic threat wane, the survey results suggest that companies are holding off on price increases. For the first time since we began asking about companies’ prices in September 2022, less than half of private-sector respondents in the latest survey—45 percent—say their companies increased the price of their goods or services over the past six months, down from 56 percent in December.

For five quarters, respondents’ most cited risk to their companies’ performance in the next 12 months was weak customer demand. Now, they most often point to policy and regulatory changes as a threat. In December 2023, policy and regulatory changes weren’t even one of the top five perceived risks. This increased wariness of policy changes cuts across most regions, though we see the largest increase in Europe.

Even though weak demand is no longer the most cited risk for companies, optimism over expected demand has tapered since December. Fifty-one percent of respondents expect an increase in customer demand over the next six months, down from 57 percent in December. Yet expectations about profits remain upbeat: about six in ten respondents expect increasing profits in the months ahead, in line with expectations in much of 2023.

The survey content and analysis were developed by Jeffrey Condon , a senior knowledge expert in McKinsey’s Atlanta office; Krzysztof Kwiatkowski , a capabilities and insights expert in the Boston office; and Sven Smit , chair of insights and ecosystems, chair of the McKinsey Global Institute, and a senior partner in the Amsterdam office.

They wish to thank Jan Mischke for his contributions to this work.

This article was edited by Heather Hanselman, a senior editor in the Atlanta office.

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Socio-Economic Conditions Of Differently-Abled Persons In India - An Emperical Study Based On Secondary Data Vijayan.K, Dr. Shanimon.S, Indurajani.R (2020); Socio-Economic Conditions Of Differently-Abled Persons In India - An Emperical Study Based On Secondary Data; International Journal of Scientific and Research Publications (IJSRP) 10(11 ...
Economic conditions outlook, March 2024
Executives' latest views on the global economy and their countries' economies lean much more positive than they did at the end of 2023.. In the latest McKinsey Global Survey on economic conditions, 1 The online survey was in the field from March 4 to March 8, 2024, and garnered responses from 957 participants representing the full range of regions, industries, company sizes, functional ...