Economic Growth Of Indi India

1720 WordsMay 10, 20167 Pages
Econ 801Final Paper Written by: Jia Lu Professor: William May 12, 2016 Economic growth of India India is one of the fastest economic growth countries in the world; it is also one of the world’s top ten economics. According to the global purchasing power parity data from the IMF, India is the third largest economy country of the world. As the US dollar to be the monetary unit, India is the seventh largest economy with high speed increase rate. Therefore, many economists forecasting that until 2050, India will become the No.3 largest economy country which just behind US and China. As the growth speed side, the GDP increase rate of India was 7.3% in 2014-2015 fiscal year, It is exceed China to become the fastest economic growth country. India 's economy can be divided into three periods: the first period is pre-colonial times, until the 17th century; the second period is during the British Mandate, started from the 17the century; the third period is from 1947 until now. First period-----pre-colonial times According to the data of 1872, almost 99.3% of the population in India was come from the country-yard. The economic development of the country-yard was focus on farming, and they were isolated from the outside world. Although some places issue currency, the barter economic was very popular at that time. Second period----Colonial Period Colonial rule has changed the tax system, from income tax to property tax. Farmers fallen into a

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