India, India And The World

2120 Words Aug 11th, 2016 9 Pages
India is well known for the Taj Mahal, Bollywood, and the world famous curry. India is one of the fastest growing democratic countries in the world ever since the Indian government reformed their political structure to improve public finance, business and their investment environments. India is very important in the world trade but its growth is still below its actual potential, while facing disruptive corruption, poor infrastructure, and fiscal deficits that results in a burden for development. This resulted from the Indian government practicing socialism creating a dis-functioning legal and regulatory framework, which over worked the government system and slowed the economic process down. Even though India rebuilt their nation using socialist policies after the British colonial rule, India is suffering from practicing socialism in the modern world compared to the economic success of the United States of America from practicing liberal economic policies and India should practice liberalism because it allows India to join globalization.

The Indian government developed socialist economic policies to help their economy achieve economic success, however it created more problems than solved. Socialism is when a society or government controls and owns major industries rather than having private individuals and companies to be guided by the invisible hand of the market. After the British colonial rule in 1947, India inherited an economy that was one of the…
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