India Super Growing Economic Power

1483 Words6 Pages
India super growing economic power

Submitted by: MUHAMMED FAZAL K
Preface
India is a new emerging economic power in the world. Though the 21st first decade saw a global level financial crisis, India didn’t wilt under its pressure due to it’s the Government’s progressive policies and full-fledged reforms. Particularly, nationalization and liberalisation were the real saviors of India from the recession. Also, the national sectors and global raid helped to maintain the economy in proper way.
Introduction
India is an exponentially growing economic powering the world. Indian economy stands today as one of the influential and attractive economy. The liberalization move by the Government of India in 1990s has given a boost to the Indian
…show more content…
Both imports and exports have taken a leap of 20% on an average. In July 1991 with the announcement of sweeping liberalization dismantled import controls, lowered customs duties, and devalued the currency… virtually abolished licensing controls on private investment, dropped tax rates, and broke public sector monopolies.
Yet the aggregate growth data tells us that the acceleration of economic growth began earlier, in the early or mid-1980s, long before the exchange crisis of 1991 and the shift of the government of Narasimha Rao and Manmohan Singh toward neoliberal economic reforms. To the extent that we trust aggregate national-level income accounts, it is clear that by 1985 Indian aggregate economic growth had undergone a structural break.

Roles of Sectors Indian Sector analysis

Industry and service

Economic reforms brought foreign competition, led to privatization of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to the expansion India the production of burgeoning consumer goods. The share of India’s IT industry to the country’s GDP increased from 4.8% India 2005-06 to 7% in 2008.in 2009 7 Indian firms were listed among the top 15 technology outsourcing companies India the world. Mining also is a major segment of Indian economy as it producing 79 different minerals India 2009-10.

Agriculture

As for worldwide farm output, India ranks
Open Document