Indian Economy After Independence : India

1310 Words Feb 3rd, 2016 6 Pages
India is rich in natural resources and labor which has helped India progress after attaining independence from British rule in 1947. The purpose of this research paper is to trace the Indian economy after independence. India is the largest democracy in the world with a stable democratic government. Recently, India has elected a new prime minister, Narendra Modi who took office in the year 2014. (India Today). The new government in India is credited with reviving the economy and strengthening India’s foreign policy. Corruption, poor infrastructure, and economic shortages are a drag on development, but with lower global oil prices, the economy has been sustaining a growth rate of about 7 percent. (Finance. Yahoo) furthermore, Modi has opened the defense and insurance sectors to private investment as well making the government forces stronger and advancer. India’s growth is below potential because of the corruption in the government. India is set to emerge as the world’s fastest-growing major economy by 2025 ahead of China, as per the recent report by The World Bank. However, the inconsistent policies make it harder for the nation to progress economically as well as politically. This paper will analyze the current growth in the economy of India and the outlook for the nation in the longer term.
The Indian economy has been a journey of evolution starting form agriculture and farming to heavy industrialization and transportation. Central government planning’s led to more…
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