If you are an Indian citizen, you must learn about the Indian economy. Today we provide proper information about the growth, history, and future of the Indian economy. To make the Indian economy easy to understand, different schools and colleges provide proper information through essays on the Indian economy.
This post will benefit you if you are searching for an essay on the Indian economy. In this post, we provide complete information about different points of view on the Indian economy, which make different economic terms easy and clear for everyone.
10 lines Essay on the Indian economy (200 To 250 Words)
- The Indian economy was inaugurated in 1991.
- The economy of India is the fifth largest and most complex economy in the world.
- At present, the Indian economy is accepted as a dualistic economy where the characteristics of the primary and traditional economy are found along with the modern economy.
- There is no social dualism and consequential conflict in India.
- Since adopting economic planning, the Indian economy has made commendable progress in various fields.
- The Indian economy can be named a planned developing economy.
- India has achieved general success in the development of human resources.
- The Indian economy is where the heart of the country. Since the 21st century, India has seen a GDP growth rate of 6% to 7%.
- The main sources of income of the Government of India are Goods and Services Tax (GST) and Income Tax.
- Employment opportunities have increased in many sectors, including IT and transportation.
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Short Essay on the Indian Economy (200 To 300 Words)
The Indian economy depends on secondary, primary and tertiary sectors of business. Currently, the Indian economy is the fifth largest economy in the world, contributing approximately 7% of the global economy.
The United States of America and China are the current top economies worldwide. According to some research, India will surpass China’s economy by 2060. The current economic revenue of India is 3.4 trillion, the world’s 5th largest economy.
The largest contribution to the Indian economy is from GDP collection. Apart from that, the Indian economy mostly depends on agriculture businesses. The economy of any country is the heart of a nation which decides the survival factor of that country.
Indian Prime minister Narendra Modi claims that India will become a 5 trillion economic country by 2028. The main source of income for the Indian government is GDP tax collection. India will become the top economy of the world when different businesses start in India.
The Indian economy has been rapidly increasing since 1992. Due to the internet boom, people get jobs in different sectors, and we get different digital content producers, which rapidly contribute to the Indian economy.
So it is predicted that when the Indian economy depends on the internet and digitalization of a country, we will get heavy growth in the Indian economy.
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Long Essay Indian Economy (500 To 600 Words)
The Indian economy is the world’s 5th largest economy which depends on developing the internet market. The Indian economy is a mixed and middle-income economy that mostly depends on GST tax collection.
The GDP of any country is calculated based on the nominal GDP of the country and purchasing power parity.
According to an Indian monetary fund report, based on per capita income, Indian nominal GDP ranked 142nd in the whole world, and based on purchasing power parity; the Indian economy ranked 125th in the whole world.
Apart from that, the whole revenue collection makes the Indian country one of the top 5 contributors to the global economy.
India became an independent country in 1947, but the successive governments from 1947 to 1991 created a licensed Raj policy that looks like a protectionist economic policy. So India did not allow any globalization or liberalization till 1991, but after 1992 the inauguration of the Indian economy started.
After that, India started the globalization and liberalization policy; due to this adoption, India got a big market and many employment opportunities.
The average annual growth of the Indian economy is about 6% to 7%. India is one of the fastest-growing economies in the world. After a different survey, it is stated that India will become the largest economy in the world by 2060.
The Indian economy is the fastest growing economy, and we can understand this by understanding the report from a different survey that India contributes 7.5% of the global economy per purchasing power parity. So the financial center of India is Mumbai.
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FAQ
Q. What are the main factors of the Indian economy?
The primary, secondary and tertiary businesses are the primary factors in the Indian economy.
Q. How do we calculate the Indian economy?
As per the Indian monetary fund, the Indian economy is calculated based on nominal GDP according to per capita income and according to purchasing power parity.
Q. What is current India’s economy?
India is the fastest-growing economy in the world, with approximately 6% to 7% annually. The current Indian economy is 3.4 trillion.
Q. Where does India rank in the economy?
India is the fifth largest economy in the world, with a contribution of 7.5% in the global economy as per purchasing power parity.
Conclusion
Today, this article provides complete information about essays on the Indian economy. In this essay, you can understand the growth and future of the Indian economy. If different factors of the Indian economy become clear in this essay, do not forget to share this article; apart from that, you can use this essay on the Indian economy in your different essay competitions.