Essay On The Indian Economy
When we talk about any country’s Economy and its GDP growth one factor that every person talks about is the developing and developed country. It is one of the most common notions about a developing country that it has low growth rates in comparison to the developed nations. Well, it is true but there lies a myth buster which is the Indian economy. The Indian Economy is ranked as world’s seventh largest Economy even though it is a developing nation. Yes, you read that right, not forgetting to mention that the Indian Economy has left behind Italy and several other developed nations.
The Economic Growth and Population
One of the greatest factors that pull behind India on its GDP growth is the overwhelming increasing population. India is by far world’s second most populated country. Since the excess population is out of control for even the most developed nation, it sure does cause havoc in Indian Economy. This, however, has not stopped India from its growth. As mentioned above, even after having 1.34 billion citizens and being a developing nation, India stands at the seventh position when it comes to strongest Economies of the world.
The current growth scenario
- It would be a lie if I say that Indian economy has only been strongest during the past decade. The Indian Economy has seen better days even when Pt Jawaharlal Nehru and Indira Gandhi were the Prime Ministers. But it is worthwhile to state that the maximum growth of Indian economy, that is- 7.5% GDP growth has been constant for three years after Narendra Modi was declared the PM back in 2014.
- The 7.5% of growth rate remained constant until demonetization and GST were introduced.
- It is not unknown a fact how both of the aforementioned revolutionary acts have caused a great dip in Indian Economy.
- 2017 was seen as a black year in Indian Economy for the GDP growth rate dropped down to as low as 5.7% only.
- This is not the lowest that our growth has declined, but what makes it worse is the fact that India could have been at highest peak had the rip not happened.
The Future of Indian economy
- Looking at the current state of Indian Economy, it is speculated that India will be at the second position on World’s strongest economies status just behind China by 2050.
- Taking into consideration corruption and over population, our GDP growth could face a lot of challenge if not controlled. Therefore, it is our duty to take into our hands the duty and make India world’s strongest economy by next century.