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Economics Assignment

Over the past 75 years since independence, India has achieved significant economic progress and development. India's GDP increased almost 100 times from 2.7 lakh crore rupees to 225 lakh crore rupees. Agriculture was transformed by the Green Revolution, increasing foodgrain production from 48 million tonnes to 241 million tonnes. Industry was liberalized in 1991, attracting greater private investment and diversifying the manufacturing sector. Infrastructure like roads and power generation also expanded substantially. Services like IT and telecommunications have grown to become large sectors of the economy. However, India still faces challenges to sustain this progress and improve conditions for all citizens.

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Nishant sharma
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40 views

Economics Assignment

Over the past 75 years since independence, India has achieved significant economic progress and development. India's GDP increased almost 100 times from 2.7 lakh crore rupees to 225 lakh crore rupees. Agriculture was transformed by the Green Revolution, increasing foodgrain production from 48 million tonnes to 241 million tonnes. Industry was liberalized in 1991, attracting greater private investment and diversifying the manufacturing sector. Infrastructure like roads and power generation also expanded substantially. Services like IT and telecommunications have grown to become large sectors of the economy. However, India still faces challenges to sustain this progress and improve conditions for all citizens.

Uploaded by

Nishant sharma
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
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After 75 years of independence as we celebrate the AZADI

KA AMRIT MAHOTSAV . Its development journey over last 75


years has been marked by significants milestones and
reforms that enabled it to archives substantial progress in
many areas including rise in income levels , growth ,literacy,
life expectancy and a wide variety of other economic
indicators.As india commemorates 75 glourious years as an
independent nation , lets look back at some of significant
achievement and challenges of over economy over the years.
We will see how people migrate from rural areas to urban
areas. And effects of urbanisation over Indian economy.

INCOME EXPAND-
Since 1947, india has achieved
tremendeous progress in raising growth, income levels and
standards of living. The gross domestic product(GDP)
increased from 2.7 lakh crore rupees to 225 lakh crore
ruppes almost 100 times. During 1960 our gdp per capita was
at 82$ and in 2022 it stands at 2100$(approx.).

AGRICULTURE SECTOR-
The agricultural sector continues to be an important sector
in the Indian economy and generates livelihood for more
than half the population. The real gross value added by the
agriculture, forestry and allied sectors went up from around
Rs 1,502 billion in 1950-51 to around Rs 22,263 billion as per
the 2011-12 calculations.
The advent of the Green Revolution during the 1960s was a
game-changer for the country. It saw the adoption of modern
technology and methods to produce high yield variety seeds,
that significantly raised agricultural productivity and
increased foodgrain production.
The net production of foodgrains in India increased from
around 48 million tonnes during the 50s to a massive 241
million tonnes during 2017. India continues to be one of the
largest producers of rice, wheat and various fruits and
vegetables in the world and is also the leader in milk
production.

INDUSTRY DIVERSIFY-
India has also made significant strides in terms of industrial
development since Independence. The Industrial Policy of
1991 constituted a major economic reform and was
introduced to reinvigorate the industrial sector. The policy
dismantled the system of industrial licensing and opened the
sector for greater private sector participation as well as
foreign investment. erms of real gross value added,
manufacturing, construction and electricity, gas and water
supply sector stood at around Rs 401 billion during 1950-51.
Presently, the sector is valued at around Rs 36,684 billion
(2011-12 series). In terms of real gross value added,
manufacturing, construction and electricity, gas and water
supply sector stood at around Rs 401 billion during 1950-51.
Presently, the sector is valued at around Rs 36,684 billion
(2011-12 series).
Many sectors gained pace in the manufacturing scenario.
From just 3 automobile companies, the automotive sector
attracted global multinationals and built up a range of
products of global quality standards. In pharmaceuticals,
India is now a major producer and undertakes research to
develop new drugs. Engineering and electrical machinery
goods have evolved to global benchmarks as well.
In services, new sectors such as Information Technology and
telecommunications have transformed the landscape,
creating new opportunities such as e-commerce and
startups. India’s IT skills are renowned the world over.
Conventional services industries have also expanded, with
financial services, tourism and hospitality, and retail changing
in multiple ways, adapting to technology and gaining share in
the economy. The real gross value added for the services
sector comprising of trade, hotels, transport and
communications increased from around Rs 308 billion during
1950-51 to Rs 14,023 billion during 2011-12 (2004-05 series)
and is estimated at around Rs 24,711 billion during 2018-19
(2011-12 series).

INFRASTRUCTURE OF INDIA-
India has also
made significant headway in infrastructure and has worked
over the years to establish a robust transport network. The
length of roads increased from around 0.4 million km during
the 1950s to around 5.9 million km post 2016-17.
Length of national and state highways have also increased
substantially while the number of registered vehicles has
gone up from 0.31 million during 1950-51 to around 253
million during 2016-17. Civil aviation has also witnessed
immense growth, with number of passengers increasing from
only 10.74 million during 1980-81 to an estimated 345 million
during 2018-19.

India’s power sector has also diversified significantly and


made substantial progress since Independence. The total
energy generated by the hydro, thermal and nuclear sectors
increased from only 5.1 billion KWH during 1950-51 to
1,303.5 billion KWH during 2017-18. India’s installed plant
capacity went up from a mere 2.3 thousand MW during
1950-51 to 399 thousand MW as of 2017-18.

CONVERGING WITH THE WORLD-


The
process of liberalization that was started during the mid-
1980s to make the Indian economy more open to trade and
external flows gained pace during the 1990s. The objective
was to improve the efficiency of the Indian economy through
reduction in trade barriers such as import tariffs.
Today, India has developed a significant footprint in the
global economy. The value of exports of goods and services
stood at just around USD 0.1 billion during 1950-51 while
merchandise exports was valued at USD 330 billion in 2018-
19. In services exports, India has emerged as the top exporter
of IT services.

GDP GROWTH RATE CHART (SOURCE- WORLD BANK)

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