Inside Indian Economy



Indian economy is positioned as sixth in terms of the nominal GDP and is considered as the third largest economy in terms of purchasing power parity PPP the years 2015 in 2016 has played a vital role in Indian economic development is during this period Indian World Bank's expansion growth was observed this was the major reason why economy developed to 7.6% however this growth diminished in 2017 to 7.1 percent but it is assumed that the growth rate will rise up to 7.2 percent in 2018 following 7.7% in 2019 Indian economy is mainly known for its service sectors as it has been one of the leading countries to export business process outscoring BPO services and software services India is also rich in agricultural sector employing thousands of people in agricultural fields in seeking a second position in the world in terms of farm output history of Indian economy out of the conclusion of British rule India's economy grew by the rate of development was slow when India adopted liberalisation it became one of the fastest growing countries in the world generally there were three eras in Indian histories that are ancient and medieval period Macau lira and British era let's discuss these periods in detail ancient and medieval era the ancient period is linked with 1800 BC and 2800 BC when the people used to exercise agricultural activities use uniform measures to weight developed urban sanitation system and brought in various changes south India and West Asia were the two regions involved in maritime trading and the two spots named coromandel coast and malapa were set as the trading centers however the trading could not sustain for a long time as the Coromandel Coast and Malabar was snatched and controlled by the Jew Parsi Syria Muslim and Christian in this era the reputed kings and rulers used to take revenues from the small agricultural frames for lending them in the land to harvest crops the farmers were given some harvested crops for their hard work and surfaces this clearly states that though the Kings had the authority to issue coins and currency the barter system still exists and exploited the peasants Makar lira omocha lira began in 1526 and lasts until 1793 in which the indian economy remains stable until the 18th century the gold silver copper and other important coins were used by the Mughal emperor before the arrival of British ours India was united there were about 64 percent of the people engaged in agricultural activities and 36 percent of people opted for industrial and service sectors for their daily livelihood in comparison to the Europe where more than 80 percent of the people were dependent on agriculture Indian economy proved to be better Indian industrial sector boosted under the mughal period the cash crops Goods equipment tools and other commodities were exported all over the world the major leading industries of India during the Mughal rule include textiles steel and shipbuilding the food that was supplied is sugar oil and butter in the 17th and 18th century Europe was highly led by the Mughals production and hence several commodities like spices indigo peppers and silks were imported from Europe the Mughal emperor concluded in the 18th century when North India and South India was snatched by the Marathas they sled to the decrees in agricultural productivity and hence the industrial sectors were affected by the slow growth Britta Shira 1793 to 1947 in the 19th century India was controlled by the British oz who used to take the Indian raw materials and supply the same to Britain for the conversion of raw materials into final products these final products were then sold to Indians at an expensive rate the period of British era resulted in a decline productivity of food crops maths impoverishment unemployment and various famines the per capita income which was estimated to be twenty four point four percent during the Makah period was brought down to 4.2 percent in 1950s a large number of indian markets were conquered by the british a–'s and the tariffs and quotas were introduced in india for exporting the commodities to other countries except for Britain well the British government ruined the Indian economy there was some positive aspects of this colonial rule as well the railways communication Airways and roadways were well developed by the British as for the transfer of Indian commodities to Britain and vice-versa after the conclusion of the British period India adopted the worst economy that comprised of the electorate farmers and labor force insufficient agricultural production in respect to the Indian population inadequate infrastructure and a massive unemployment three sectors of economy Indian adopted a three sectors economy including agricultural sector crops horticulture milk and animal husbandry fishing aquaculture forestry ethical Chur and much more industry and manufacturing sector manufacture and processing of steel iron copper and other industrial related goods service sector construction infrastructure education communication health care banking and financing hospitals transport insurance and other such economic activities agricultural sector according to the surveys of 2014 India was placed at second position in agricultural productivity with around 49 percent of the people employed in the same sector although Indian agriculture declined till 2011 the Green Revolution played a major part in improving the irrigation technology adoption of modern agricultural tools and equipment and allowance of ferrous agriculture subsidies the International reports clarify that Indian agricultural contribute 30% to 50% of the total agricultural production in the world Uttar Pradesh Madhya Pradesh Telangana Andhra Pradesh Bihar West Bengal Maharashtra and Gujarat are the major contributors of agriculture productivity around 6 million of indian workforce is engaged in Fishers work the country has also occupy the sixth position in the largest fishing industries of the world cotton milk and Jude are largely produced in India and are exported to diverse parts of the world the 2011 estimations states that there are a total of 170 million animals present in this land ie the second largest country in animal population India has ranked second in the production of wheat rice sugarcane cotton ground nuts fruits and vegetables and consumer silk industrial sector if there is recently 22 percent of indian workforce engaged in the industrial sector the indian industries experienced several amendments after the end of colonial rule in 1991 India was liberalized from the export and import of foreign countries and hence welcomed the foreign investment the government-owned companies that experienced losses were privatized and the infrastructure was improved to a great extent leading to the easy flow of goods and services from one place to another India all showed up to the latest in modern technologies reducing labor-intensive industries but this expansion also resulted in increased unemployment petroleum products and chemicals the overall contribution of petroleum and chemicals industries to India's GDP is 34 percent Jam raga in India owns the world's largest refinery India is also listed under the top five producers of agrochemicals polymers plastic dyes and other such chemicals at the same time the country also imports a large amount of chemicals to accomplish the domestic requirements engineering the engineering sector includes machine tools transformers capital goods automobiles switchgear furnaces and much more India is the third largest exporter of engineering products and this sector also have a major contribution to the GDP gems and jewellery India has been the major producer and supplier of precious metals like diamonds gold and silver for many years Surat and Mumbai are mainly known for polishing jewelry cutting finishing and supply the jewellery industries contribute to 7% of Indian GDP service sector in 1950 the service sector has the lowest contribution to GDP that is 15 percent but in today's era this sector is the major contributor with 57% to world's GDP around 27 percent of the indian workforce is employed by the service sector banking and finance are one of the essential service factors that are classified into two types I II an organized sector that consists of private banks public banks and foreign operated bank the unorganized sector consists of the moneylenders and other financial institutions according to the surveys taken in 2006 in 2007 the public bank had around 75% of assets and on the other hand the private and foreign owned had 18.2% assets electricity sector India is titled as the third-largest energy consuming country with China in the United States of America being of the first and the second places India consumes 85% of coal and crude oil in the old stock of India accomplishes 25% of people's requirement Assam Roger art Rajasthan and Mumbai are the major cities where the oil and natural gas fields are sited in 2013 India ranked third in the production of electricity infrastructure India's infrastructure adds five percent to the GDP the roadways are well built and the Indian roads are second largest roadways in the world India has government-owned railway tracks that are considered as the fourth largest railways in the world there are about 125 airports in India among which there are 65 airports that have the permit to carry both the travelers as well as the cargo




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