what is the indian economy essay

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• Essay on Indian Economy

Introduction to Essay on Indian Economy

Indian Economy is a concept which deals with the system which manages all Economic activities of a country. It covers different sectors like agriculture, industry, and services along with their sub-segments.

Importance of Indian Economy:

The Indian Economy is important to study because it is the seventh-largest in terms of purchasing power parity and the third largest in terms of nominal GDP. Inflation in the Indian Economy is a major concern. The growth and development sector of the Indian Economy is an important area of focus. The Foreign exchange reserves of India are also an important aspect to study. Employment generation is an important area of focus for the Indian Economy.

Investment is another major concern when it comes to the Indian Economy. The balance in trade and budget deficit are other aspects that need attention from people studying the Indian Economy. Every year, a lot of research papers on India's Economy are written by various students all over India.

Some Tips to help You write Your Own Essay on the Indian Economy:

First Step: Collecting Information/ Data:

You must collect as much information related to your topic as possible. If necessary, ask experts or professionals who work in that particular field and get their opinions too if required. This would give you more authentic data rather than just reading out general stuff available online or through books.

Second Step: Sorting Information/ Data:

In this step, you must sort out all your collected data and information into separate sections. For example, if the essay is on the Indian Economy then divide it into different parts like Agriculture, Industry, or Services sector, etc. You can also use sub-heads for each of these main divisions to make things easier for yourself while writing down the final draft of your work.

Third Step: Analysis & Research Plan:  

In this part, start by researching a particular topic thoroughly so that you have a clear idea as to how to proceed with it in detail before actually starting off with the actual writing process itself. This way there would be no loose ends left at the end of the whole thing and your essay would be complete and well-structured.

Fourth Step: Drafting the Essay:

Start by writing an introduction to your topic, explaining what it is all about in detail. After that, start discussing different points one by one with proper evidence backing up everything you say. Make sure each paragraph flows smoothly into the other so that the reader does not lose focus at any point while reading through it. The conclusion should summarize all your findings and leave a lasting impression on the mind of the reader.

Fifth Step: Editing & Proofreading:

This is an important step where you must check for grammar mistakes, punctuation errors, etc. Also, make sure that the structure of your essay is perfect and there are no loose ends left at the end of it. It is better to ask someone else to proofread your work too if you are not very confident about yours.

Sixth Step: Finalizing & Presenting Your Work in the Form of an Essay/ Paperwork etc.:

Finally, present your paper with proper references and bibliography so that every statement made in the essay has a source backing it up. Make sure everything looks neat and clean before actually sending off this final piece for assessment or assignment purposes.

Conclusion: So these were some tips on how one can write their own essay on Indian Economy which would be useful for students studying it or anyone interested in knowing more about India's Economy.

FAQs on Essay on Indian Economy

1. How much time does it take to write an essay on the Indian Economy? How long should my essay be?

It totally depends on the length of your topic and how much information you have collected for writing it. Usually, an essay takes around four to six hours to complete depending upon its size.

2. Where can I get authentic data regarding the Indian Economy?

There are various websites like IMF (International Monetary Fund), World Bank, etc which provide useful data on the Indian Economy.

3. Is there a specific thesis statement that I should focus on when writing my essay?

Yes, there should be a clear thesis statement that you must mention at the beginning of your essay. It can also follow throughout the entire course of it so as to maintain a good flow and structure in your work.

4. Who is my audience? How do I write an authentic essay for them?

Your audience would mostly comprise students and researchers who are interested in knowing more about the Indian Economy. So make sure your language and tone are appropriate for them, and all the information you provide is accurate and backed up by authentic sources.

5. What are some good transition words that I can use to connect my ideas?

There are many transition words that can be used. For example, you could start off with "firstly", "next" or even use phrases like "in the second place" to make your sentence flow smoothly into another one.

6. How will I know if my essay is well-structured? What does it need?

Your essay should be well-structured and organized according to the points you are discussing. Each paragraph must flow smoothly into another one, starting with a topic sentence that summarizes the main point of that particular section in your work. After every point is discussed there needs to be some sort of conclusion at the end which sums up all your findings.

7. What are large-scale industries?

The industries with large capital requirements engaging strong manpower. These organizations have a fixed asset worth more than 10 crore rupees and are considered to be large-scale industries. In India, the large-scale industries are those industries that have a fixed asset which is more than one hundred million rupees or Rs. 10 crores.

8. In India which place is known as the Industrial Hub?

Tamil Nadu is the state with the largest number of factories situated overall in India. Tamil Nadu is the capital city Chennai with the largest industrial and commercial centre in the whole of South India. India has 13 minor industrial regions located in 15 industrial districts.

9. How is the Indian Economy in recent times?

India's GDP was estimated at Rs. 33.14 trillion in the year 2011 and 2012, US＄452.74 billion for the second quarter of the FY2020-21, against Rs. 35.84 trillion US＄489.62 billion in the second quarter of FY2019-20.

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Indian Economy Overview

About indian economy growth rate & statistics, introduction.

Strong economic growth in the first quarter of FY23 helped India overcome the UK to become the fifth-largest economy after it recovered from the COVID-19 pandemic shock. Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs. 295.36 lakh crores (US$ 3.54 trillion), against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs. 269.50 lakh crores (US$ 3.23 trillion). The growth in nominal GDP during 2023-24 is estimated at 9.6% as compared to 14.2% in 2022-23. Strong domestic demand for consumption and investment, along with Government’s continued emphasis on capital expenditure are seen as among the key driver of the GDP in the second half of FY24. During the period April-June 2025, India’s exports stood at US$ 109.11 billion, with Engineering Goods (25.35%), Petroleum Products (18.33%) and electronic goods (7.73%) being the top three exported commodity. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

Future capital spending of the government in the economy is expected to be supported by factors such as tax buoyancy, the streamlined tax system with low rates, a thorough assessment and rationalisation of the tariff structure, and the digitization of tax filing. In the medium run, increased capital spending on infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has demonstrated promise to boost growth by unleashing the pent-up demand. The sector's success is being captured by a number of HFIs (High-Frequency Indicators) that are performing well, indicating the beginnings of a comeback.

India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

India's appeal as a destination for investments has grown stronger and more sustainable because of the current period of global unpredictability and volatility, and the record amounts of money raised by India-focused funds in 2022 are evidence of investor faith in the "Invest in India" narrative.

Market size

Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated at Rs. 173.82 lakh crores (US$ 2.08 trillion), against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs. 160.71 lakh crores (US$ 1.92 trillion). The growth in real GDP during 2023-24 is estimated at 8.2% as compared to 7.0% in 2022-23. There are 113 unicorn startups in India, with a combined valuation of over US$ 350 billion. As many as 14 tech startups are expected to list in 2024 Fintech sector poised to generate the largest number of future unicorns in India. With India presently has the third-largest unicorn base in the world. The government is also focusing on renewable sources by achieving 40% of its energy from non-fossil sources by 2030. India is committed to achieving the country's ambition of Net Zero Emissions by 2070 through a five-pronged strategy, ‘Panchamrit’. Moreover, India ranked 3rd in the renewable energy country attractive index.

According to the McKinsey Global Institute, India needs to boost its rate of employment growth and create 90 million non-farm jobs between 2023 to 2030 in order to increase productivity and economic growth. The net employment rate needs to grow by 1.5% per annum from 2023 to 2030 to achieve 8-8.5% GDP growth between same time periods. India’s current account deficit (CAD) narrowed to 0.7% of GDP in FY24. The CAD stood at US$ 23.2 billion for the 2023-24 compared to US$ 67.0 billion or 2.0% of GDP in the preceding year. This was largely due to decrease in merchandise trade deficit.

Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of India’s trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.

Recent Developments

India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity. With an improvement in the economic scenario and the Indian economy recovering from the Covid-19 pandemic shock, several investments and developments have been made across various sectors of the economy. According to World Bank, India must continue to prioritise lowering inequality while also putting growth-oriented policies into place to boost the economy. In view of this, there have been some developments that have taken place in the recent past. Some of them are mentioned below.

• According to HSBC Flash India PMI report, business activity surged in April to its highest level in about 14 years as well as sustained robust demand. The composite index reached 62.2, indicating continuous expansion since August 2021, alongside positive job growth and decreased input inflation, affirming India's status as the fastest-growing major economy.
• As of July 5, 2024, India’s foreign exchange reserves stood at US$ 657.15 billion.
• In May 2024, India saw a total of US$ 6.9 billion in PE-VC investments.
• Merchandise exports in June 2024 stood at US$ 35.20 billion, with total merchandise exports of US$ 109.96 billion during the period of April 2024 to June 2024.
• India was also named as the 48th most innovative country among the top 50 countries, securing 40th position out of 132 economies in the Global Innovation Index 2023. India rose from 81st position in 2015 to 40th position in 2023. India ranks 3 rd position in the global number of scientific publications.
• In June 2024, the gross Goods and Services Tax (GST) stood at highest monthly revenue collection at Rs. 1.74 lakh crore (US$ 20.83 billion) vs Rs. 1.73 lakh crore (US$ 20.71 billion)
• Between April 2000–March 2024, cumulative FDI equity inflows to India stood at US$ 97 billion.
• In May 2024, the overall IIP (Index of Industrial Production) stood at 154.2. The Indices of Industrial Production for the mining, manufacturing and electricity sectors stood at 136.5, 149.7 and 229.3, respectively, in May 2024.
• According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), India’s Consumer Price Index (CPI) based retail inflation reached 5.08% (Provisional) for June 2024.
• Foreign Institutional Investors (FII) inflows between April-July (2023-24) were close to Rs. 80,500 crore (US$ 9.67 billion), while Domestic Institutional Investors (DII) sold Rs. 4,500 crore (US$ 540.56 million) in the same period. As per depository data, Foreign Portfolio Investors (FPIs) invested (US$ 13.89 billion) in India during January- (up to 15 th July) 2024.
• The wheat procurement during Rabi Marketing Season (RMS) 2024-25 (till May) was estimated to be 266 lakh metric tonnes (LMT) and the rice procured in Kharif Marketing Season (KMS) 2024-25 was 400 LMT.

Government Initiatives

Over the years, the Indian government has introduced many initiatives to strengthen the nation's economy. The Indian government has been effective in developing policies and programmes that are not only beneficial for citizens to improve their financial stability but also for the overall growth of the economy. Over recent decades, India's rapid economic growth has led to a substantial increase in its demand for exports. Besides this, a number of the government's flagship programmes, including Make in India, Start-up India, Digital India, the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation, is aimed at creating immense opportunities in India. In this regard, some of the initiatives taken by the government to improve the economic condition of the country are mentioned below:

• In February 2024, the Finance Ministry announced the total expenditure in Interim 2024-25 estimated at Rs. 47,65,768 crore (US$ 571.64 billion) of which total capital expenditure is Rs. 11,11,111 crore (US$ 133.27 billion).
• On January 22, 2024, Prime Minister Mr. Narendra Modi announced the 'Pradhan Mantri Suryodaya Yojana'. Under this scheme, 1 crore households will receive rooftop solar installations.
• On September 17, 2023, Prime Minister Mr. Narendra Modi launched the Central Sector Scheme PM-VISHWAKARMA in New Delhi. The new scheme aims to provide recognition and comprehensive support to traditional artisans & craftsmen who work with their hands and basic tools. This initiative is designed to enhance the quality, scale, and reach of their products, as well as to integrate them with MSME value chains.
• On August 6, 2023, Amrit Bharat Station Scheme was launched to transform and revitalize 1309 railway stations across the nation. This scheme envisages development of stations on a continuous basis with a long-term vision.
• On June 28, 2023, the Ministry of Environment, Forests, and Climate Change introduced the ‘Draft Carbon Credit Trading Scheme, 2023’.
• From April 1, 2023, Foreign Trade Policy 2023 was unveiled to create an enabling ecosystem to support the philosophy of ‘Aatmanirbhar Bharat’ and ‘Local goes Global’.
• To enhance India’s manufacturing capabilities by increasing investment and production in the sector, the government of India has introduced the Production Linked Incentive Scheme (PLI) for Pharmaceuticals.
• Prime Minister’s Development Initiative for North-East Region (PM-DevINE) was announced in the Union Budget 2022-23 with a financial outlay of Rs. 1,500 crore (US$ 182.35 million).
• Prime Minister Mr Narendra Modi has inaugurated a new food security scheme for providing free food grains to Antyodaya Ann Yojna (AAY) & Primary Household (PHH) beneficiaries, called Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) from January 1, 2023.
• The Amrit Bharat Station scheme for Indian Railways envisages the development of stations on a continuous basis with a long-term vision, formulated on December 29, 2022, by the Ministry of Railways.
• On October 7, 2022, the Department for Promotion of Industry, and Internal Trade (DPIIT) launched Credit Guarantee Scheme for Start-ups (CGSS) aiming to provide credit guarantees up to a specified limit by start-ups, facilitated by Scheduled Commercial Banks, Non-Banking Financial Companies and Securities and Exchange Board of India (SEBI) registered Alternative Investment Funds (AIFs). 
• Telecom Technology Development Fund (TTDF) Scheme was launched in October 2022 by the Universal Service Obligation Fund (USOF), a body under the Department of Telecommunications. The objective is to fund R&D in rural-specific communication technology applications and form synergies among academia, start-ups, research institutes, and the industry to build and develop the telecom ecosystem.
• Home & Cooperation Minister Mr. Amit Shah laid the foundation stone and performed Bhoomi Pujan of Tanot Mandir Complex Project under Border Tourism Development Programme in Jaisalmer in September 2022.
• In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers Welfare inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has been rendering excellent services for more than 60 years under the Indian Council of Agricultural Research (ICAR).
• In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72 million) was set up with National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit for investments in setting up Mega Food Parks (MFP) as well as processing units in the MFPs.
• In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega Cargo Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).
• In July 2022, the Union Cabinet chaired by Prime Minister Mr. Narendra Modi, approved the signing of the Memorandum of Understanding (MoU) between India & Maldives. This MoU will provide a platform to tap the benefits of information technology for court digitization and can be a potential growth area for IT companies and start-ups in both countries.
• India and Namibia entered a Memorandum of Understanding (MoU) on wildlife conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the cheetah into the historical range in India.
• In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in Indian rupees (Rs.) to promote the growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community.
• The Agnipath Scheme aims to develop a young and skilled armed force backed by an advanced warfare technology scheme by providing youth with an opportunity to serve Indian Army for a 4-year period. It is introduced by the Government of India on June 14, 2022.
• In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of development projects worth Rs. 21,000 crore (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at Vadodara.
• Rajnath Singh, Minister of Defence, launched 75 newly developed Artificial Intelligence (AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and exhibition organized by the Ministry of Defence in New Delhi on July 11, 2022.
• In June 2022, Prime Minister Mr. Narendra Modi laid the foundation stone of 1,406 projects worth more than Rs. 80,000 crore (US$ 10.01 billion) at the ground-breaking ceremony of the UP Investors Summit in Lucknow. The Projects encompass diverse sectors like Agriculture and Allied industries, IT and Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace, and Handloom & Textiles.
• The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC, a Russia-based company for the commercialization of bio capsule, an encapsulation technology for bio-fertilization on June 30, 2022.
• As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners including major trade agreements like the India-UAE Comprehensive Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).
• 'Mission Shakti' was applicable with effect from April 1, 2022, aimed at strengthening interventions for women’s safety, security, and empowerment.
• The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance & Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four priorities PM GatiShakti, Inclusive Development, Productivity Enhancement and Investment, and Financing of Investments. In the Union Budget 2022-23, effective capital expenditure is expected to increase by 27% at Rs. 10.68 trillion (US$ 142.93 billion) to boost the economy. This will be 4.1% of the total Gross Domestic Production (GDP).
• Strengthening of Pharmaceutical Industry (SPI) was launched in March 2022 by the Ministry of Chemicals & Fertilisers to provide credit linked capital and interest subsidy for Technology Upgradation of MSME units in pharmaceutical sector, as well as support of up to Rs. 20 crore (US$ 2.4 million) each for common facilities including Research centre, testing labs and ETPs (Effluent Treatment Plant) in Pharma Clusters, to enhance the role of MSMEs.
• Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of new highways network, which will be worth Rs. 20,000 crore (US$ 2.67 billion). In 2022-23. Increased government expenditure is expected to attract private investments, with a production-linked incentive scheme providing excellent opportunities. Consistently proactive, graded, and measured policy support is anticipated to boost the Indian economy.
• In February 2022, The Ministry of Social Justice & Empowerment launched the Scheme for Economic Empowerment of Denotified/Nomadic/SemiNomadic tribal communities (DNTs) (SEED) to provide basic facilities like good quality coaching, and health insurance. livelihoods initiative at a community level and financial assistance for the construction of houses.
• In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve the mission of Aatmanirbhar Bharat and create 60 lakh jobs with an additional production capacity of Rs. 30 trillion (US$ 401.49 billion) in the next five years.
• In the Union Budget of 2022-23, the government announced funding for the production-linked incentive (PLI) scheme for domestic solar cells and module manufacturing of Rs. 24,000 crore (US$ 3.21 billion).
• In the Union Budget of 2022-23, the government announced a production-linked incentive (PLI) scheme for Bulk Drugs which was an investment of Rs. 2,500 crore (US$ 334.60 million).
• In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman announced that a scheme for design-led manufacturing in 5G would be launched as part of the PLI scheme.
• In September 2021, Union Cabinet approved major reforms in the telecom sector, which are expected to boost employment, growth, competition, and consumer interests. Key reforms include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs), and encouragement of spectrum sharing.
• In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore (US$ 5.98 billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the 4G spectrum.
• Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 crore (US$ 86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-living resources. Department of Space (DoS) has got Rs. 13,700 crore (US$ 1.83 billion) in 2022-23 for several key space missions like Gaganyaan, Chandrayaan-3, and Aditya L-1 (sun).
• In May 2021, the government approved the production-linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100 crore (US$ 2.44 billion); this move is expected to attract domestic and foreign investments worth Rs. 45,000 crore (US$ 6.07 billion).
• Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman announced in the Union Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee using blockchain and other technologies.
• In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 trillion (US$ 31.88 billion) and over 400 new high-speed trains were announced. The concept of "One Station, One Product" was also introduced.
• To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special Economic Zone (SEZ) act.
• In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI (foreign portfolio investors) in the State Development Loans (SDLs) and government securities (G-secs) would persist unaffected at 2% and 6%, respectively, in FY22.
• In November 2020, the Government of India announced Rs. 2.65 trillion (US$ 36 billion) stimulus package to generate job opportunities and provide liquidity support to various sectors such as tourism, aviation, construction, and housing. Also, India's cabinet approved the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over five years to create jobs and boost production in the country.
• Numerous foreign companies are setting up their facilities in India on account of various Government initiatives like Make in India and Digital India. Prime Minister of India Mr. Narendra Modi launched the Make in India initiative with an aim to boost the country's manufacturing sector and increase the purchasing power of the average Indian consumer, which would further drive demand and spur development, thus benefiting investors. The Government of India, under its Make in India initiative, is trying to boost the contribution made by the manufacturing sector with an aim to take it to 25% of the GDP from the current 17%. Besides, the government has also come up with the Digital India initiative, which focuses on three core components: the creation of digital infrastructure, delivering services digitally, and increasing digital literacy.
• On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire bad loans worth up to Rs. 50,000 crore (US$ 6.69 billion) about 15 accounts by March 31, 2022. India Debt Resolution Co. Ltd (IDRCL) will control the resolution process. This will clean up India’s financial system, help fuel liquidity, and boost the Indian economy.
• National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will provide non-recourse infrastructure financing and is expected to support projects from the first quarter of FY23; it is expected to raise Rs. 4 trillion (US$ 53.58 billion) in the next three years.
• By November 1, 2021, India, and the United Kingdom hope to begin negotiations on a free trade agreement. The proposed FTA between these two countries is likely to unlock business opportunities and generate jobs. Both sides have renewed their commitment to boost trade in a manner that benefits all.
• In August 2021, Prime Minister Mr. Narendra Modi announced an initiative to start a national mission to reach the US$ 400 billion merchandise export target by FY22.
• In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-RUPI, a contactless and cashless instrument for digital payments.
• In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is expected to reach US$ 110 billion by 2030.
• India is expected to attract investment of around US$ 100 billion in developing the oil and gas infrastructure during 2019-23.
• The Government of India is expected to increase public health spending to 2.5% of the GDP by 2025.

In the second quarter of FY24, the growth momentum of the first quarter was sustained, and high-frequency indicators (HFIs) performed well in July and August of 2023. India's comparatively strong position in the external sector reflects the country's positive outlook for economic growth and rising employment rates. India ranked 5th in foreign direct investment inflows among the developed and developing nations listed for the first quarter of 2022.

India's economic story during the first half of the current financial year highlighted the unwavering support the government gave to its capital expenditure, which, in 2023-24, stood 37.4% higher than the same period last year. In the budget of 2023-24, capital expenditure took lead by steeply increasing the capital expenditure outlay by 37.4 % in BE 2023-24 to Rs.10 lakh crore (US$ 120.12 billion) over Rs. 7.28 lakh crore (US$ 87.45 billion) in RE 2022-23. The ratio of revenue expenditure to capital outlay increased by 1.2% in the current year, signalling a clear change in favour of higher-quality spending. Stronger revenue generation because of improved tax compliance, increased profitability of the company, and increasing economic activity also contributed to rising capital spending levels. In February 2024, the Finance Ministry announced the total expenditure in Interim 2024-25 estimated at Rs. 47,65,768 crore (US$ 571.64 billion) of which total capital expenditure is Rs. 11,11,111 crore (US$ 133.27 billion).

Since India’s resilient growth despite the global pandemic, India's exports climbed at the second-highest rate with a year-over-year (YoY) growth of 8.39% in merchandise exports and a 29.82% growth in service exports till April 2023. With a reduction in port congestion, supply networks are being restored. The CPI-C inflation reduction from June 2022 already reflects the impact. In September 2023 (Provisional), CPI-C inflation was 5.02%, down from 7.01% in June 2022. With a proactive set of administrative actions by the government, flexible monetary policy, and a softening of global commodity prices and supply-chain bottlenecks, inflationary pressures in India look to be on the decline overall.

Note:  Conversion rate used for January 2024 is Rs.1 = US$ 0.012

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Indian Economy and Issues relating to planning, mobilization of resources, growth, development and employment

Last updated on March 10, 2024 by ClearIAS Team

India is a diverse and rapidly developing country with a population of over 1.3 billion people.

The Indian economy is the fifth largest in the world by nominal GDP, and it is characterized by a mixed economic system that includes elements of both socialism and capitalism.

Over the past few decades, India has experienced rapid economic growth, and it is now considered to be a major player in the global economy.

However, despite this growth, the country still faces numerous challenges, including high levels of poverty, inequality, and unemployment. In this article, we will delve deeper into the Indian economy and explore its strengths, weaknesses, and future prospects.

Table of Contents

Indian Economy and Issues Relating to Planning

The Indian economy has a long history of economic planning, dating back to the 1950s when the government adopted a Soviet-style central planning model.

• Under this model, the government played a dominant role in the economy, setting production targets and allocating resources through a series of Five-Year Plans.
• However, this model proved to be relatively inflexible and inefficient, and in the 1990s, the government began to shift towards a more market-based approach.
• This shift, known as economic liberalization, involved reducing the role of the state in the economy and opening up to more foreign investment and trade.

Despite these reforms, the Indian economy continues to face several challenges related to planning. One major challenge is the lack of infrastructure, which hinders economic development and contributes to inefficiency.

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• The country also suffers from a high level of bureaucracy and corruption, which can make it difficult for businesses to navigate the regulatory environment and access financing.
• Another issue related to planning in India is the challenge of balancing economic growth with social and environmental concerns. The country has made significant progress in reducing poverty and improving living standards in recent decades, but there are still large disparities in wealth and access to resources.
• Additionally, the rapid pace of economic development has had negative impacts on the environment, including air and water pollution and deforestation.

Overall, the Indian economy faces several challenges related to planning, but the government and private sector are working to address these issues and promote sustainable and inclusive growth.

Also read: Issues related to planning of the Indian Economy

Indian Economy and Issues Relating to Mobilization of Resources

Mobilization of resources, or the process of allocating resources efficiently and effectively, is a key challenge facing the Indian economy. Several factors contribute to this challenge:

• Limited access to credit : Many small and medium-sized enterprises (SMEs) in India face difficulties in accessing financing from banks and other financial institutions. This can hinder their ability to invest in new projects and expand their operations.
• Infrastructure constraints : Poor infrastructure, including a lack of roads, ports, and electricity, can make it difficult for businesses to transport goods and access markets. This can limit the productivity of firms and hinder economic growth.
• Skilled labor shortages : India has a large and growing population, but there are shortages of skilled workers in certain sectors, such as technology and manufacturing. This can make it difficult for businesses to find the workers they need to grow and compete in the global economy.
• Resource allocation : The allocation of resources, such as land and water, can be a challenge in India due to a complex regulatory environment and issues such as corruption and political interference.

To address these challenges, the Indian government has implemented many initiatives to improve the mobilization of resources. These include measures to increase access to credit for SMEs, investments in infrastructure, and efforts to improve the education and skills of the workforce. However, there is still much work to be done to fully unlock the potential of the Indian economy.

Also read : Issues relating to the mobilization of resources in the Indian Economy

Indian Economy and Issues Relating to Growth

The Indian economy, one of the world’s fastest-growing, stands at the crossroads of leveraging its demographic advantage and overcoming structural challenges. Several issues need to be addressed to sustain its growth trajectory.

Key Issues:

• Economic Reforms: Implementation of reforms such as GST and FDI liberalization has boosted economic activity, yet uneven execution presents hurdles.
• Employment: Harnessing the demographic dividend requires significant job creation and skill development to match industry needs.
• Agriculture: The sector, crucial for employment, faces productivity challenges due to small landholdings, inadequate technology access, and dependence on monsoon.
• Infrastructure: Despite progress, gaps in the quality and reach of infrastructure like roads, railways, and power remain, affecting business efficiency.
• Financial Sector: Addressing non-performing assets and strengthening the banking sector are essential for financial stability and growth.
• External Factors: Global economic conditions and oil price volatility impact India’s growth prospects significantly.
• Environmental Concerns: Balancing economic growth with environmental sustainability and addressing issues like pollution and resource depletion is critical.

To realize its full potential, India must navigate challenges related to employment, agriculture, infrastructure, and financial health, all while ensuring environmental sustainability. Strategic policy-making focused on inclusivity and sustainability will be pivotal in achieving comprehensive growth and development.

Also read : Issues related to the growth of the Indian Economy

Indian Economy and Issues Related to Development

India has experienced rapid economic growth in recent decades, with GDP per capita more than quadrupling since 1991. However, the country still faces several challenges related to development. Some of the key issues are:

• Poverty : Despite significant progress in reducing poverty, it remains a major problem in India. According to the World Bank, about 21% of the population lived below the poverty line in 2020.
• Income inequality : India has one of the highest levels of income inequality in the world, with a large gap between the rich and the poor. This can hinder social mobility and contribute to social tensions.
• Unemployment : Unemployment remains a challenge in India, especially for young people and those with lower levels of education. The country’s labor force is growing faster than the number of new jobs being created, which has led to rising unemployment and underemployment.
• Environmental degradation : The rapid pace of economic development has had negative impacts on the environment, including air and water pollution and deforestation. This can harm the health of the population and hinder long-term economic growth.

To address these challenges, the Indian government has implemented some policies and initiatives aimed at promoting sustainable and inclusive economic growth. These include measures to improve access to education, healthcare, and social services, as well as efforts to reduce pollution and protect the environment.

Also read: Issues related to the development of the Indian Economy

Indian Economy and Issues Relating to Employment

Employment is a major challenge facing the Indian economy. Some of the key issues related to employment in India are:

• Unemployment : India’s labor force is growing faster than the number of new jobs being created, which has led to rising unemployment. The unemployment rate in India was around 6% in 2020, according to the World Bank.
• Underemployment : Many workers in India are underemployed, meaning they are working in jobs that do not fully utilize their skills or provide sufficient income. This is a particularly big problem in rural areas, where many people work in low-paying agriculture or informal sector jobs.
• Skill shortages : There are shortages of skilled workers in certain sectors of the economy, such as technology and manufacturing. This can make it difficult for businesses to find the workers they need to grow and compete in the global economy.
• Lack of labor protections : Many workers in India, particularly those in the informal sector, do not have access to basic labor protections such as minimum wage, overtime pay, and job security. This can lead to exploitation and poverty.

To address these issues, the Indian government has implemented many initiatives to improve employment in the country. These include measures to improve education and training, promote entrepreneurship and small businesses, and increase access to credit for small and medium-sized enterprises (SMEs). However, more needs to be done to address the underlying challenges facing the labor market in India.

Also read: Issues related to the employment in the Indian Economy

In conclusion, the Indian economy has made significant progress in recent decades, with GDP per capita more than quadrupling since 1991.

However, the Indian economy and issues related to growth and development are still a challenge for the country. These include poverty, income inequality, unemployment, and environmental degradation.

To address these challenges, the Indian government has implemented several policies and initiatives aimed at promoting sustainable and inclusive economic growth.

These include measures to improve access to education, healthcare, and social services, as well as efforts to reduce pollution and protect the environment.

While there is still much work to be done, the prospects for the Indian economy are positive and the country has the potential to continue its rapid economic growth and development in the coming years.

Article written by: Vivek Rajasekharan

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Indian Economy

Make Your Note

India’s Economy Challenges

• 14 Aug 2023
• 14 min read
• GS Paper - 3
• Mobilization of Resources
• Liberalization
• Effects of Globalization on Indian Society

This editorial is based on India needs a new economic policy which was published in The Hindu on 12/08/2023. It talks about the challenges of the Indian economy.

For Prelims: GDP , Inflation , Unemployment , Covid-19 pandemic , World Bank , Current Account Deficit , International Monetary Fund , Disinvestment , Production-linked Incentive (PLI) Scheme , Intellectual Property Rights.

For Mains: Challenges of Indian Economy

India is a large and complex economy that faces many challenges and opportunities in its quest for growth and development. The country has undertaken various reforms to address its challenges and leverage its opportunities. India is one of the fastest-growing economies in the world, with a population of over 1.3 billion and a GDP of over $2.7 trillion . However, the country also faces many economic challenges and has undertaken various reforms to address them. India has the potential to become a global leader in the 21st century if it can overcome its economic challenges and sustain its economic reforms.

What are the Economic Challenges in India?

• The demand for goods and services in India has been stagnant or declining due to various factors , such as low income growth, high inflation , unemployment , and the impact of the Covid-19 pandemic.
• This has affected the consumption and investment levels in the economy, and reduced the tax revenue for the government.
• Despite rapid economic growth, unemployment remains a serious issue in both rural and urban areas.
• The Covid-19 pandemic has worsened the situation, as many businesses have shut down or reduced their operations , leading to job losses.
• The unemployment rate was 7.4% in August 2020 , compared to 5.4% in August 2019.
• According to the National Statistical Office’s (NSO) Periodic Labour Force Survey (PLFS) report for the year 2021-22 , the unemployment rate for 2021-22 was 4.1%.
• India lacks adequate infrastructure, such as roads, railways, ports, power, water, and sanitation, which hampers its economic development and competitiveness.
• According to the World Bank , India’s infrastructure gap is estimated to be around $1.5 trillion. Poor infrastructure also affects the quality of life and health of the people, especially in rural areas.
• India has been running a persistent current account deficit, which means that its imports exceed its exports.
• India's exports and imports decreased by 6.59% and 3.63%, respectively, in 2022.
• India has witnessed a surge in private debt, especially in the corporate and household sectors, due to easy credit availability and low interest rates.
• According to the Reserve Bank of India (RBI), the total non-financial sector debt was 167% of GDP in March 2020, up from 151% in March 2016.
• India has a high level of income and wealth inequality, which has increased over time.
• Similarly, the top 10% of wealth holders owned 77% of total wealth in 2019, up from 66% in 2000.
• High inequality can lead to social unrest, political instability, and lower economic growth.

What Economic Reforms are Taken in India?

• India started its process of liberalization in 1991 , when it faced a balance of payments crisis and had to seek International Monetary Fund (IMF) assistance.
• The reforms aimed at reducing government intervention and regulation in various sectors of the economy, such as industry, trade, finance, and foreign investment.
• Liberalization has helped India achieve higher growth rates and integrate with the global economy.
• India has also pursued privatization of public sector enterprises (PSEs), which are owned or controlled by the government.
• Privatization can take various forms, such as disinvestment (selling shares to private investors), strategic sale (transferring management control to private buyers), or closure (shutting down loss-making units).
• Since 1991, India has privatized over 60 PSEs, raising over Rs 3 lakh crore.
• India has also embraced globalization, which means increasing its openness and integration with the world economy.
• Globalization involves increasing trade flows (exports and imports), capital flows (foreign direct investment and portfolio investment), technology transfers (patents and licenses), and migration flows (workers and students).
• Globalization can bring benefits such as access to new markets, cheaper inputs, foreign exchange, technology, and skills. However, it can also pose challenges such as competition, volatility, dependence, and inequality.
• India announced a new economic policy in 2020, in response to the Covid-19 pandemic and its impact on the economy.
• The policy consists of a stimulus package of Rs 20 lakh crore , equivalent to 10% of GDP , to support various sectors and segments of the economy.
• The policy aims to make India self-reliant (Atmanirbhar) and resilient in the post-Covid world.
• It provides a time-bound and market-based mechanism for resolving insolvency and bankruptcy cases of corporate debtors, financial creditors, and operational creditors.
• According to a report by the Insolvency and Bankruptcy Board of India (IBBI), as of 2021, 4,541 corporate insolvency resolution processes have been initiated under the IBC, out of which 2,029 have been closed by resolution, liquidation, or withdrawal .
• These are four codes that aim to consolidate and simplify central labor laws into four broad categories: wages, industrial relations, social security, and occupational safety and health.
• The codes seek to provide flexibility to employers in hiring and firing workers, streamline the process of registration and compliance for businesses, extend social security benefits to informal workers, and enhance the role of trade unions and collective bargaining.
• India launched a PLI scheme in 2020, to boost manufacturing and exports in key sectors, such as automobiles, electronics, pharmaceuticals, textiles, and renewable energy.
• The scheme has a total outlay of Rs 1.46 lakh crore , and is expected to create jobs, attract foreign investment, enhance competitiveness, and reduce import dependence.

What are Some Suggestions to Overcome the Economic Challenges?

• The government should provide direct fiscal stimulus to the sectors and segments of the economy that have been hit hard by the pandemic, such as MSMEs, informal workers, rural households, and low-income groups.
• The stimulus should aim at increasing their income, purchasing power, and access to credit.
• The government should also invest in public infrastructure, health, education, and social protection, which can create jobs, improve productivity, and enhance human capital.
• The government should promote export-oriented sectors, such as manufacturing, services, and agriculture, by providing incentives, subsidies, tax breaks, and infrastructure support.
• The government should also pursue trade agreements with strategic partners, such as the US, the EU, Japan, and ASEAN, to access new markets and diversify its export basket.
• The government should also address the issues of quality standards, logistics costs, and trade facilitation that hamper India’s export performance.
• The government should strengthen the financial sector by resolving the problem of non-performing assets (NPAs), recapitalizing public sector banks, improving governance and regulation, and encouraging financial inclusion and innovation.
• The government should also develop the bond market, the insurance market, and the pension market, which can provide long-term finance for infrastructure and social security for the elderly.
• The government should also implement the reforms in labour laws, land acquisition laws, contract enforcement laws, and bankruptcy laws that can improve the flexibility and efficiency of the labour market, the land market, the credit market, and the legal system.
• The government should foster a culture of innovation and entrepreneurship in India by supporting research and development, science and technology, startups, and incubators.
• The government should also facilitate collaboration between academia, industry, and government to create an ecosystem that can generate new ideas, products, processes, and solutions.
• The government should also protect intellectual property rights and incentivize patenting and licensing.
• The government should address inequality and poverty in India by implementing progressive taxation policies that can redistribute income and wealth from the rich to the poor.
• The government should also expand the coverage and quality of social welfare schemes that can provide basic income support, food security, health insurance, education scholarships, housing subsidies, and skill development to the poor and vulnerable sections of society.
• The government should also empower women, minorities, dalits, tribals, and other marginalized groups by ensuring their equal rights, opportunities, and participation in economic activities.
• The government should mitigate climate change and environmental degradation in India by adopting green policies that can reduce greenhouse gas emissions (GHGs), promote renewable energy sources, enhance energy efficiency, conserve natural resources, protect biodiversity, and improve waste management.
• The government should also implement adaptation measures that can increase resilience to climate shocks such as floods, droughts, cyclones, heat waves etc.

UPSC Civil Services Examination Previous Year’s Question (PYQs)

Q:Consider the following statements: (2018)

• Human capital formation as a concept is better explained in terms of a process which enables
• individuals of a country to accumulate more capital.
• increasing the knowledge, skill levels and capacities of the people of the country.
• accumulation of tangible wealth.
• accumulation of intangible wealth

Which of the statements given above is/are correct?

(a) 1 and 2  (b) 2 only  (c) 2 and 4 (d) 1, 3 and 4

Q: How globalization has led to the reduction of employment in the formal sector of the Indian economy? Is increased in formalization detrimental to the development of the country? (2016)

• List of Commerce Articles

Globalisation

Table of Content

• Globalisation Effect

Globalisation in the Indian economy

What is globalisation.

The term globalisation refers to the integration of the economy of the nation with the world economy. It is a multifaceted aspect. It is a result of the collection of multiple strategies that are directed at transforming the world towards a greater interdependence and integration.

It includes the creation of networks and pursuits transforming social, economical, and geographical barriers.  Globalisation tries to build links in such a way that the events in India can be determined by the events happening distances away.

To put it in other words, globalisation is the method of interaction and union among people, corporations, and governments universally.

Also Check:  Important Questions for Liberalisation, Privatisation and Globalisation

Effect of Globalisation in India

India is one of the countries that succeeded significantly after the initiation and implementation of globalisation. The growth of foreign investment in the field of corporate, retail, and the scientific sector is enormous in the country.

It also had a tremendous impact on the social, monetary, cultural, and political areas. In recent years, globalisation has increased due to improvements in transportation and information technology. With the improved global synergies, comes the growth of global trade, doctrines, and culture.

Indian society is changing drastically after urbanisation and globalisation. The economic policies have had a direct influence in forming the basic framework of the economy.

Economic policies established and administered by the government also performed an essential role in planning levels of savings, employment, income, and investments in the society.

Cross country culture is one of the critical impacts of globalisation on Indian society. It has significantly changed several aspects of the country, including cultural, social, political, and economical.

However, economic unification is the main factor that contributes maximum to a country’s economy into an international economy.

Also Read: What are Economic Reforms?

Advantages of Globalisation in India

Increase in employment: With the opportunity of special economic zones (SEZ), there is an increase in the number of new jobs available. Including the export processing zones (EPZ) centre in India is very useful in employing thousands of people.

Another additional factor in India is cheap labour. This feature motivates the big companies in the west to outsource employees from other regions and cause more employment.

  Increase in compensation: After globalisation, the level of compensation has increased as compared to the domestic companies due to the skill and knowledge a foreign company offers. This opportunity also emerged as an alteration of the management structure.

  High standard of living: With the outbreak of globalisation, the Indian economy and the standard of living of an individual has increased. This change is notified with the purchasing behaviour of a person, especially with those who are associated with foreign companies. Hence, many cities are undergoing a better standard of living along with business development.

Impact of Globalisation

Outsourcing : This is one of the principal results of the globalisation method. In outsourcing, a company recruits regular service from the outside sources, often from other nations, that was earlier implemented internally or from within the nation (like computer service, legal advice, security, each presented by individual departments of the corporation, and advertisement).

As a kind of economic venture, outsourcing has increased, in recent times, because of the increase in quick methods of communication, especially the growth of information technology (IT).

Many of the services such as voice-based business processes (commonly known as BPS, BPO, or call centres), accountancy, record keeping, music recording, banking services, book transcription, film editing, clinical advice, or teachers are being outsourced by the companies from the advanced countries to India.

Debate on Globalisation

Solved Questions.

For more data on Economics Class 11 Syllabus, commerce notifications and sample papers for Class 11 commerce, stay tuned to BYJU’S.

Frequently Asked Questions on Globalisation

What are the different kinds of globalisation.

The top five types of globalisation are:

1. Financial globalisation. 2. Economic globalisation. 3. Technological globalisation. 4. Political globalisation. 5. Cultural globalisation.

What are examples of Globalisation?

The two examples of globalisation are as follows:

1. Travel: The capacity to travel to other places and experience their cultures. 2. Transportation:  The international transportation systems, such as air travel and shipping.

What is the importance of Globalisation?

Globalisation is important to expand the markets and enable a business to make a sensible utilisation of the available resources. It also solves various issues of an individual and the nation, giving them many options to choose from and satisfy their needs. Globalisation boosts exports, discourages import, and uplifts foreign exchange.

What are the main reasons that caused Globalisation?

The main reason that caused globalisation are as follows:

1. Making global travel easier by improving transportation. 2. Advanced technology made communication and sharing of information easier. 3. Minimised tariff barriers and encouraged global trade. 4. Broadening of global media.

What are the positive impacts of Globalisation?

The four positive impacts of globalisation are as follows:

1. Creates efficient markets 2. Increases competition 3. Stabilises security 4. Increases wealth equality across the world

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What to read about India’s economy

Can it emulate china’s past manufacturing success—and should it even try.

A S INDIA GOES to the polls, Narendra Modi, the prime minister, can boast that the world’s largest election is taking place in its fastest-growing major economy. India’s GDP , at $3.5trn, is now the fifth biggest in the world—larger than that of Britain, its former colonial ruler. The government is investing heavily in roads, railways, ports, energy and digital infrastructure. Many multinational companies, pursuing a “China plus one” strategy to diversify their supply chains, are eyeing India as the unnamed “one”. This economic momentum will surely help Mr Modi win a third term. By the time he finishes it in another five years or so, India’s GDP might reach $6trn, according to some independent forecasts, making it the third-biggest economy in the world.

But India is prone to premature triumphalism. It has enjoyed such moments of optimism in the past and squandered them. Its economic record, like many of its roads, is marked by potholes. Its people remain woefully underemployed. Although its population recently overtook China’s, its labour force is only 76% the size. (The percentage of women taking part in the workforce is about the same as in Saudi Arabia.) Investment by private firms is still a smaller share of GDP than it was before the global financial crisis of 2008. When Mr Modi took office, India’s income per person was only a fifth of China’s (at market exchange rates). It remains the same fraction today. These six books help to chart India’s circuitous economic journey and assess Mr Modi’s mixed economic record.

Breaking the Mold: Reimagining India’s Economic Future. By Raghuram Rajan and Rohit Lamba. Princeton University Press; 336 pages; $35 and £30

Before Mr Modi came to office, India was an unhappy member of the “fragile five” group of emerging markets. Its escape from this club owes a lot to Raghuram Rajan, who led the country’s central bank from 2013 to 2016. In this book he and Mr Lamba of Pennsylvania State University express impatience with warring narratives of “unmitigated” optimism and pessimism about India’s economy. They make the provocative argument that India should not aspire to be a manufacturing powerhouse like China (a “ faux China” as they put it), both because India is inherently different and because the world has changed. India’s land is harder to expropriate and its labour harder to exploit. Technological advances have also made services easier to export and manufacturing a less plentiful source of jobs. Their book is sprinkled with pen portraits of the kind of industries they believe can prosper in India, including chip design, remote education—and well-packaged idli batter. Both authors regret India’s turn towards tub-thumping majoritarianism, which they think will ultimately inhibit its creativity and hence its economic prospects. Nonetheless this is a work of mitigated optimism.

New India: Reclaiming the Lost Glory. By Arvind Panagariya. Oxford University Press ; 288 pages

This book provides a useful foil for “Breaking the Mold”. Arvind Panagariya took leave from Columbia University to serve as the head of a government think-tank set up by Mr Modi to replace the old Planning Commission. The author is ungrudging in his praise for the prime minister and unsparing in his disdain for the Congress-led government he swept aside. Mr Panagariya also retains faith in the potential of labour-intensive manufacturing to create the jobs India so desperately needs. The country, he argues in a phrase borrowed from Mao’s China, must walk on two legs—manufacturing and services. To do that, it should streamline its labour laws, keep the rupee competitive and rationalise tariffs at 7% or so. The book adds a “miscellany” of other reforms (including raising the inflation target, auctioning unused government land and removing price floors for crops) that would keep Mr Modi busy no matter how long he stays in office.

The Lost Decade 2008-18: How India’s Growth Story Devolved into Growth without a Story. By Puja Mehra. Ebury Press; 360 pages; $21

Both Mr Rajan and Mr Panagariya make an appearance in this well-reported account of India’s economic policymaking from 2008 to 2018. Ms Mehra, a financial journalist, describes the corruption and misjudgments of the previous government and the disappointments of Mr Modi’s first term. The prime minister was exquisitely attentive to political threats but complacent about more imminent economic dangers. His government was, for example, slow to stump up the money required by India’s public-sector banks after Mr Rajan and others exposed the true scale of their bad loans to India’s corporate titans. One civil servant recounts long, dull meetings in which Mr Modi monitored his piecemeal welfare schemes, even as deeper reforms languished. “The only thing to do was to polish off all the peanuts and chana .”

The Billionaire Raj: A Journey Through India’s New Gilded Age. By James Crabtree. Oneworld Publications; 416 pages; $7.97

For a closer look at those corporate titans, turn to the “Billionaire Raj” by James Crabtree, formerly of the Financial Times . The prologue describes the mysterious late-night crash of an Aston Martin supercar, registered to a subsidiary of Reliance, a conglomerate owned by Mukesh Ambani, India’s richest man. Rumours swirl about who was behind the wheel, even after an employee turns himself in. The police tell Mr Crabtree that the car has been impounded for tests. But he spots it abandoned on the kerb outside the police station, hidden under a plastic sheet. It was still there months later. Mr Crabtree goes on to lift the covers on the achievements, follies and influence of India’s other “Bollygarchs”. They include Vijay Mallya, the former owner of Kingfisher beer and airlines. Once known as the King of Good Times, he moved to Britain from where he faces extradition for financial crimes. Mr Crabtree meets him in drizzly London, where the chastened hedonist is only “modestly late” for the interview. Only once do the author’s journalistic instincts fail him. He receives an invitation to the wedding of the son of Gautam Adani. The controversial billionaire is known for his close proximity to Mr Modi and his equally close acquaintance with jaw-dropping levels of debt. The bash might have warranted its own chapter in this book. But Mr Crabtree, unaccustomed to wedding invitations from strangers, declines to attend.

Unequal: Why India Lags Behind its Neighbours. By Swati Narayan. Context ; 370 pages; $35.99

Far from the bling of the Bollygarchs or the ministries of Delhi, Swati Narayan’s book draws on her sociological fieldwork in the villages of India’s south and its borderlands with Bangladesh and Nepal. She tackles “the South Asian enigma”: why have some of India’s poorer neighbours (and some of its southern states) surpassed India’s heartland on so many social indicators, including health, education, nutrition and sanitation. Girls in Bangladesh have a longer life expectancy than in India, and fewer of them will be underweight for their age. Her argument is illustrated with a grab-bag of statistics and compelling vignettes: from abandoned clinics in Bihar, birthing centres in Nepal, and well-appointed child-care centres in the southern state of Kerala. In a Bangladeshi border village, farmers laugh at their Indian neighbours who still defecate in the fields. She details the cruel divisions of caste, class, religion and gender that still oppress so many people in India and undermine the common purpose that social progress requires.

How British Rule Changed India’s Economy: The Paradox of the Raj. By Tirthankar Roy. Springer International ; 159 pages; $69.99

Many commentators describe the British Empire as a relentless machine for draining India’s wealth. But that may give it too much credit. The Raj was surprisingly small, makeshift and often ineffectual. It relied too heavily on land for its revenues, which rarely exceeded 7% of GDP , points out Tirthankar Roy of the London School of Economics. It spent more on infrastructure and less on luxuries than the Mughal empire that preceded it. But it neglected health care and education. India’s GDP per person barely grew from 1914 to 1947. Mr Roy reveals the great divergence within India that is masked by that damning average. Britain’s “merchant Empire”, committed to globalisation, was good for coastal commerce, but left the countryside poor and stagnant. Unfortunately, for the rural masses, moving from rural areas to the city was never easy. Indeed, some of the social barriers to mobility that Mr Roy lists in this book about India’s economic past still loom large in books about its future.

We regularly publish special reports on India, the latest, in April 2024, focuses on the economy. Please also subscribe to our weekly Essential India newsletter, to make sure you don’t miss any of our comprehensive coverage of the country’s economy, politics and society.

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The World Bank In India

With a population of more than 1.4 billion, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player.

AT A GLANCE

India is one of the fastest growing economies of the world and is poised to continue on this path, with aspirations to reach high middle income status by 2047, the centenary of Indian independence. It is also committed to ensuring that its continued growth path is equipped to deal with the challenges of climate change, and in line with its goal of achieving net-zero emissions by 2070.

The growth of the past two decades has also led to India making remarkable progress in reducing extreme poverty. Between 2011 and 2019, the country is estimated to have halved the share of the population living in extreme poverty - below $2.15 per person per day (2017 PPP) (World Bank Poverty and Inequality Portal and Macro Poverty Outlook, Spring 2023). In recent years, however, the pace of poverty reduction has slowed especially during the COVID-19 pandemic, but has since moderated in 2021-22.

Certain challenges persist. Inequality in consumption continues, with a Gini index of around 35 over the past two decades. Child malnutrition has remained high, with 35.5 percent of children under the age of 5 years being stunted, with the figure rising to 67 percent for children in the 6-59 months age group. Headline employment indicators have improved since 2020 but concerns remain about the quality of jobs created and the real growth in wages, as well as around the low participation of women in the laborforce.

India’s aspiration to achieve high income status by 2047 will need to be realized through a climate-resilient growth process that delivers broad-based gains to the bottom half of the population. Growth-oriented reforms will need to be accompanied by an expansion in good jobs that keeps pace with the number of labor market entrants. At the same time, gaps in economic participation will need to be addressed, including by bringing more women into the workforce.

The World Bank is partnering with the government in this effort by helping strengthen policies, institutions, and investments to create a better future for the country and its people through green, resilient, and inclusive development.

Economic Outlook

After real GDP contracted in FY20/21 due to the COVID-19 pandemic, growth bounced back strongly in FY21/22, supported by accommodative monetary and fiscal policies and wide vaccine coverage. Consequently, in 2022, India emerged as one of the fastest growing economies in the world, despite significant challenges in the global environment – including renewed disruptions of supply lines following the rise in geopolitical tensions, the synchronized tightening of global monetary policies, and inflationary pressures.

In FY22/23, India’s real GDP expanded at an estimated 6.9 percent. Growth was underpinned by robust domestic demand, strong investment activity bolstered by the government’s push for investment in infrastructure, and buoyant private consumption, particularly among higher income earners. The composition of domestic demand also changed, with government consumption being lower due to fiscal consolidation.

Since Q3 FY22/23, however, there have been signs of moderation, although the overall growth momentum remains robust. The persisting headwinds – rising borrowing costs, tightening financial conditions and ongoing inflationary pressures – are expected to weigh on India’s growth in FY23/24. Real GDP growth is likely to moderate to 6.3 percent in FY23/24 from the estimated 6.9 percent in FY22/23.

Both the general government fiscal deficit and public debt to GDP ratio increased sharply in FY20/21 and have been declining gradually since then, with the fiscal deficit falling from over 13 percent in FY20/21 to an estimated 9.4 percent in FY22/23. Public debt has fallen from over 87 percent of GDP to around 83 percent over the same period. The consolidation has largely been driven by an increase in revenues and a gradual withdrawal of pandemic-related stimulus measures. At the same time, the government has remained committed to increasing capital spending, particularly on infrastructure, to boost growth and competitiveness.

Last Updated: Sep 27, 2023

THE WORLD BANK GROUP AND INDIA

The World Bank Group’s (WBG) over seven decade-long partnership with India is strong and enduring. Since the first loan to Indian Railways in 1949, the WBG’s financing, analytical work, and advisory services have contributed to the country’s development. International Development Association – the WBG’s soft-lending arm created for developing countries like India - has supported activities that have had a considerable impact on universalizing primary education; empowering rural communities through a series of rural livelihoods projects; revolutionizing agriculture through support of the Green and White (milk) Revolutions; and helping to combat polio, tuberculosis, and HIV/AIDS.   In FY18, the relationship reached a major milestone when India became a low middle-income country and graduated from International Development Association financing.

COUNTRY PARTNERSHIP FRAMEWORK

The WBG’s present engagement with India is guided by its Country Partnership Framework for FY18-22 (CPF).  The CPF builds on the decades-long partnership and seeks to address the country’s development aspirations and priority needs identified in the Group’s  Systematic Country Diagnostic for India . It aims to work with India so that the country’s rapidly growing economy makes much more efficient use of resources; fosters inclusiveness by investing in human capital and generating more quality jobs; and develops strong public sector institutions that are capable of meeting the demands of a rising middle-class economy. The CPF’s approach combines a focus on ‘what’ the WBG will work on and ‘how’ it will engage India in the process.  What  will   the WBG work on?

• Promoting resource-efficient growth , including in the rural, urban, and energy sectors as well addressing disaster risk management and air pollution;
• Enhancing competitiveness and enabling job creation , including improving the business climate, access to finance, connectivity, logistics, skilling, and increasing female labor force participation;
• Investing in human capital  through early childhood development, education, health, social protection, and rural water supply and sanitation. 

How  will the WBG amplify the impact of its work in India?

• By leveraging the  private sector
• By harnessing India’s  federalism
• By strengthening  public institutions
• By supporting  Lighthouse India  to foster knowledge exchanges within the country and between India and the rest of the world. 

In all its activities, the WBG will seek to address  climate change, gender gaps,  and the  challenges and opportunities afforded by technology .  

WORLD BANK GROUP PROGRAM

The World Bank’s lending program consists of 98 lending operations. Of the $21.4 billion in commitments, $19.3 billion is from IBRD, $2.0 billion is from IDA – the Bank’s soft lending arm - and $0.1 billion is from other sources, primarily grant funding from the Global Environment Fund. 

Roughly a little more than one third of these operations and around 40% of commitments are either for central or multi-state operations, while the remainder consists of state-specific operations in 26 of India’s 28 states. 

The four largest portfolios are  Agriculture  (15 operations totaling $3.1 billion in commitments),  Energy , (11 projects totaling $4.0 billion in commitments), Health, Nutrition & Population  (11 projects totaling $2.8 billion) and Transport  and Water (11 projects each totaling $2.5 billion respectively).

In FY23, the Bank approved 15 operations amounting to $4.37 billion.  Of this, $ 4.32 billion is lending from IBRD and $0.05 billion from IDA (recommitted from cancelled IDA programs). Around 15-18 projects are expected to be delivered in FY24, with total commitments in the range of $3.5 – 4 billion.

For the IFC, India is the biggest client country, accounting for over 10 percent of its global portfolio with a committed portfolio of US$6.5 billion as of June 30, 2023. IFC has more than 250+ active projects in sectors including infrastructure, health, energy, manufacturing, housing, technology, and finance. Since its first engagement in 1958, IFC has invested more than US$27 billion (including mobilization) in over 500 companies in India. India is the sixth largest shareholder in IFC, owning a 4.01 percent stake.

IBRD and IFC work together in several areas, most notably in energy, transport, water and health. The World Bank partnership has been particularly strong in raising financing for renewable energy initiatives, especially in supporting the Government of Madhya Pradesh in setting up the largest solar park project that provides solar power with a total capacity of 2.25 gigawatts at a record low cost, reducing carbon emissions by 3.8 million metric tons per year and powering 60% of the Delhi metro. Similarly, IFC and IBRD collaborated under the Government of India’s flagship Clean Ganga program, ‘ Namami Gange ,’ helping revamp sewage treatment plants using hybrid annuity-based PPP projects, treating 218 million liters of water per day in three cities, and contributing to the steady rejuvenation of the sacred river for millions. IFC led the PPP mandate, while IBRD loan facilitated payment guarantees to boost private sector participation in the sector.

The Multilateral Investment Guarantee Agency (MIGA) does not have exposure in India. MIGA has been working closely with the Ministry of Finance to provide credit enhancement solutions at the state-level and state-owned enterprise (SOE) level. This will enable state governments and SOEs to utilize long-term commercial financing, which can complement concessional lending provided by other multilaterals and development finance institutions.

The WBG has a wide-ranging program of Advisory Services & Analytics. The program informs policy debate, provides analytical underpinnings and learnings for operations and strategy, facilitates the scale up of innovative solutions, and helps to improve state capability. As of October 2021, some 18 analytical studies and 15 advisory activities were ongoing. Key areas of focus include  poverty and macroeconomic analysis ,  financial sector reform ,  enhancing human capital including universal health coverage  and  gender ,  air quality management , as well as  state capability and governance . 

*FY23 means Financial Year from July 2022 - June 2023

WBG financing supported India’s achievement of numerous results over the past five years, highlights of which include:

Education : The World Bank’s approximately $2.7 billion support for education in India covers primary, secondary, and tertiary education, as well as skills development for its young population.  

The World Bank’s $250 million Skill India Mission Operation (SIMO) is backing Central and State government initiatives to skill young people—including the disadvantaged and vulnerable—to acquire the skills needed for a wide range of jobs that are in demand in the market. The project has trained almost 6 million young people, 34 percent of whom are women. Some 40 percent of the trainees were employed within six months of completing their course.

The World Bank also supports state government programs for reforms in primary and senior secondary education. School education projects in Andhra Pradesh , Chhattisgarh , Gujarat and Nagaland are helping strengthen foundational learning of the students, provide training and resources for the professional development of teachers, and use data-driven programs to  improve learning assessment systems for remedial education.

A new World Bank program - Multidisciplinary Education and Research Improvement in Technical Education Project   to be implemented in 14 States and Union Territories will support research and innovation in climate change and sustainable energy. The program is expected to benefit around 350,000 students. In Madhya Pradesh and Odisha , reforms in tertiary education have helped close to 2 million students from disadvantaged groups get access to quality higher education and skills, making them more employable.

Social Protection :

During the COVID-19 pandemic, World Bank support of $1.65 billion through two projects, Accelerating India’s COVID-19 Social Protection Response Program  and Creating a Coordinated and Responsive Indian Social Protection System  helped protect the poor and vulnerable through transfers in cash and kind. About 320 million vulnerable people received cash transfers into their bank accounts.  About 800 million people received additional food rations.

In Jharkhand , a market-driven skills training and secondary education program has helped set up about 13,000 strong community level clubs that provide skills and education to over one million adolescent girls and young women.

In West Bengal , an ongoing program is providing social protection services to poor and vulnerable groups, with a focus on strengthening institutions for delivering care to elderly persons and those with disabilities. The program is also working to increase female labor force participation. Digital transfers through the Jai Bangla Platform reached 3.1 million beneficiaries in the first half of 2023.  

The World Bank’s current health portfolio in India of around $2.8 billion includes both national and state-level projects:

A $1 billion COVID-19 Emergency Response Project helped the government strengthen health facilities in states, procure essential medical supplies – such as testing-equipment and kits, personal protective equipment, gloves, masks, and oxygen cylinders. It also helped insure 2.2 million frontline health workers. In addition, it helped expand health facilities dedicated to COVID-19, raising their number from 163 in March 2020 to more than 23,000 in June 2022.  Over 926 million COVID-19 tests were supported and 3,362 testing laboratories created.

An additional $1 billion in World Bank support is helping the government strengthen health service delivery . This includes all aspects of pandemic preparedness and response , improving real-time disease surveillance, better One Health coordination and enhancing  capacity for biosecurity.

World Bank is also supporting the National Tuberculosis (TB) Elimination Program to improve success rates of treatment, including of multidrug-resistant TB (MDR-TB). It is also scaling up direct transfer of cash benefits into the bank accounts of TB patients.

In Andhra Pradesh , Meghalaya , Mizoram , Nagaland , Tamil Nadu , and Uttarakhand ongoing programs focus on improving the quality of health care services, and strengthening the management of non-communicable diseases. In Uttarakhand, clusters of public health facilities, using a public private partnership (PPP) model, now have specialists available regularly, resulting in improved service delivery.  Digital health strategies for improved service delivery are being implemented in Andhra Pradesh, Nagaland and Tamil Nadu.

Rural Water Supply and Sanitation : Since 2000, World Bank projects have contributed over $2.8 billion in financing for rural water supply and sanitation. About 30 million people from over 30,000 villages—with populations ranging from 150 to 15,000—have gain better access to drinking water. About 167 million rural people have benefitted from improved sanitation. Many of the projects have helped promote women’s participation in discussions around changing age-old sanitation behaviors. Local institutions have been strengthened to improve operations and maintenance of water and sanitation infrastructure and upgrade service delivery.

Agriculture

World Bank-financed projects are promoting climate resilient agriculture in Andhra Pradesh, Himachal Pradesh, Karnataka, Maharashtra Odisha and Tamil Nadu. The focus is on introducing climate smart technologies, using water more efficiently, adopting crop diversification for better soil health and using climate resilient seeds.  World Bank is also focusing on reducing greenhouse gas emissions and using clean energy in post-harvest activities. Since 2016, World Bank-financed projects have brought around 1.7 million hectares of land under climate resilient agriculture.  Around 2 million farmers are adopting improved agriculture technologies.

Empowering Rural Women

Since 2003, World Bank has provided $2.2 billion in support of the Women’s Self-Help Group (SHG) movement in India through several state and national projects. Around 32 million rural women have been mobilized into 2.9 million SHGs.   Rural women have been trained and now earn their own livelihood as Pashu Sakhis (looking after animals), Bank Sakhis (helping rural people operate Bank accounts), or operating canteens at government hospitals and offices, and as masons building toilets.  These empowered women have also been encouraged to become entrepreneurs, running small businesses like poultry and goat farms, grocery shops, and cottage industries, and provided access to markets.   These entrepreneurial initiatives have helped the SHGs access commercial finance of over $14.5 billion.  These projects were also the genesis of the Government of India’s National Rural Livelihoods Mission (NRLM), which is world’s largest platform for women’s social and economic empowerment.  As of April 2023, the NRLM supports over 91 million women through 8.4 million SHGs.

households have seen their lives improve as a result of soil and water conservation in 7 drought-prone districts of Karnataka

India: Commitments by Fiscal Year (in millions of dollars)*

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What countries border India?

India shares borders with Pakistan to the northwest; with Nepal, China, and Bhutan to the north; and with Myanmar and Bangladesh to the east. The island country of Sri Lanka is situated some 40 miles (65 kilometres) off the southeast coast of India.

The expansive alluvial plains of the Indus and Ganges (Ganga) river basins in India provided the environment and focus for the rise of two great phases of city life: the civilization of the Indus valley, known as the Indus civilization, during the 3rd millennium BCE; and, during the 1st millennium BCE, that of the Ganges.

The major secular holidays are Independence Day (August 15) and Republic Day (January 26). The most popular religious festivals celebrated over the greater part of India are Vasantpanchami, in honour of Sarasvati, the goddess of learning; Holi, a time when traditional hierarchical relationships are forgotten and celebrants throw coloured water and powder at one another; Dussehra, when the story of the Ramayana is reenacted, and Diwali (Divali), a time for lighting lamps and exchanging gifts.

India , country that occupies the greater part of South Asia . It is made up of 28 states and eight union territories , and its national capital is New Delhi , built in the 20th century just south of the historic hub of Old Delhi to serve as India’s administrative center. Its government is a constitutional republic that represents a highly diverse population consisting of thousands of ethnic groups and hundreds of languages. India became the world’s most populous country in 2023, according to estimates by the United Nations .

It is known from archaeological evidence that a highly sophisticated urbanized culture—the Indus civilization —dominated the northwestern part of the subcontinent from about 2600 to 2000 bce . From that period on, India functioned as a virtually self-contained political and cultural arena, which gave rise to a distinctive tradition that was associated primarily with Hinduism , the roots of which possibly can be traced to the Indus civilization. Other religions, notably Buddhism and Jainism , originated in India—though their presence there is now quite small—and throughout the centuries residents of the subcontinent developed a rich intellectual life in such fields as mathematics, astronomy, architecture, literature, music, and the fine arts.

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Throughout its history, India was intermittently disturbed by incursions from beyond its northern mountain wall. Especially important was the coming of Islam , brought from the northwest by Arab, Turkish, Persian, and other raiders beginning early in the 8th century ce . Eventually, some of those raiders stayed; by the 13th century much of the subcontinent was under Muslim rule, and the number of Muslims steadily increased. Only after the arrival of the Portuguese navigator Vasco da Gama in 1498 and the subsequent establishment of European maritime supremacy in the region did India become exposed to major external influences arriving by sea, a process that culminated in the decline of the ruling Muslim elite and absorption of the subcontinent within the British Empire .

Direct administration by the British, which began in 1858, effected a political and economic unification of the subcontinent. As a result of the Indian Independence Movement , British rule came to an end on August 14-15, 1947, celebrated annually as Independence Day . The subcontinent was then partitioned along religious lines into two separate countries—India, with a majority of Hindus, and Pakistan , with a majority of Muslims; the eastern portion of Pakistan later split off to form Bangladesh . Many British institutions stayed in place (such as the parliamentary system of government); English continued to be a widely used lingua franca; and India remained within the Commonwealth . Hindi became the official language (and a number of other local languages achieved official status), while a vibrant English-language intelligentsia thrived .

India remains one of the most ethnically diverse countries in the world. Apart from its many religions and sects, India is home to innumerable castes and tribes, as well as to more than a dozen major and hundreds of minor linguistic groups from several language families unrelated to one another. Religious minorities, including Muslims, Christians, Sikhs, Buddhists, and Jains, still account for a significant proportion of the population. Earnest attempts have been made to instill a spirit of nationhood in so varied a population, but tensions between neighboring groups have remained and at times have resulted in outbreaks of violence. Yet social legislation has done much to alleviate the disabilities previously suffered by formerly “ untouchable ” castes, tribal populations, women, and other traditionally disadvantaged segments of society. At independence, India was blessed with several leaders of world stature, most notably Mohandas Karamchand (Mahatma) Gandhi and Jawaharlal Nehru , who were able to galvanize the masses at home and bring prestige to India abroad. The country has played an increasing role in global affairs.

Contemporary India’s increasing physical prosperity and cultural dynamism—despite continued domestic challenges and economic inequality—are seen in its well-developed infrastructure and a highly diversified industrial base, in its pool of scientific and engineering personnel (one of the largest in the world), in the pace of its agricultural expansion, and in its rich and vibrant cultural exports of music, literature, and cinema. Though the country’s population remains largely rural, India has three of the most populous and cosmopolitan cities in the world— Mumbai (Bombay), Kolkata (Calcutta), and Delhi . Three other Indian cities— Bengaluru (Bangalore), Chennai (Madras), and Hyderabad —are among the world’s fastest-growing high-technology centers, and most of the world’s major information technology and software companies now have offices in India.

The history section of the articles Pakistan and Bangladesh discuss those countries since their creation.

India’s frontier, which is roughly one-third coastline, abuts six countries. It is bounded to the northwest by Pakistan , to the north by Nepal , China , and Bhutan ; and to the east by Myanmar (Burma). Bangladesh to the east is surrounded by India to the north, east, and west. The island country of Sri Lanka is situated some 40 miles (65 km) off the southeast coast of India across the Palk Strait and Gulf of Mannar .

The land of India—together with Bangladesh and most of Pakistan—forms a well-defined subcontinent, set off from the rest of Asia by the imposing northern mountain rampart of the Himalayas and by adjoining mountain ranges to the west and east. In area, India ranks as the seventh largest country in the world.

Much of India’s territory lies within a large peninsula, surrounded by the Arabian Sea to the west and the Bay of Bengal to the east; Cape Comorin (Kanniyakumari), the southernmost point of the Indian mainland, marks the dividing line between those two bodies of water. India has two union territories composed entirely of islands: Lakshadweep , in the Arabian Sea, and the Andaman and Nicobar Islands , which lie between the Bay of Bengal and the Andaman Sea .

It is now generally accepted that India’s geographic position, continental outline, and basic geologic structure resulted from a process of plate tectonics —the shifting of enormous, rigid crustal plates over the Earth’s underlying layer of molten material. India’s landmass, which forms the northwestern portion of the Indian-Australian Plate , began to drift slowly northward toward the much larger Eurasian Plate several hundred million years ago (after the former broke away from the ancient southern-hemispheric supercontinent known as Gondwana , or Gondwanaland). When the two finally collided (approximately 50 million years ago), the northern edge of the Indian-Australian Plate was thrust under the Eurasian Plate at a low angle. The collision reduced the speed of the oncoming plate, but the underthrusting, or subduction, of the plate has continued into contemporary times.

The effects of the collision and continued subduction are numerous and extremely complicated. An important consequence, however, was the slicing off of crustal rock from the top of the underthrusting plate. Those slices were thrown back onto the northern edge of the Indian landmass and came to form much of the Himalayan mountain system. The new mountains—together with vast amounts of sediment eroded from them—were so heavy that the Indian-Australian Plate just south of the range was forced downward, creating a zone of crustal subsidence. Continued rapid erosion of the Himalayas added to the sediment accumulation, which was subsequently carried by mountain streams to fill the subsidence zone and cause it to sink more.

India’s present-day relief features have been superimposed on three basic structural units: the Himalayas in the north, the Deccan (peninsular plateau region) in the south, and the Indo-Gangetic Plain (lying over the subsidence zone) between the two. Further information on the geology of India is found in the article Asia .

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• Trending Events /

Impact of G20 on Indian Economy

• Updated on  
• Sep 12, 2023

According to the reports published by the Indian Government, India has a total economy of $3.74 Trillion. This makes India’s share in the global GDP to 9.3%. The entire world is aware that India will soon emerge as the third largest economy in the world and now that the G20 Summit has taken place in India, economists have come across a new question; What will be the impact of G20 on the Indian economy?

The past couple of months have been harsh for the entire world as there were recessions in most of the major economies. However, the Indian economy managed to sustain itself without relying on any international support. According to the International Monetary Fund’s (IMF) estimates, India will be the third-largest economy in the world in the next 4 years. The domestic and international demands for Indian products are cited as the main factors why India is the fastest-growing economy in the world. Let’s dig more into the impact of G20 on Indian Economy.

How Will the G20 Affect the Indian Economy?

With the commencement of the G20 Summit 2023 in India, the global leaders encountered the diversity in Indian culture. Recently, a video went viral where Diplomats and Ministers from the member nations visited the marketplaces in New Delhi and bought locally-made products. This created an opportunity for Indian manufacturers to increase their production as the demand for their products increased overnight.

The Indian Government and other economists were already aware of the fact that such an action would work in India’s favour and would have a positive impact on the Indian economy. Here are all the factors which will create an impact on the Indian economy in the post-G20 Summit period.

• Since India had the G20 presidency, it fostered the growth of products in demand in the domestic market.
• International trade can work in India’s favour, as there are food and fuel shortages, the supply chains are disrupted, and there is a need for a new trading system.
• The G20’s Trade and Investment Working team has been promoting resilient trade to enhance the participation of MSMEs in trade.
• India’s growth in innovation and technology has gotten a boost as multi-billion dollar companies like Apple, Tesla, etc. want to set up their manufacturing hubs in India.
• The tourism industry in India will grow as the number of international tourists is increasing every year.
• New opportunities will be created for MSMEs, both in India and abroad, which will play a significant role in the country’s economic growth.
• The government organised the meeting of the G20 in different parts of the country to showcase India’s culture and traditional values and its rich heritage sites.

The G20 summit will affect the Indian economy in diverse ways, such as the cultural and traditional values will be highlighted, the MSMEs will get an opportunity to grow, India’s technology will improve, more and more people will get employment, etc.

The USA has the largest economy among the G20 member countries. Next in the line are China and India.

G20 is important because these nations are responsible for more than 85% of the global economy and trade. G20 consists of a total of 19 countries and the European Union.

For more information related to such informative articles, visit the trending events page of Leverage Edu.

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With an experience of over a year, I've developed a passion for writing blogs on wide range of topics. I am mostly inspired from topics related to social and environmental fields, where you come up with a positive outcome.

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White Paper in the Economy, Objectives, Key Claims and Findings

Finance Minister Nirmala Sitharaman presented a “white paper” on the Indian economy in Parliament. Check Out Details of White Paper in the Economy

Table of Contents

Context: Finance Minister Nirmala Sitharaman presented a “white paper” on the Indian economy in Parliament.

About White Paper in the Economy

• A white paper is a detailed report or guide designed to inform readers concisely about a complex issue and present the issuing body’s philosophy on the matter.
• It is aimed at helping readers understand an issue, solve a problem, or make a decision.
• White papers are often used in government, business-to-business (B2B) marketing, and technology sectors.

In Governmental Context

• A government may present a white paper to make people aware of the nature and scope of the problem and the possible ways to resolve it.

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Nature of the Document 

• While termed as a white paper, it deviates from the traditional definition, which typically focuses on a specific issue. Instead, it compares economic records of two governments.
• Its presentation at the end of the NDA’s tenure is explained as a strategic decision to avoid negative narratives earlier and to maintain confidence among investors.

 Objectives of the White Paper 

• Informing about the economic and fiscal challenges inherited by the NDA government from the UPA.
• Highlighting the policies and measures undertaken by the NDA to revive the economy.
• Stimulating a broader debate on the importance of national interest and fiscal responsibility in governance.
• Aligning with Prime Minister Narendra Modi’s vision for national development and progress.

Contents of the White Paper 

• Discussion on the macroeconomic situation during the UPA rule, emphasizing issues like high inflation, fiscal deficit, and policy paralysis.
• Examination of corruption scandals under the UPA regime.
• Showcase of the NDA’s efforts in revitalizing the economy, including achievements in sectors like infrastructure, healthcare, and defense.

Main Sections of the White Paper

• Highlights economic challenges during UPA’s tenure.
• Criticizes UPA for abandoning reforms.
• Points out high inflation, fiscal deficit, and bad loans in the banking system.
• Discusses corruption scandals during UPA’s tenure.
• Highlights non-transparent auctions and retrospective taxation.
• Shows improvements under NDA governance.
• Uses data to demonstrate achievements such as lower inflation and successful implementation of schemes like toilet construction and bank account openings.

Key Claims and Findings 

• The paper asserts that the UPA government, despite inheriting a robust economy, failed to sustain growth due to policy paralysis and misadventures.
• It highlights the NDA’s accomplishments, such as lower inflation rates and successful implementation of various schemes.
• However, critics argue that the paper overlooks critical issues like unemployment, poverty measurement, and the delay in conducting the decadal Census.

 Analysis and Critique 

• While the white paper presents certain achievements of the NDA government, it lacks a comprehensive analysis of the economy over the two decades.
• Critics point out the absence of key indicators like unemployment rates and GDP growth charts, which are crucial for assessing the overall economic performance.
• The paper’s selective focus raises questions about its impartiality and completeness in presenting the economic narrative.

 Conclusion 

• The white paper on the Indian economy serves as a platform for evaluating the contrasting economic policies and outcomes of the UPA and NDA governments.
• However, its limitations, including selective data presentation and omission of critical indicators, call for a nuanced interpretation and further analysis to gauge the true state of the economy.

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White Paper in the Economy FAQs

What is white paper in economy.

The document, which has been prepared by the Ministry of Finance, essentially compares the 10-year record of economic governance under the Congress-led UPA governments (between 2004-05 and 2013-14) with the 10-year record of the BJP-led NDA governments (between 2014-15 and 2023-24).

What is black paper in Parliament?

The Congress released a "black paper" to highlight the "failures" of the Modi government, alleging that the last 10 years were a period of "injustice" with issues such as rising prices, unemployment, subversion of institutions and "discrimination" against non-BJP states plaguing the country.

What is the difference between White Paper and black paper?

'White Paper' vs 'Black Paper' politics is the talk of the last week of the 2024 Budget Session. A "White Paper" comparing the economic conditions under the UPA with the current government is being presented. Congress, on the other hand, has created "Black paper" in opposition to the current administration.

I, Sakshi Gupta, am a content writer to empower students aiming for UPSC, PSC, and other competitive exams. My objective is to provide clear, concise, and informative content that caters to your exam preparation needs. I strive to make my content not only informative but also engaging, keeping you motivated throughout your journey!

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How Traditional Indian Art is Inspiring Global Design Trends

Art, independently, is an umbrella term that represents a copious number of forms of expression; including but not limited to painting, dancing, music, cinema, and writing. Although it is often associated with crafts that develop around drawing and painting, art has much more to bring to the table. Any profession that deals with designing is usually related to arts and can intertwine fields of work that may not come across as connected otherwise. Just take graphic design as a modern example – as the core to every visual form of branding and marketing, graphic designers have become essential parts of companies worldwide regardless of what field of work they might be specialising in.

The existence of art dates back to approximately 40,000 BC, way before humans started keeping track of records, 1 and as architecture started shaping up around 10,000 BC through the need for shelter; 2 it is to be kept in mind that the possibility of art having influenced humans in expressing themselves through architecture was bound to come forward sooner or later. Alongside the discoveries in the world of sciences and technology, humans have been exploring and experimenting with arts for literal ages, the impact of which can be seen in their architecture as well.

Indian Art in Architecture: Foundation and Religion

Arguably, a lot of Indian art has its roots in the mythological or religious beliefs of the population of India. While the Kailasa temple and the caves of Ajanta & Ellora share the tales of Hindu scriptures, the Stupa of Sanchi represents Buddha in his moment of enlightenment. There’s the Taj Mahal, one of the seven known wonders in the world of architecture as it represents Mughal king Shah Jahan’s undying love for his late wife Mumtaz Mahal; and it is undoubtedly the most widely known monument of India on a global scale.

As religion operates as a driving force in the evolution of architecture in India, a lot of the ancient Indian architecture was created to serve the purpose of finding calm and meditative spaces for the believers. Places of worship like temples and mosques, as well as chapels and pilgrimages; a majority of the notable architectural monuments are connected to a variety of religious beliefs that Indians continue to follow to this day – which also explains why all of these monuments still hold their importance and their legacy in the history of India.

Modern Interpretation of Indian Art in Architecture

Through different periods of time, the architectural world saw stages of progress with Byzantine, Renaissance , and Modernism being a few of those. Post-modern architecture in India saw direct influences from Western techniques, especially involving Gothic , Victorian , and Neo-classical elements. 4 Post-colonial India was focused on reviving its artistic traditions while still carrying the impacts of the British colonies. As a result, post-modernist Indian architecture presents pleasing and complex combinations of Western and Asian artistic methods, heavily relying on practical aspects while still holding onto historical morals.

Paving the way for an impressive blend of Western and Eastern art styles, architects in India have been incorporating elements of both while making sure to bring forward the advantages of both. Case in point: the proposed designs for the Headquarters of Punjab Kesari include Jali pattern screening in the exterior façade of the overall building. As explained by the architects at Studio Symbiosis, “A hexagonal pattern was used as a base and through iterative process various porosity patterns were generated from it to create different light conditions. This resulted in a variable opacity condition in the facade that had a dual purpose of creating performative architecture and also created variable openings on the facade in various orientations generating a design for the facade that is animating and has an inherent meaning.” 5 Leading back to the basic principle of Jali in architecture, it reduces heat gain while also ensuring that maximum natural light can penetrate through the building on a normal day in Delhi, India.

The Legacy Continues

As we move forward in an era where spacious contemporary residence designs pay homage to Indian traditions by adding small details like using motif patterns in flooring inlay or Madhubani wallpapers on double-height walls, architecture in India continues to lead the global design trends while successfully intertwining the western and eastern art styles in the most appealing manners. In the current age of having the luxury to share and learn information anytime and anywhere, the forever developing combinations of traditions in architecture are proof that art, truly, never dies.

REFERENCE LIST

• Dalbéra, J. (2015). La grotte jaïne “Indra Sabha” (Ellora, Inde). [Photographs]. ( https://www.flickr.com/photos/dalbera/17238778356/in/album-72157651648726172/ )
• Fanthome, J., Ghetti, S., Dabas, S. (2018). Krushi Bhawan. [Photograph]. (Odisha : https://www.studiolotus.in/projects/krushi-bhawan )
• (2016). Traditional Indian Architecture Meets Contemporary Office Space in This Naturally-Lit Design by Studio Symbiosis. [Photograph]. (Delhi NCR : https://studio-symbiosis.com/project/punjab-kesari/ )
• Millman, M. Bold Statement. [Photograph]. (USA : https://www.jayjeffers.com/projects/bold-statement/ )

BIBLIOGRAPHY/EXTERNAL LINKS :

• Morriss-Kay, G. (2010). The evolution of human artistic creativity. Journal of Anatomy, 216 (2), pp. 158-176. Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2815939/  
• Architecture’s History in a Nutshell. Jonite. Available at: https://insights.jonite.com/architectures-history-in-a-nutshell  
• (2024). Influences on Indian Architecture: Religious, Cultural and Historical Factors. Kaarwan. Available at: https://www.kaarwan.com/blog/architecture/religious-cultural-historical-influences-indian-architecture?id=546  
• (2024). Modern Interpretations of Indian Art in Architecture and Design. Rooftop. Available at: https://rooftopapp.com/modern-interpretations-of-indian-art-in-architecture-and-design/  
• Santos, S. (2016). Traditional Indian Architecture Meets Contemporary Office Space in This Naturally-Lit Design by Studio Symbiosis. ArchDaily. Available at: https://www.archdaily.com/791383/traditional-indian-architecture-meets-contemporary-office-space-in-this-naturally-lit-design-by-studio-symbiosis?ad_medium=gallery  

Aashaka Shah is an Interior Designer with an experience of 2 years in the field. Along with the conventional ways of expressing designs, she has always been intrigued by and experimenting with theoretical narratives. As an individual, she holds both designing and writing close to her.

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Guest Essay

Kamala Harris and Donald Trump Are Shredding Basic Economic Good Sense

By Roger Lowenstein

Mr. Lowenstein is the author of “Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War.”

In a speech on economic policy in Raleigh, N.C., this month, Kamala Harris uncorked a beautiful riff that slammed a certain policy proposal as nothing more than a “national sales tax” on the American public, one that would raise the price of “everyday products and basic necessities” and cost the typical family $3,900 a year.

For once, a presidential candidate was speaking like an economist — or at least, a practical policymaker with a realist’s grasp of supply and demand.

The proposal she knocked was that of her opponent Donald Trump — namely, a tariff of as much as 20 percent (and considerably higher on Chinese imports). Ms. Harris got it right: Tariffs are a tax, paid by American consumers. They make the country poorer. When Mr. Trump tried them, that resulted in no new net jobs, and American consumers, including employers that depend on foreign steel, were stuck with higher prices, hurting homegrown industry.

Moreover, other nations retaliated against U.S. exports. In retrospect, America produced a little bit more in areas where it is less competitive, such as washing machines, and sold less of what it does best, such as soybeans. That nonsensical result is why Mr. Trump’s proposed tariff expansion remains one of the two worst ideas to surface in the campaign.

Unfortunately, the other one was unfurled in the same speech and with equal violence to free-market principles. Ms. Harris promised to seek federal authority to control food prices. Whereas she was hard-hitting and specific in describing Mr. Trump’s failed tariff policy, she was censorious and vague in pitching price controls. She wouldn’t go after all companies, only “bad actors” that “exploit crises” by “price gouging.”

Forget that her proposal addresses a problem that no longer exists (over the past year, food prices rose a mere 1 percent ) and that supermarkets operate on notoriously thin margins. More dismaying was her seeming ignorance that price controls, almost without exception, have led to shortages, supply chain disruptions and eventually higher prices. When Ms. Harris pledged to crack down on “opportunistic” offenders and restrict “excessive corporate profits ,” she seemed unaware that exploiting opportunities for profit is exactly what private enterprise is intended to foster (Henry Ford, Steve Jobs, Warren Buffett — opportunists all).

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