India Super Growing Economic Power
India super growing economic power
Submitted by: MUHAMMED FAZAL K
Preface
India is a new emerging economic power in the world. Though the 21st first decade saw a global level financial crisis, India didn’t wilt under its pressure due to it’s the Government’s progressive policies and full-fledged reforms. Particularly, nationalization and liberalisation were the real saviors of India from the recession. Also, the national sectors and global raid helped to maintain the economy in proper way.
Introduction
India is an exponentially growing economic powering the world. Indian economy stands today as one of the influential and attractive economy. The liberalization move by the Government of India in 1990s has given a boost to the Indian economy and put her into a fast track economic growth route. In 2009, Indian GDP based on purchasing power parity stood at 3.5 trillion dollar making it India the fourth largest economy. Its service industry accounts for 62.5% of the GDP while the industrial and agricultural sectors contribute 20% and 17.5% respectively. Its average GDP growth from 2004 to 2010 was 8.40% reaching an historical high of 10.10% in 2006. The GDP expanded 8.9% in the third quarter of 2010.
To put to the stock, India had social domestic policies from 1947 to 1991. Apparently, the economy was characterized by extensive regulation, public ownership, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country toward a market based economy. A revival of economic reforms and better economic policy in first decade of the 21st century accelerated India’s economic growth rate.
India unaffected of global recession
2010 saw the ghost of great economic recession worldwide. Through collective action the western economies were able to avert a catastrophe. But the economic growth took a severe blow. Amidst such shake up, Indian economy showed resilience. Though the growth declined from 9% earlier to 6.7% last year,
Submitted by: MUHAMMED FAZAL K
Preface
India is a new emerging economic power in the world. Though the 21st first decade saw a global level financial crisis, India didn’t wilt under its pressure due to it’s the Government’s progressive policies and full-fledged reforms. Particularly, nationalization and liberalisation were the real saviors of India from the recession. Also, the national sectors and global raid helped to maintain the economy in proper way.
Introduction
India is an exponentially growing economic powering the world. Indian economy stands today as one of the influential and attractive economy. The liberalization move by the Government of India in 1990s has given a boost to the Indian economy and put her into a fast track economic growth route. In 2009, Indian GDP based on purchasing power parity stood at 3.5 trillion dollar making it India the fourth largest economy. Its service industry accounts for 62.5% of the GDP while the industrial and agricultural sectors contribute 20% and 17.5% respectively. Its average GDP growth from 2004 to 2010 was 8.40% reaching an historical high of 10.10% in 2006. The GDP expanded 8.9% in the third quarter of 2010.
To put to the stock, India had social domestic policies from 1947 to 1991. Apparently, the economy was characterized by extensive regulation, public ownership, pervasive corruption and slow growth. Since 1991, continuing economic liberalisation has moved the country toward a market based economy. A revival of economic reforms and better economic policy in first decade of the 21st century accelerated India’s economic growth rate.
India unaffected of global recession
2010 saw the ghost of great economic recession worldwide. Through collective action the western economies were able to avert a catastrophe. But the economic growth took a severe blow. Amidst such shake up, Indian economy showed resilience. Though the growth declined from 9% earlier to 6.7% last year,