The economy of India is a
developing market economy. It is the world's 5th largest economy by
nominal GDP and the 3rd largest by purchasing power parity. The
long-term growth potential exists for the Indian economy. It has a young
population and good savings and investment rates. The country is increasing the
integration into the global economy. The economy slowed in 2017 due to shocks
of demonetisation in 2016 and introduction of Goods and Services Tax in 2017.
Demonetization was initiated
with a wide array of motives, such as stripping the Indian economy of its black
money, pushing people to pay taxes for the unaccounted pile of cash, curb
terrorism, promote the digital India movement and make India a profitable cashless
economy.
About 60% of India's GDP is
driven by domestic private consumption. It continues to remain the world's 6th
largest consumer market. India's GDP is also fueled by government spending,
investment, and exports. In 2018, India was the world's 10th largest
importer and the 19th largest exporter.
The economic history of India
began with the Indus Valley Civilization (3300–1300 BCE). The economy of that
civilization appeared to have depended significantly on trade and examples of
overseas trade. The Indus-Mesopotamia relations are notable. The Vedic period
saw countable units of precious useful metal being used for exchange.
Here are the largest Companies
in India: Rajesh Exports Limited, Hindustan Petroleum Corporation Limited, Bharat
Petroleum Corporation Limited, Tata Motors, State Bank of India, Oil and
Natural Gas Corporation Limited, Reliance Industries Limited. Industry: Conglomerate
and Indian Oil Corporation.
FedEx has expanded its
service in India. The coverage went from 4,000 postal codes to over 19,000 in
India. FedEx now offers end-to-end logistics solutions, including international
and domestic air express services, domestic ground services, warehousing and
supply chain management.
The British imperialism of
India was a certain time when the British ruled Colonial India. The British
came to India with plans to use their land and products for profit. In doing
so, there were certain economic and ethical issues that caused many conflicts.
India ranked 4th in terms of
growth in the share of the ICT sector's value added in GDP between the years of
2010 and 2017.
India’s economy has been
growing at its slowest pace in more than 6 years between July – September.
Unemployment remains quite high. India was once among the fastest growing large
economies. It has significantly slowed. The country is grappling with rising
debt and falling tax revenues.
India’s government must take
quick steps to reverse the economic slowdown of the economy. It was before one
of the faster engines of global growth. The problems are declining consumption
and investment. There is also falling tax revenue.
Urgent policy actions are
required to return India to a high growth situation. Cutting debt would be a
good idea. They need to free up financial resources that can be used for
investment.
India's economy grew at its
slowest pace in more than six years in the July-September period. It fell to
4.5 percent from 7 percent a year ago.
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