300 words essay on economic development of India
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Indian Economy holds great significance for its radical transformation. It attained its forty-year-long old economic change from the Mixed Economy in the year 1991. The change occurred with the Central Government introducing the New Economic Policy (NEP) to benefit the economy.
India was fundamentally an agrarian economy when the British government left the country in 1947. Most of the trade activities occurred through selling, cultivating, consuming, and producing livestock and agricultural products. Industrialization slowly began with the visionary leadership of eminent leaders like Jawaharlal Nehru, Indira Gandhi, and Rajiv Gandhi.
Before the 1990s, most of India’s industries were managed by the government-run-Public sector units. India’s Economy hit it big in 1992, which created an influx of better economic activities and finance for the people. The reflective and idealistic attributions of Finance Minister Manmohan Singh led to a significant impact on the Indian Economy.
India introduced a New Economic Policy in 1991, under the democratic management of Prime Minister Narsimha Rao and Finance Minister Dr. Manmohan Singh, who incorporated three significant objectives – liberalization, privatization, and globalization.
Well- known and well-established corporations from the West starting realizing the potential of the Indian market and led to the establishment of millions of jobs, which boosted the Purchasing Power Parity index in India.
India reached its peak as the fastest-growing economy in its 2000’s with the inception of the IT revolution. With the establishment of the internet revolution and remote TechnologyTechnology, millions of jobs were formed at the ITES and IT sectors. India became the nerve center of all the non-core activities of the investment banks and IT giants around the world. The immense growth of the Indian Economy has improved India’s political and social platform. mark me as brainliest