Question

Discuss the evolution of india economic development strategy

Answer 1

The Economic Development in India followed socialist-inspired people for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualised rate in the three decades after its independence.[1] Since the mid-1980s, India has slowly opened up its markets through economic liberalisation. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market economy.[1]

In the late 2000s, India's growth reached 7.5%, which will double the average income in a decade.[1] Analysts[who?] say that if India pushed more fundamental market reforms, it could sustain the rate and even reach the government's 2011 target of 10%.[1] States have larger responsibilities over their economies. The average annual growth rates(2007-12) for Uttarakhand (13.66%), Bihar(10.15%) or Jharkhand (9.85%) were higher than for West Bengal (6.24%), Maharashtra(7.84%), Odisha (7.05%), Punjab (6.85%) or Assam (5.88%).[2] India is the sixth-largesteconomy in the world and the third largest by purchasing power parity adjusted exchange rates (PPP). On per capita basis, it ranks 140th in the world or 129th by PPP.