Question

Essay Writing (400-450words)
Topic : Growth of India's Economy and Technology in the last 50 years.​

Answer 1

The economy of India is characterised as a developing market economy.[44][45] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the IMF, on a per capita income basis, India ranked 139th by GDP (nominal) and 118th by GDP (PPP) in 2018.[46] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation; the end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[47][48] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[45] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[49][50] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.[51][52][53]

Answer 2

Technological advances and new product developments can exert positive influences on economic growth. Increases in demand from foreign markets can lead to higher export sales. In any and all of these cases, the influx of income, if big enough, causes an increase in the economic growth rate.

On per capita basis, it ranks 140th in the world or 129th by PPP. The economic growth has been driven by the expansion of the services that have been growing consistently faster than other sectors

GDP estimates

Year GDP (PPP) (1990 dollars) Avg % GDP growth

1913 204,242,000,000 0.965

1940 265,455,000,000 0.976

1950 222,222,000,000 -1.794

1990 1,098,100,000,000 4.075

The Indian economy expanded 3.1 percent year-on-year in the first quarter of 2020, beating market forecasts of a 2.1 percent rise. Still, it is the slowest GDP growth since quarterly data became available in 2004, as the country imposed a nationwide lockdown from March 24th aiming to contain the spread of the coronavirus. On the expenditure side, faster declines were seen for gross fixed capital formation (-6.5% vs -5.2% in Q4) and exports (-8.5% vs -6.1%) while imports fell at a slower pace (-7% vs -12.4%). Also, both private spending (2.7% vs 6.6%) and inventories (0.5% vs 1.1%) slowed sharply. On the production side, output fell for manufacturing (-1.4% vs -0.8%), the third straight quarter of contraction and construction (-2.2% vs 0%) and slowed for trade, hotels and transportation (2.6% vs 4.3%), finance and real estate (2.4% vs 3.3%) and public administration and defense (10.1% vs 10.9%).