The Indian economy is currently one of the fastest growing economies in the world and encompasses an agriculture
Soctor that sustains much of the rural population, a modern and varied industrial sector and a sizeable service sector.
Since the initiation of economic reforms and the subsequent liberalization in 1991, the economy has been growing
at an average annual rate of around 6%, as compared to 5.4% in the 1980s and 3.5% prior to that. This, in turn,
has led to a sizeable growth in GDP and a reduction in poverty. According to Planning Commission estimates,
the percentage of India's population living below the poverty line has declined substantially from 51.3 per cent in
1977-78 to 26.1 per cent in 1999-2000.
2. However, there are wide rural-urban and state-wise disparities in poverty reduction. There is a lot of work to be
done, mainly in the rural areas, home to the biggest portion of India's population and consequently, the vote
bank) and some of the worst living conditions and incidences of poverty in the country. It is perhaps with a view
to this that the new government has announce a wide variety of plans and schemes to improve the conditions in
rural India. The country also needs large doses of infrastructure additions-roads and highways, power plants
and distribution networks, airports and ports, if it is to sustain rapid growth and attract sizeable Foreign Direct
Investments
Artempt any eight of the following questions on the basis of the passage you have read: (1 x 8 = 8 Marks)
(1) How is agriculture sector important in India?
ii) What led to a growth in GDP and a reduction in poverty in the country?
What is the estimate of the Planning Commission regarding poverty reduction?
iv) What does the country need to sustain rapid growth and attract Foreign Direct Investment?
V) What is the nature of growth of Indian economy in the world?
1) How did economic reforms and liberalization help Indian economy?
D Why are several plans and schemes started by the government in rural India?
How can proper infrastructure help the government?
Which word in paragraph no.2 means the same as 'inequalities'.
Answers
Answer:
Today India is ranked the seventh largest economy, and third largest in terms of Purchasing Power Parity (PPP). The Indian economy’s GDP is pegged at $ 2.9 tn. At a press conference, Finance Minister Arun Jaitley commented, ‘We keep oscillating between the fifth and the sixth largest economy, depending on the dollar rate. As we look at the years ahead, we will be $ 5 tn by 2024 and $ 10 tn by 2030 or 2031.’
The GDP per capita in India was $ 1963.55 in 2017. The GDP per Capita in India is equivalent to 16% of the world's average, and averaged $ 693.96 from 1960 until 2017. It reached an all - time high of $ 1963.55 in 2017.
India Economic Growth
As per a recent WEF report titled 'Future of Consumption in Fast-Growth Consumer Market – India', India’s market size is pegged to grow at a thriving $ 6 tn in the coming years.
Future of Indian Economy
Explanation:
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