Write an analytical paragraph on the evolution of Indian economy from 2007 to 2016
Answers
Answer:
India had a GDP of about 480 billion US dollars at the turn of the century. India's gross domestic product (GDP) increased five-fold to US$2.2 trillion in 2015 as economic reforms advanced (as per IMF estimates).
Explanation:
A crucial but insufficient requirement for the major improvement in the human development indices has been favourable macroeconomic performance. Despite the fact that poverty decreased as a result of the economic reforms in 1991, the advancement of human development has not been adequate. For instance, child malnutrition (46% in 2005–06) has remained a problem.
According to the World Bank, the most crucial priorities include changes in the public sector, infrastructure, agricultural and rural development, the abolition of labour laws, reforms in underdeveloped states, and HIV/AIDS. India was placed 77th in the Ease of Doing Business Index for 2018. India is ranked 123rd in the 2014 Index of Economic Freedom World Ranking, which ranks the economic freedom of the world's countries. China and Russia are 138th and 144th, respectively.
India had a GDP of about 480 billion US dollars at the turn of the century. India's gross domestic product (GDP) increased five-fold to US$2.2 trillion in 2015 as economic reforms advanced (as per IMF estimates).
India had the fastest-growing MAJOR economy in 2015 from January and March, with its GDP rising at 7.5% as opposed to China's 7%. India's GDP growth increased from 6.9% in the previous fiscal year to 7.3% in 2014–15. India's services sector expanded by 10.1%, its manufacturing sector by 7.1%, and its agricultural sector by 0.2% in 2014–15. Due to significant reforms like the demonitization of currency and the implementation of the GST in FY 2016–17, the Indian economy grew at 7.6 and 7.1 percent in FY 2015–16 and FY 2016–17, respectively.
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