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India's economy has matured greatly due to globalization in the last 20 years, as thousands of technical service and financial jobs have been outsourced to India. The middle class has exploded in recent years, and in part, due to India's obsession with and drive for education for its people. While their population is still too large for India to be a rich country, they have made great strides, and are able to feed most of their 1 billion+ population.
The previous post nailed it quite well. I think you have a vibrant topic that can be approached in a variety of ways. Discussing economic growth could lead to a series of ideas, while discussing economic contraction could lead to another series. Discussing the Indian economy's placement in the world could be another series of topics. There has to be more definition and more clarity in where you are going with this topic. Consider the following: What is it that you are going to prove about the Indian economy? In answering this question, I think a strong thesis statement emerges.
This question is, in my mind, excessively broad. There are a lot of different aspects of the Indian economy that one might wish to discuss. In order to get good answers, perhaps you could give us more of a focused question that would allow us to really understand what your needs are. Here's a link with an overview of the Indian economy...
This is a broad question and also this can span over different time periods. There are differences between the economy of India across different time periods. For modern day, it is globalization that has impacted India's economy.
The known Economic history of India begins with the Indus Valley civilization. At this time, India had the first known cities.
Ancient and medieval India exported textiles, steel and iron works to Europe, the Middle East and South East Asia in exchange for gold and silver.
During the Maurya Empire, trade routes became more secure and the road system was expanded.
Mughal India had one of the largest economies in the world at the time. It had a tax and administrative system for the whole of India.
India has followed socialist-inspired policies for most of its independent history, which have included extensive public ownership, regulation, red tape, and trade barriers. India slipped behind many other Asian countries.
After the 1991 economic crisis, the central government launched economic liberalization. India has turned towards a more capitalist system and has emerged as one of the fastest growing large economies of the world.
India is world’s second most populous country accounting for nearly one fifths of world population. Half a century back it was weak and did not matter much on global economic scene except as suppliers of primary raw materials and importers of finished consumer goods. Then around 1950 India embarked on a path of planned economic development. Initially the progress was slow, perhaps because it adopted an approach of self-sufficiency taking a prejudiced view imports and participation of multinationals in their economic growth. But with a change in its approach towards liberalization and privatization India took off on a speedy development path in early 1990’s. As a result today India has made tremendous improvement in its economic condition. With its combination of high population and improving economic levels, India is now well on its path of becoming among World’s largest economies in terms of gross domestic product. As per World Bank data India, with its GDP (PPP) of 3,097 billions of international dollars in 2007, ranks fourth largest economy in the world. With these kinds of performances India has assumed great importance in the world economic and political scene. India is exerting increasingly greater influence on global economic scene, and is drawing attention of policy-makers and industrial leaders from all over the world.
World Bank, World Development Indicators database, revised 24 April 2007.
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