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India’s development & economic growth

-- Loui Bright Kanjirathingal

“India should walk on her own shadow- we must have our own development model. “
-A.P.J Abdul Kalam –

India was in a devastating place when Britain declared India to be an independent country. The European powers had drained all of India’s natural resources. India was a mere shadow of its predecessor. India’s GDP grew from Rs. 93.7 Billion in 1950 to a whopping Rs. 410006.4 in 2006. Its IT industry grew from 150 Million USD in 1990 /1991to a whopping 500 Billion in 2006/2007.

It is the world’s 6th largest economy by nominal GDP and 3rd largest by PPP. After 1991 economic liberalization by P.V Narasimha Rao and his then finance minister Manmohan Singh, India was receiving a steady growth of 6-7% by each year .Since, 2014 with the exception of 2017 India has been the world’s largest growing major economy surpassing China.

Despite previous reforms, economic growth is still significantly pulled back by poor infrastructure, corruption and inflexible labor laws. Even though India’s economy is one of the largest, it is not enough to feed the world’s second largest population. 22% of its population are below the poverty line.

Despite all its drawbacks, the long term growth perspective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and increasing integrant into the global economy. India topped the World Bank’s growth for the fiscal year 2015-2016.

I conclude my article by saying a quote from Sundar Pichai from Google “India will be a global player in the digital economy. Wishing you a happy Republic Day this 26th January.






Loui Bright Kanjirathingal,V C, India International School



Disclaimer: Statements and opinions expressed in the article are those of the authors and written by them; the author is solely responsible for the content in this article. IndiansinKuwait.com does not hold any responsibility for them.


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Sini
Wednesday, February 6, 2019
Superb .....

Namitha
Friday, February 1, 2019
Loved it!!

Anittamariya Vs
Sunday, January 27, 2019
Superb ??????

Anittamariya Vs
Sunday, January 27, 2019
Superb bro??????

Nikhil
Monday, January 21, 2019
Done well sabash ull reach good heights god bless you??

Reeja
Sunday, January 20, 2019
Well done Loui!!! Such a mature observation from a small kid!! Amazing!!!

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