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India is a Developing Nation

-- Parth Kumar,9 A, Indian Learners Own Academy, Kuwait

India is a developing nation which is emerging as the fastest growing nation in terms of economy. A nation, which is truly considered as an example for other democratic countries. It is said that in the next few years, India would be in the list of few economic powers of the country.

There are many reasons that can be considered for the growth of the economy of India. The Gross Domestic Product (GDP) and Gross National Product (GNP) have increased greatly in the year 2011- 2012 at an average of 7 per cent. With a population of over 1.024 billion, the number of people in the labour force has increased to 155 million in the year 2018- 2019 and is having an approximate value to reach above 160 million in the year 2020.

DEVELOPMENTS

The Government of India has been making developments in certain fields with the use of technology. The export rates have increased widely in India in the year 2018, in the field of agriculture, electronics, business etc.., that have in turn given a profit of 15%.
Mergers and Acquisitions activity in the country had reached to US$82 billion in November 2018. The income tax collection in the country had reached to 2.5 lakh crore in 2018 (December) than that of 85 crores in 2005 and is expected to reach 5 lakh crores (approximately) in the year 2025. These were the main reasons for the increase in economy of India after its independence in the year 1947 after the British had left a depleted economy. The economy had increased from a few million dollars in 1950 to billions of dollars in 2018. There are other ways through which Indian economy can boost a lot. There are contributions from other services like hardware, software etc. To boost the economy and to increase employment, 10 million jobs were created. Increase in employment has helped people to contribute in the development and so, people can become independent. This can make the people an asset rather than a liability for the country. According to the World Bank’s report, India’s remittances are touching US$80 billion and will retain its position in the year 2019 and 2020. If India’s remittances increases, the instead of owing money, India can lend money to other countries.

Government Initiatives

India’s economy is touching the sky day by day. It is because of the efforts of all Indians whether it be a billionaire or a person who earns few rupees. The Government has also played a major role.
The Government ministers, be it the union budget minister, each person has tried to implement few steps. There are many government initiatives taking place. The Make in India and Digital India is a positive way. It is because of this reason there is a boost in the economy since 2014. Other steps include setting up of more than 1000 schools in Delhi and Delhi- NCR, the launch of Mid-Day Meal Scheme in states like Uttar Pradesh and Tamil Nadu. This scheme is worth crores of rupees. It aims at providing elementary education to children under the age of 14 for free, along with providing them food. The government has also launched many Schemes to provide work for the poor with a sufficient wage rate.

Example: - PradhanMantriRozgarYojana (PMRY)

The Indian Government has spent Rs. 15 lakh crores (approximately) for creation of infrastructure and livelihood in rural areas. The government has also aimed at providing electricity to the whole of India and has also given LPG cylinders to women. The government also aims at increasing the public health facility by spending 2 per cent of its Gross Domestic Product (GDP). The mid-term review of India’s Foreign Trade Policy (FTP) 2015-2020 has been released by the Ministry of Commerce and Industry, Government of India under whose annual incentives for labour intensive MSME sectors have been increased by 2 per cent. The government initiatives have helped to reduce unemployment and the expected rate of unemployment is 3.5 per cent according to the International Labour Organization (ILO).

Conclusion

India’s gross domestic product (GDP) is expected to reach US$ 6 Trillion by the year 2027. It’s revenue receipt will increase to 27 trillion by 2019, because of GST and demonetization. If the government steps prove to be successful, development will take place in a large scale, then no one will be poor in the future and India will become a super power and will prosper.



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