Post-independence India

Indian economy went into a major transition since independence. And today the economy stands at 5th position compared to the global economy and the growth rate of GDP is around 7%.

Major events that led to the change in indian economy:

1. Agricultural policy ( Green revolution)

To reverse the agricultural stagnation that persisted since colonial rule, Green revolution policy was undertaken by using High Yielding variety seed (HYV) to promote self-sufficiency and to reduce hunger and poverty.

2. Industrial policies.

The concept of mixed economy led to the establishment of private industries. The 5 year plan undertaken was majorly focused on Iron and Steel industries. Reservations were also made to small scale industries to promote handicrafts.

3. LPG 1991:

The liberalisation policy opened up the economy towards FDI and FII. It gave a boost to the service sector and new jobs like BPO, Accounting, Software industries.

Major Key challenges during the period:

1. Population growth:

With the reforms pursued in the agricultural, industrial and service sector new modern technology arose and improved health care facilities leading to a boom in population. This led to increased dependency on the agricultural sector and migration to urban areas.

2.Infrastructure development:

The major problem arose in the private industries as they tried to establish monopoly by obtaining licences using permit raj and hindering healthy competition. This impacted the infrastructural development and put a strain on government finances.

3.Urbanisation:

In search of jobs many people migrated to the urban areas leading to Urbanization.

Impact of environmental degradation:

1. Increased health costs:

Environmental pollution has created new health problems and these required huge medical costs.

2. Agricultural productivity:

Land degradation led to decrease in quality of the soil and decrease in agricultural productivity.

3.SDG goals

With rising pollution and climatic changes there was a need to establish Sustainable development goals for the world in order to achieve economic growth without straining the resources. And led to adopting 17 SDGs.