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Home/indian economy/Page 2
  1. Asked: July 20, 2024In: , ,

    What are the major challenges facing the Indian economy today, and how can they be addressed?

    Kousalya Krishnan
    Kousalya Krishnan Begginer
    This answer was edited.

    India is a diverse and rapidly developing country with fifth largest in the world by nominal GDP, and it is characterized by a mixed economic system. Over the past few decades, India has experienced rapid economic growth, and it is now considered to be a major player in the global economy. Despite tRead more

    India is a diverse and rapidly developing country with fifth largest in the world by nominal GDP, and it is characterized by a mixed economic system. Over the past few decades, India has experienced rapid economic growth, and it is now considered to be a major player in the global economy. Despite this growth, the country still faces numerous challenges, including

    Challenge

    1. Growth: Economic Reforms such as GST and FDI liberalization has boosted economic activity, yet uneven execution presents hurdle.
    2. Demographic dividend.
    3. Agriculture crucial for employment, faces productivity challenges due to small landholdings, inadequate technology access, and dependence on monsoon.
    4. Increase in non-performing assets in financial sectors.
    5. External factors such as Global economic conditions and oil price volatility.
    6. Development: Poverty, Inequality in income and Unemployment.
    7. Mobilization of resources: Limited access to the credits, Lack of proper infrastructure, Shortage of skilled labor in emerging technology and manufacturing, Resource allocations.
    8. Employment: Unemployment, Underemployment, Lack of Labor protection.

     

    Summary:

    The Indian economy and issues related to growth and development are still a challenge for the country. These include poverty, income inequality, unemployment, and environmental degradation. To address these challenges, the Indian government has implemented several policies and initiatives aimed at promoting sustainable and inclusive economic growth, improve access to education, healthcare, and social services, as well as efforts to reduce pollution and protect the environment.

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  2. Asked: July 19, 2024In: , , ,

    Economic Reforms Since 1991: Impact on India's Growth and Global Position

    Ahmed
    Ahmed Begginer

    Economic Reforms Since 1991: Impact on India's Growth and Global Position In 1991, India initiated significant economic reforms that marked a shift from a closed, centrally planned economy to a more open and market-oriented one. These reforms have had profound impacts on India's growth and global poRead more

    Economic Reforms Since 1991: Impact on India’s Growth and Global Position

    In 1991, India initiated significant economic reforms that marked a shift from a closed, centrally planned economy to a more open and market-oriented one. These reforms have had profound impacts on India’s growth and global position.

    Key Reforms:

    1. Liberalization: Reduction in government control over businesses and the opening up of various sectors to private and foreign investments.
    2. Privatization: Transfer of ownership of state-owned enterprises to private entities.
    3. Globalization: Integration with the global economy through trade and investment.

    Impact on Growth:

    1. Economic Growth: Post-1991 reforms led to higher GDP growth rates, with the economy expanding at an average rate of about 6-7% annually.
    2. Foreign Investment: There was a significant increase in Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII), boosting capital inflows.
    3. Industrial Growth: The deregulation of industries spurred growth in manufacturing and services sectors, contributing to employment and GDP.

    Impact on Global Position:

    1. Trade Expansion: India’s share in global trade increased due to reduced tariffs and trade barriers.
    2. IT and Services Sector: India emerged as a global hub for IT and services, earning substantial foreign exchange and creating millions of jobs.
    3. Global Integration: India became an integral part of global supply chains and improved its position in international economic forums like the WTO, G20, and BRICS.

    Overall, the 1991 economic reforms significantly accelerated India’s growth, transformed its economic landscape, and enhanced its global economic stature.

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