India’s Economy .. – geeksforjobs

 

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The economy of India is known as the emerging market economy. By nominal GDP, it is the sixth largest economy in the world and the third largest economy by purchasing power (PPP) parity. According to the IMF, India ranked 142nd in terms of gross domestic product (nominal) and GDP (PPP) in 2020, based on per capita income in 2020. From independence in 1947 to 1991, characterized by widespread state intervention and control, successor governments pursued protectionist. Financial policies.

Due to its young population and consequently low dependency ratio, healthy savings and investment rates, the long-term growth outlook of the Indian economy remains optimistic and integration into the global economy is increasing. The economy slowed down in 2016, due to the “demonetisation” setback in 2016 and the implementation of the Goods and Services Tax in 2017]around 60% of India’s GDP.

With the service, computer, and telecommunications industries remaining in key sectors for $ 64.4 billion FDI inflows in 2018-19.[65] India has free trade agreements with several countries including ASEAN, SAFTA.

**History.

India was the top economy, accounting for 35 to 40 percent of world GDP, for a sustained period of about 1700 years shortly after the end of British rule, with protectionist, import-substitution, Fabian socialism, and social democratic-inspired policies. Ruled over. The economy was then known as Dirism, with widespread control, protectionism, widespread monopoly in public ownership, widespread corruption, and sluggish growth.

A permanent settlement that flourished between 2800 BCE and 1800 BCE, citizens of the Indus Valley Civilization used agriculture, domesticated animals, used uniform weights and measures, equipment and the construction of well-planned roads, A drainage system, and water supply reflects their knowledge of urban planning, including the previously established urban sanitation system and the presence of a farm.

** Manufacturing and Industry.

The industry accounts for 26 percent of GDP and employs 22 percent of the total workforce. According to the World Bank, India’s industrial manufacturing GDP production was the 6th highest in the world in 2015 ($ 559 billion), based on the current US dollar, and the 9th highest based on an inflation-adjusted constant US dollar in 2005 ($ 197.1 billion). The industrial sector made major changes in 2005 based on an inflation-adjusted stable US dollar.


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