Overview Of Indian Economy

Planning for the seed to develop in the chaos while persistently building a new economy

Every economy in the world has its own defining characteristics which organise the money, industry, and trade in that region. The economy of India is the fifth largest in the world, with a nominal GDP of $3.17 trillion and a predicted growth rate of 6.0 to 6.8% in 2023-24.

India is facing some challenges like high unemployment rates, poverty, income inequality, and a relatively low per capita income. The Indian government is promoting innovation, economic growth and development through her ‘Make in India’, ‘Digital India’, ‘Start-up India’ initiatives, and improved education outlay. The story of Jugadu Kamalesh, his triumph over hardship inspired the youth of rural areas to innovate agro-based products with limited resources and ideas is just one example.

Our country is engaged in several summits. India holds the Presidency of the G20 from December 1, 2022, to November 30 2023 and the G20 Summits will be organised in all Indian states and UTs in 2023. Many other global summits like ASEAN and BRICS strengthen India’s economic position in global architecture and governance.?

The country's economy has undergone significant changes in the past few decades, transitioning from a largely agricultural to a more diversified and industrialised one. Even though agriculture remains central to the Indian economy, employing nearly half of the country's workforce and contributing around 17% to the GDP.?

As India shines with?2 Oscars and an impactful presence in the sports arena there are employment opportunities galore that are scaling up in considerable measure. These two put together potentially support good employment opportunities and act as drivers for great economic activity?

COVID-19 pandemic affected economies globally, but India's response in terms of? ‘Apada mein Avsar’ was a masterstroke. The government introduced Ayushman Bharat-Pradhan Mantri Jan Arogya Yojanas (AB-PMJAY) in addition to several other ongoing projects. The Bharatmala Pariyojana, Narmada Valley Development Project, Chenab River Railway Bridge, Delhi Metro Industrial Corridor, Mumbai Trans Harbour Link, Inland Waterways Development Project, Navi Mumbai International Project, and Zoji-la and Z-Morro Tunnels. The projects are aimed at improving the quality of life for Indian citizens and modernizing India's infrastructure.

MSMEs contribute almost 8% of the country's GDP, around 45% of manufacturing production, and about 40% of exports. With this significant contribution, it isn't an exaggeration to call them the ‘Backbone of Economic Development’. The Governmental initiatives to boost the manufacturing sector like the Make in India initiative, Industrial Corridor Development Programme, Ease of Doing Business, National Single Window System and PM Gati Shakti National Master Plan steps in the right economic direction.?

Free education policy, fresher's job schemes, re-structuring of tax slabs and interest rates for middle-class people are intended to act as economic boosters. India is stepping into a future that will develop the economic environment in a way that will inspire others to emulate. ?To ensure that the Indian economy can make the most of this opportunity and create a sustainable future, continued focus on long-term economic growth through aforesaid initiatives is necessary. Effective decision-making by strong and committed leadership at the helm is what the economy needs.

VARUNI C KULKARNI is a Semester III MBA Student of the Batch 2022 - 24.

Article edited by Prof. Cdr Himanshu Joshi .