Introduction of Indian Economy and its Overview of Growth Rate

Introduction of Indian Economy and its Overview of Growth Rate

Lakhan Prakash Udasi

Research Student

Department of Economics

Dr. Sangule R. B.

HOD & Professor

Dept. of Economics

Ankushrao tope college, Jalna

Introduction:

India is a developing country and its economy is a mixed economy where the public sector co-exists with the private sector. While Indian economy introduction is started, the major focus is always on the agriculture sector. This is because Indian economy is based on agriculture, because nearly 52% of the total population of Indias depends on agriculture. For an overview of Indian Economy, India is likely to be the third largest economy with a GDP size of $15 trillion by 2030.The economy of India is currently the world’s fourth largest in terms of real GDP (purchasing power parity) after the USA, China and Japan and the second fastest growing major economy in the world after China. There are some facts from history regarding India as an Economy. Dadabhai Naoroji is known as the ‘Father of Indian Politics and Economics’, also known as the ‘Grand Old Man of India’. Dadabhai Naoroji was the first to calculate the national income of India. In his book “Poverty and Un-British Rule in India” he describes his theory, i.e. the economic exploitation of India by the British. His theory is popularly called the Economic Drain Theory. That’s when economy of India came into discussion as an entity, prior to that it was just a scramble of princely states and colonisers. After that there are varies measurements introduced by economist to measure any economist development or growth rate. One of the most important measurements is growth rate for one year of any country.

Key word = growth rate, GDP, development, economic sectors

DOI link – https://doi.org/10.69758/GIMRJ/2410III03V12P0005

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