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A Study on Indian Economy

In: Business and Management

Submitted By rsdsolanki
Words 10285
Pages 42
Chapter -1 INTRODUCTION

1211536, 1211543 | A study on Indian Economy – Past , Present, Future

1

Introduction to area of study India has come a long way in terms of economic growth. There is broad consensus that the global centre of economic growth is moving to Asia, and as a large emerging nation with a growing middle class, India has captured the attention of developed economies looking for new investment and trade opportunities. The Softer indicators of economy – aspirations, health, and literacy – are all registering discernible improvements. Over two decades, India has implemented wide-ranging reforms that opened up the economy, dismantled the old licensing system and introduced competition into a number of sectors that had previously been dominated by public monopolies. Now, we live in a generation of relative abundance. While for the Western world it is going to be a demographic winter, we in India with some effort should be reaping a demo- graphic dividend. It is an India full of goodies –better consumption and lifestyle are in attendance all around. From the past two decades, we saw the twists in its growth and also twist in political atmosphere. With 27 per cent of the economy stagnant, it is no surprise that overall growth in India has slipped below 6 per cent. We are referring to the industrial sector, which has recorded an insipid 0.4 per cent growth in the first five months of this fiscal year beginning April 2013. It needs no emphasis that without a turnaround in this sector, a material lift to India's GDP growth is not possible. Industrial growth had slipped during the Lehman crisis as well, but that was largely explained by sharp contraction in the GDP growth rate across global economies for the first time since the World War II.

1.1-Introduction to the field of study
Since 1991, India is moving towards higher achievement and it took

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