Indian Economy: A Rising Superpower | Article on Indian Economy

Introduction

The Indian economy has seen major growth in the last few decades. Much of the credit for this boom goes to the services sector. Agriculture and allied activities have also been improved to match global standards and have seen an increase in exports of various food products which have fueled economic growth. Several new large scales as well as small scale industries have been established in recent times and have also proved to have a positive impact on the Indian economy.

Rise of the industrial sector

The Government of India also encouraged the development of small and large scale industries as it was understood that agriculture, alone, would not be able to help the economic development of the country. Many industries have been established since independence. A large number of people shifted from agriculture to the industrial sector in an attempt to earn better.

Today, we have many industries that manufacture large quantities of raw materials as well as finished goods. The pharmaceutical industry, iron and steel industry, chemical industry, textile industry, automotive industry, timber industry, jute and paper industry are some of the industries that have contributed immensely to our economic growth.

Service sector development

The service sector has also helped in the development of our country. The region has seen growth in the last few decades. Privatization of banking and telecom sectors has a positive impact on the service sector. Tourism and hotel industries are also seeing a gradual increase. According to a recent survey, the services sector is contributing more than 50% to the country's economy.

Indian economy after demonetization

The most affected were people from rural areas who did not have internet and plastic money (Credit & Debit Card). It affects many big and small businesses in the country very badly. Many of them were consequently closed. While the short-term effects of demonetisation were disastrous, there was a bright side to this decision when viewed from a long-term perspective.

Demonetisation's positive impact on the Indian economy

The positive effect of demonetisation on the Indian economy is the breakdown of black money, the fall in fake currency notes, increase in bank deposits, demonetisation stopped the flow of black money in the real estate sector to ensure a fair picture. The increase in digital transactions, cut monetary support for terrorist activities, proved to be the major result.

Demonetization negative impact on Indian economy

Many of our industries are cash-driven and the sudden demonetization left all these industries hungry. In addition, many of our small-scale industries, as well as large-scale manufacturing industries suffered heavy losses, negatively affecting the country's economy. Many factories and shops had to be closed. This affected not only businesses but also the workers working there. Many people, especially labourers, had to lose their jobs.

The Conclusion

The Indian economy has been undergoing many positive changes since independence. It is growing at a good pace. However, the rural areas of our country are still backward in the field of development. The government should make efforts to improve the economic condition of these areas.

Hope you liked our article on the topic "Indian Economy: A Rising Superpower | Article on Indian Economy". If so, then don't forget to share this article with your friends and subscribe to our newsletter to get our articles as earliest as possible.

Wishing you a happy reading.  :)