Indian Economy Since Independence Uma Kapila Pdf Free Download
Indian economy since independence by uma kapila The average Indian citizen was born in 1949. This is not a typo; 1949 is the year of India's independence from British colonial rule. For the first 45 years, following the end of British colonization, India experienced rapid economic growth with GDP growing at an average rate of 7.6% per year between 1950 and 1980. A combination of India's strategic location at the strategic crossroads between Europe, Asia and Africa-with favorable trade policy agreements with major economies like China-and its skilled workforce helped transform it into an economic powerhouse. But over time... The average Indian citizen was born in 1949. This is not a typo; 1949 is the year of India's independence from British colonial rule. For the first 45 years, following the end of British colonization, India experienced rapid economic growth with GDP growing at an average rate of 7.6% per year between 1950 and 1980. A combination of India's strategic location at the strategic crossroads between Europe, Asia and Africa-with favorable trade policy agreements with major economies like China-and its skilled workforce helped transform it into an economic powerhouse. But over time India lost its momentum, stumbling through several periods of stagnation. As a consequence, since the early 1990s, the Indian economy has been growing at an average rate of 3.5% per year. India's economic growth during this period was primarily driven by the manufacturing sector which grew at an average rate of 13.6% per year between 1990 and 2002 (higher than any other nation). As a result of this rapid growth, India's trade deficit shrunk from $70 billion in 1980 to $8 billion in 2000 and has since then remained below $10 billion each year (just as China and Brazil). It's worth noting that India's trade deficit grew again during 2005-06 due to an increase in oil imports. The import surge helped offset sluggish global demand, particularly in the US, Japan, and the EU. The Indian economy saw a major slowdown following the collapse of the dot-com bubble and was hit by a downturn in 2003 as a result of the sharp decline in GDP growth. India saw its trade deficit rise from $8 billion to $50 billion (and then further increase to $85 billion) each year between 2001 and 2006 as imports surged on account of commodity prices (copper, iron ore, electricity) increased. The Reserve Bank of India (RBI) cut interest rates aggressively in late 2001 to bring down inflation and spur growth. However, the policy was a failure as consumer spending remained a no-show. There was a sharp differentiation between consumption and investment spending in India during 2004-05. Household consumption grew at an even slower rate of 3.9% while investment spending increased by 8%. The recent global slowdown has prompted the Indian government to ramp up public spending on infrastructure to counter the sluggishness in private consumption spending. It was estimated that for every percentage point increase in government capital expenditures, household consumption grew by 0.5%.
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