Labour laws are rigid and politically exploited. The wide chasm caused a giant fall in the value of rupee between and Creation Date:. This is related to a fourth theme of these essays, that of governance and policy making in India, essays on indian economy. The worst affected were the people in the rural areas who did not have access to internet and plastic money. This sector includes the banking sector, hotel industry, telecom sector, insurance sector, transport sector and more.
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The government has created fair policies with wage revisions and labourers rights to boost economic growth. The service sectors, manufacturing units, iron and steel companies, chemical and textile sectors, automobile industries contribute to the economy of the country. Privatisation of many sectors along with demonetization has affected both big and small businesses in the country, essays on indian economy. Below we have provided Indian Economy Essay in English, written in easy and simple words for class 6, 7, 8, 9 and 10 school students. Indian economy is the fifth largest economy in the world currently. It is a developing market economy. The economic growth of India has even surpassed that of China in recent years. India has been able to successfully jump up ranks in various indexes, including the Ease of doing business index.
Agriculture still remains the largest employer in the country, with the construction and real estate sector right behind it. The government has had a major role in accelerating the economic growth of the country. The way industries operate in our country has been enhanced by the Industrial Policy. Many industries have essays on indian economy freed from the system of licensing and have no restriction on importing new and latest technology from other countries. The government has also taken up disinvestment in the industries where it is unprofitable. The focus on privatisation is being increased to intensify healthy competition. The government is also making efforts to revive and promote small scale industries and businesses.
The New Trade Policy has made it extremely easy essays on indian economy traders to carry out imports and exports. The trade of all items barring a essays on indian economy few has been allowed. Also, the tax on many items has been abolished, while for others, the amount has been visibly minimised. A lot of incentives are also being provided to exporters to encourage foreign trade and gain foreign currency. For continuous years starting from the 1st century A. The Indus Valley civilisation proved to provide a form of permanent settlement to the people of the country alongside efficient water supply, urban planning and sanitation. The silk route provides proof of early Indian trade. Under the Mughal empire, the Indian economy thrived and prospered. It was during this time that a focus on industrial production was also seen.
Under the British rule, the Indian economy suffered some significant setbacks and was downtrodden. There were major changes seen in the agricultural sector. The commercialisation of agriculture increased. Farmers were forced to grow cash crops that were used in trade, rather than producing food crops. This resulted in numerous famines. The once rich handicrafts and handloom sector also dipped and sunk during the British Raj. However, the colonial rule is responsible for giving the country railways, a legal system and a single currency exchange rate. The British era in India was rather exploitative, but our economy has come a long way since then with the help of policies pertaining to privatisation, liberalisation and globalisation, essays on indian economy.
As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the agricultural sector has reduced. India is the largest producer of milk, pulses and jute and is the second-largest producer of wheat, rice and cotton. The main industries included in the Indian industrial sector include textile, construction, power, food processing, etc. Foreign Direct Investment is one measure by the government, which has increased foreign investments in the country, leading to further growth in this sector. The services sector contributes the maximum to the GDP of the country. It includes financial services, aviation, insurance, hospitality, entertainment, etc. This sector employs around 23 percent of the Indian population. The main reason why the service sector has been able to do exceedingly well is because of outsourcing.
The working population here is skilled, essays on indian economy, highly educated and cheaper than the labour in other essays on indian economy. Unemployment is a problematic issue for the working-age population of India. The rate of unemployment has increased, and so has the population between the age bracket of years, essays on indian economy. This essays on indian economy is prevalent in the rural as well as the urban areas and is more widespread among the unskilled workers. A significant chunk, including women, especially those that live in rural areas are illiterate and have low educational standards, essays on indian economy.
This leaves so much potential untapped and opportunities unexplored. There is the existence of poor infrastructure in the economy. Millions of Indians do not have access to basic life amenities. They even lack clean drinking water, essays on indian economy. Around 40 percent of the fruit rots before being brought to the markets. These are just a few of the constraints. The growth of the Indian economy has been unable to decrease the parity between the rich and the poor of the nation. Instead, it only seems to increase and favour essays on indian economy who are wealthy and hold power. Reader Interactions Leave a Reply Cancel reply Your email address will not be published. Skip to main content Skip to secondary menu Skip to primary sidebar HOME UPSC State Civil Services Indian Polity Notes Essay for UPSC SCERT Textbooks NCERT Books NCERT Books For Class 1 NCERT Books For Class 2 NCERT Books For Class 3 NCERT Books For Class 4 NCERT Books For Class 5 NCERT Books For Class 6 NCERT Books For Class 7 NCERT Books For Class 8 NCERT Books For Class 9 NCERT Books For Class Table of Contents.
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The first essay is a long essay on Indian Economy of words. This long essay about Indian Economy is suitable for students of class 7, 8, 9 and 10, and also for competitive exam aspirants. The second essay is a short essay on Indian Economy of words. These are suitable for students and children in class 6 and below. Below we have given a long essay on Indian Economy of words is helpful for classes 7, 8, 9 and 10 and Competitive Exam Aspirants. This long essay on the topic is suitable for students of class 7 to class 10, and also for competitive exam aspirants. In general, every economy faces few common problems.
First is the problem of allocation of resources, which raises the question of which needs should be fulfilled and which limitations are not much important to be fulfilled. Second problem is that of the efficiency of utilisation. Since resources are scarce, their production, distribution and utilisation must be as efficient as possible. Third problem is that of productive capacity. The economy would be able to grow only if its productive capacity increases. Corruption not only maligns the image of a country but is also detrimental to its own citizens. You would often have heard the words :.
Relation politics mars the opportunities deserved by many worthy individuals. The rapidly escalating per capita income, property and food costs have stalled even the basic tasks of everyday routine. This indicated that inflation is not actually due to excess demand, but due to cost pushing factors like impediments in the supply chain of agricultural commodities. This hits especially the poor adversely, who are the most vulnerable to price rise. One of the reasons behind inflation is the hoarding of essential commodities and then selling them at sky high prices when demand surges. The rise in the prices would cause RBI to increase interest rates.
Thus, those in debts, would face difficulty in paying back loans. This restricts investment in public services like education and health. India has large reserves of foreign currency, but there has been running a current account deficit. Also, imports are growing faster than exports. The wide chasm caused a giant fall in the value of rupee between and The disparity between rich and poor sections is increasing by the day. Economic growth has failed to benefit the poor. Recently, callous remarks were made about the poverty index. The period has seen a slowdown in economic growth. Most of the Indians were engaged in cottage industries. However, the products manufactured by them were no longer in demand as people had begun using industrial goods.
Handling the economic condition of the country was one of the main challenges for the newly formed Indian government. In order to ensure an upward graph, it came up with the following policies:. The efforts of the Indian government and the hard work of the general public have paid off. India has become one of the fastest growing and developing nations. Our country has made good progress in various industries during the last few decades and this has led to its economic growth. Information Technology, infrastructure, retail, financial services, automotive and healthcare are among the sectors that have seen a major boom lately.
The average GDP of our country is around 7 percent. India stands at the seventh position worldwide when it comes to GDP. However, even as India has attained this stature, the picture is not all rosy. The main problem of our country is unequal distribution of wealth. There are still many people in our country who are living below the poverty line. The economic growth of our country is of no good if such extreme poverty still persists. The government of our country has taken several initiatives to ensure the economic growth and development ever since independence. The sharp mindedness of the Indian youths and the numerous initiatives taken by the Indian government has collectively contributed to the economic growth.
However, we still have a long way to go. The news of demonetization was a big shocker for every Indian. In November , Prime Minister, Narendra Modi announced the scrapping of high value currency notes in an attempt to bring down the black money accumulation. The decision was also aimed at promoting the use of plastic money. However, it called for a lot of discomfort and discontentment among the general public. The worst affected were the people in the rural areas who did not have access to internet and plastic money. Many big and small businesses in the country were hit badly. Several of them were shut down as a result of this. While the short term effects of demonetization were devastating, this decision did had a brighter side when looked at from long term prospective.
Here is a look at the positive and negative impact of demonetization on the Indian economy:. Many businesses in India work on the power of black money. Demonetization helped in closing these businesses and destroying the black money accumulated by the people of India thus having a positive impact on its economy. A number of fake currency notes were being circulated in the country having a bad impact on its economy. Demonetization helped in doing away with the high value fake currency notes. The circulation of the old currency notes was banned with immediate effect. All those who had these currency notes required depositing them in the banks so that their money did not go wasted.
Cash amounting to trillions of rupees was deposited in the Indian banks and this led to an increase in the GDP of the country. Real Estate is one industry that runs largely on black money. Demonetization stopped the flow of black money in the real estate sector to ensure a fair play. The cash crunch in the market encouraged people to make digital transactions. Over the time people grew more accustomed to using plastic money. Anti-nationals support terrorist activities in the country by providing monetary support to the terrorist groups. This money is used to purchase arms and plan terrorist activities in different parts of the country. Demonetization helped in cutting down on the monetary support provided to the terrorist groups to a large extent.
It, thus promoted peace and helped the country prosper at various levels. Most of the positive impacts of demonetization are said to be long term. However, the negative repercussions of demonetization on the Indian economy have been tremendous. Many of our industries are cash driven and sudden demonetization left all these industries starving. Many of our small scale as well as large scale manufacturing industries suffered huge losses thereby impacting the economy of the country negatively. Many factories and shops had to be shut down. This did not only impact the businesses but also the workers employed there. Several people, especially the labourers, lost their jobs.
The agricultural sector, industrial sector as well as the service sector was hit badly by demonetization. The implementation of this policy is said to be largely flawed. If it had been implemented in a better way, it would have ensured less inconvenience to the general public and greater economic growth. Essay on Indian Politics. Essay on Indian Festivals. Essay on Indian Heritage. Shailja is one of those who is lucky to have turned her passion into her profession. A post graduate in English Literature, writing comes naturally to her and she is doing what she does best - writing and editing. An avid reader, a fashion junkie, nature lover, adventure freak and a travel enthusiast are some of the other terms that describe her.
Find all. Please Help us to improve, Contact us. Indian Economy Essay. Long and Short Essay on Indian Economy in English. Previous Which Indian River goes to Pakistan. Next Indian Politics Essay. About The Author. Shailja Sharma Shailja is one of those who is lucky to have turned her passion into her profession.
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