Full Length Research Paper
Indian Economy in the 75th Year of its Independence
J. Cyril Kanmony
Article Number - 63C0C29C68133 | Vol. 4(1), pp. 1-8, January 2023 |
Received: 2 August 2022 | Accepted: 30 September 2022 | Published: 15 January 2023
Copyright © 2024 Author(s) retain the copyright of this article.
This article is published under the terms of the Creative Commons Attribution License 4.0.
Abstract
2022 is India’s 75th year of
independence. From the date of independence, authorities are taking steps to
move the economy upward in all aspects. On the basis of policies adopted, the
entire period of 75 years can easily be divided into three: the planning era or
pre-globalisation period (1947 to 1991), the post-globalisation or post-reform
period (1991 to 2014) and the National Democratic Alliance regime (2014 to till
date). During all these years some changes have taken place and the economy is
moving upward though there are some retrogressive outcomes. At this juncture
the author ventures into highlighting the changes that emerged in the important
constituents of Indian economy. Though during the planning era, on an average
the rate of growth of the Indian economy was only limited. India experienced a
faster economic growth after that. But there is growth of GDP without
proportionate growth in employment generation. Agriculture remains trapped in
backwardness, the chronic distress existing in Indian farming has forced nearly
five lakh farmers to commit suicide. Food production increased considerably.
But due to maldistribution of food grains there is also severe poverty though
the rate of poverty is declining continuously. Malnutrition is highly prevalent
in India. Earlier India imported many drugs from foreign countries. But at
present it is a pioneer and world leader in vaccine production. There is a
widespread growth of educational institutions and so the literacy rate
increased very much. India has the third largest road network in the world.
Today the country has so many vehicles of sophisticated and luxurious nature
that had not been available during the pre-reform period. India has the fourth
largest national railway in the world. During the reform period there are
favourable changes in both trade and payments. There is enough foreign exchange
reserve. Foreign direct investment increased very much while the net negative
investment is also very high. Keywords: Independence, Planning era,
Post-globalization, Malnutrition, Farmers’ suicides & Demonetization.
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Authors
J. Cyril Kanmony
Professor Emeritus, PG & Research Centre, Department of
Economics, Scott Christian College (Autonomous), Nagercoil – 629003,
Kanniyakumari District, Tamil Nadu. Email: [email protected]
How to Cite this Article
Kanmony, J. C. (2023). Indian Economy in the 75th Year
of its Independence. Journal of
Economics, Business Management and Administration, 4(2), 1-8.
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