Assignment series 45 Indian economy [2021OD173]

GROWTH RATE OF INDIAN ECONOMY

[2021OD173]

[DEPARMENT OF ARTIFICIAL INTELLIGENCE AND DATA SCIENCE]

TARUNBALAJI S 7376212AD216

1. INDIAN ECONOMY

“OUR COUNTRY WILL BE A GLOBAL PLAYER IN DIGITAL

ECONOMY” says Sundar Pichai, CEO Google

It is the seventh - largest economy in the world our country is the top listed country in the
world in the terms of industrialisation and economic growth it holds an average growth rate of 7
% in an approx. Even though the rate of growth has been sustainable and comparatively stable
still our country faces some signs of backwardness.

1.1 FEATURES OF DEVELOPED ECONOMY

High national income, high per capita income, high standard of living , full employment
of resource , dominance of industries, high level of technology, high industrialization, high
consumption level, high level of urbanisation , smooth economic growth, social equity, gender
equality, low level of poverty , political stability and good governance.

2. STRENGTHS OF INDIAN ECONOMY

Our Indian economy is a mixed economy. Some of fundamental and heavy industrial
units are being operated under the public sector, due to the liberalisation of the economy; the
private sector has gained importance.

3. WEAKNESS OF INDIAN ECONOMY

India economy`s rate becomes rate due to following reasons:

3.1 LARGE POPULATION

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Assignment series 45 Indian economy [2021OD173]

India is the large population next to our neighbouring country China. The population
growth rate in India of our country is very high and this is always a hurdle to growth rate. The
approx rate of population growth is high as1.7% per 1000.

3.2 INEQUALITY AND POVERTY

The Indian economy has a huge economic disparity, the proportion of income and assets
owned by the 10 % of Indians goes on increasing and this has led to an increase in the poverty
level of the country.

3.3 INCRESING PRICES OF ESSENTIAL GOODS

Our country`s gdp has a constant increase and growth of opportunities in the Indian
economy are very high and there are also an steady increases in the essential goods prices. Due
to the continuous increase in essential prices has led the inflammation in economy i.e. the usage
of currency in hands of people has become low due to increase in prices. Due to this it eradicates
the habitat of buying across the poor peoples.

3.4 WEAK INFRASTRUCTURE AND UNEMPOLYMENT

There has been a gradual increase in the improvement in the infrastructural development in the
past decades, still we face scarcity of the basic infrastructure in terms of power , transport and homes
etc.., We also experience a lack of unemployment in the country this also a factor which causes a reason
for slow increase in the growth rate of economy.

3.5 OUT DATED TECHNOLOGY

The peoples some in industries use some outdated machineries which also high also lead to
increase in the time of production, man power and electricity also...The people must enhance themselves
and start themselves in moving a better path and help in increasing the growth of economy.

3.6 DEMOGRAPHIC TRENDS IN INDIA

a) Size of population b) Birth and death rates c) Density of population

d) Rate of growth e) Sex ratio f) Life expectancy ratio g) Literacy ratio

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4. ECONOMIC INFRASTRUCTURE

It is the support system which helps in facilitating production and distribution. For
instance trucks, posts, railways and telegraph officers, insurance companies etc. These are things
which help in developing the infrastructure of an economy; they help us in the ways of
production of goods and services.

5. SOCIAL INFRASTRUCTURE

Social infrastructure refers to those structures which are improving the quality of
manpower and contribute indirectly towards the growth of an economy. These structures are
outside the system of production and distribution. The development of these social structures
helps in increasing the efficiency and productivity of manpower. For example schools, colleges
and some other civic amenities. It is a fact that one of reasons of the lower productivity of Indian
workers is the lack of development of social infrastructure.

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BIBILIOGRAPHY

1.NATIONAL DIGITAL LIBRARY OF INDIA https://ndl.iitkgp.ac.in/

2. REGISTAR OF INDIA

3. INDIAN ECONOMY , De Bikram

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Assignment series 45 Indian economy [2021OD173]