According to a 2007 survey, there is in India, growing economy with a GDP of 930 billion U.S. dollars. When calculated from the view of purchasing power parity (PPP), the economy of India stands fourth in the world.
However, when measured in terms of U.S.D. exchange rate, India takes the back seat as the tenth largest country.
India has also been declared the second fastest growing economy in the whole world according to a recent survey. It enjoys a GDP growth rate of 9.2%.
The economy weakness of India is however quite clear. This is mainly because India has a very huge population. According to the World Bank criterion, India is considered a weak economy with a per capita income of 3400 $ at PPP.
Indian economy is diverse in nature. This is owing to its vast geographical territory and population. Agriculture gives rise to two-thirds of India’s work force. The service sector is now growing towards an important destination in the Indian economy.
Technology and globalization have revolutionized the Indian economy in recent years. Educated Indians who can speak English are getting absorbed in outsourcing operations for global companies. These companies are harnessing technical talent and customer service operators for their operations abroad.
Unemployment among the youth is now a thing of the past due to the advent of the digital age. This has also opened new avenues of growth for our country in fields like telecommunication, manufacturing, biotechnology, aviation, pharmaceutical and shipbuilding.
To sum up, India is a socialist democracy. The government exercises control over private enterprise while encouraging foreign trade. India is now deliberately marching towards an open economy by opening its doors to global markets. This is a dynamic attempt to grow economically and meet the challenges of a huge and growing population, poverty, illiteracy, ignorance and social inequality.
Indian Freedom Fighters