India’s Glory: Indian Economy Has Created New Record

August 15, 2020 daknewsnetwork

India’s glory: The Indian economy has created a new record, ranks among the world’s strongest economy. India is celebrating the 73rd anniversary of independence. India has written new writings in many cases over the years. One aspect of the picture is that India is the largest democratic country in the world, the civilization here is almost ten thousand years old.

Before the British stepped on this land, it was the richest country in the world, and not only here, we got the world from science to medicine. But British looted India called the golden bird. After being freed from slavery, India’s biggest priority was how to bring India back to its glory. In these 73 years, we have been very successful in our cause.

In six decades, GDP created such a record

India is celebrating the 73rd anniversary of independence. In these six to seven decades, India has created new records at the level of the economy year after year. In the last few years, the Indian economy has been considered among the strongest economies in the world.

India is one of the largest developing economies in the world, along with China, Russia, and Brazil. While the country’s economy saw a prosperous season on the one hand, on the other hand, it also faced the autumn of the economic crisis which created conditions for mortgaging the treasury of the country. The Indian economy has grown rapidly since the beginning of economic liberalization in 1991.

According to World Bank data, India’s GDP increased from $ 37029883875 ($ 3700 million) in 1960 to 2875142314811.85 ($ 2.8 lakh crore) in 2019. When the banks were nationalized in the 1960s, the Green Revolution gave a new status to agriculture in the country in the 1970s.

GDP in 1990 was 32 thousand million dollars. The country witnessed a period of economic liberalization in 1991, which gave a boom in the country’s economy. In this era, privatization started rapidly.

The computer and IT sector created new employment avenues in the country. In the first term of the Modi government, revolutionary decisions like demonetization, GST, Jan Dhan Yojana were implemented in the country which proved to be big game-changers. Digital India and Make in India got a boost in India during this period. GDP in 2017 was US $ 2.6 trillion, which increased to the US $ 2.8 trillion in 2019.