9 Milestones That Shaped Indian Economy Post Independence

BANGALORE: India’s economy has grown since Independence and has covered milestones even though it was left with nothing when the British left India. The Indian economic growth story has amazed economists who have studied it and have modeled it for the economic development of other emerging under developed countries. India surely stands as a role model for economies that are trying to grow from crisis that have held them back. India has done this at a time when agriculture was driving the economic growth of the country.

The country stands as the tenth-largest economy in the world in GDP and third largest by purchasing power parity. In recent times, India’s economy is one of the best and is growing incredibly with many nations banking on the strength and future stability of the country. Here are some of the milestones of India as compiled by Zeebiz.com.

India’s economic inspiration: The journey of Indian economy is one truly inspiring as the nation picked itself up from being depleted and completely churned by the British, to having come to a place where nations are relying on the Indian economy now.

The country strategized its growth process by implementing the five-year plans on the model followed by the Soviet Union, now called Russia. As of the present, the new PM Narendra Modi plans to dissolve the planning commission and instead focus on yearly growth process.

Economic Reforms: The economic liberalization in India refers to ongoing economic reforms in India that started on 24 July 1991. The liberalization of the economy back in the 90’s has put India at a strong place today. With the new government having presented the budget and easing many trade, FDI and tax reforms, India is poised to make a good stand on the world economy platform.

India is slowly recovering from the economic crisis of 2008 but is at a good place since then. Businesses are booming and the country’s GDP is slowly rising again. The GDP is expected to grow at 5.2 to 5.7 percent in the fiscal year of 2014 to 2015.

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