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Indian economy: Evolutions and prospects

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India has experienced an increase in growth over the past quarter of a century. This is due to the emergence of new industries, policies, availability of skilled manpower and not to mention cost effective compared to most countries.

There are also issues arising from this growth. The increasing inequality, the budget deficit continues to widen etc. Even in these conditions, it must be recognized that India is emerging as an economic power that will in 25 years, carry the current economic weight of China.

There are two main stages in the evolution of the Indian economy since 1947. The Hindu rate of growth leveled off around 3.5% between 1950 and 1980. Since 1980, a second phase, sometimes called the Bharatiya rate of growth had a growth rate of 6%.

After independence in 1947, India has embarked upon the road of socialism with two objectives ? development and economic independence.

Tags: India after 1947, Indian economy, evolution of the Indian economy after 1947

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