Indian economy is a mixed economy i.e. it is a combination of both public and private sector organizations. The public sector means those organizations which are owned by the government, it can be either central or state government, and the private sector is which is owned by an individual or private entity. Just after the independence, the economy of the country was very poor but the continuous efforts and policies made India, the world’s 5th largest economy and it is still developing and showing its presence across the world.
Nationalization of banks in 1969, opening Indian’s economy through LPG (Liberalisation, Privatisation & Globalisation) model brought a drastic change and now ‘Make in India’, GST, etc have helped India achieve the new heights of the economy.
Ten Lines on Indian Economy in English
10 Lines on Indian Economy – Set 1
1) Indian economy is growing at a good rate but still, it is a developing economy.
2) Recently, India has replaced France and became the 5th largest economy in the world.
3) Indian economy is socialistic in approach but now it is slowly changing to capitalistic nature.
4) There are three main sectors of the Indian economy viz primary, secondary and tertiary.
5) Primary sector of the economy has agriculture and allied activities like fishery, poultry, etc.
6) Most of the population in India earns money by adopting agricultural and allied activities.
7) Secondary sector of the economy is based on industries like iron and steel, power, etc.
8) India has a number of large-scale as well as small-scale industries in almost every city.
9) Tertiary sector of the economy is based on services like insurance, finance, banking, etc.
10) Tertiary sector is the only sector where people are getting more jobs than the other two sectors.
10 Lines on Indian Economy – Set 2
1) Indian economy is one of the World’s largest economies.
2) India’s economy is regarded as a key factor in the whole World.
3) India’s economy has been projected to be $5 trillion dollars by 2024.
4) India’s annual GDP surpassed France in 2019.
5) GDP stands for the gross domestic product; total monetary value of all goods.
6) It is the third-largest economy on the basis of purchasing power parity.
7) The economic growth of India remained positive due to the presence of youth.
8) On the basis of per capita income, the ranking of India is 145th by GDP and 122th by GDP (PPP).
9) The economy slowed down due to Demonetization in 2016.
10) The introduction of GST also leads to slow down economic growth.
10 Lines on Indian Economy – Set 3
1) Indian economy saved the world during 2008-09 recession.
2) In 1990s, India turned into liberalization to improve the economy.
3) Indian economy is the sixth-largest economy in the world in terms of nominal GDP.
4) The term GST stands for goods and service taxes introduced in 2016.
5) There was a time when India had more than 10% GDP rate, most in the World.
6) It is estimated that gross domestic product will grow to 11.5% in the first quarter.
7) India ranked on number 63rd in ease of doing business ranking by World Bank in 2020.
8) India is a member of the world trade organization since 1995.
9) The 1991 liberalization was a plan of Dr. Manmohan Singh, former Prime Minister of India.
10) According to the World Bank, the Indian economy is expected to grow 8.3% in 2021-22
10 Lines on Indian Economy – Set 4
1) India has seen a major upsurge in its economy in the last 20 years and the credit for this boom goes to the tertiary i.e. services sector.
2) Agricultural and industrial sector is also showing positive signs of growth and they are proving to be the game-changer in the Indian economy.
3) During the last year, India was suffering from a high inflation rate which resulted in increased cost of commodities but now the economy is recovering.
4) The ‘Central Statistical Organisation’ (CSO) in its report has said about the speedy growth of Indian economy reaching in top three economies in future.
5) In the year 1991, the then finance minister Dr. Manmohan Singh introduced the LPG model i.e. liberalization, privatization, and globalization.
6) This LPG model opened the door of the Indian economy for the world and after that ‘Foreign Direct Investment’ (FDI) started coming to India.
7) FDI made India a hub of all international and Multinational Companies (MNC) which increased the level of the Indian economy.
8) Now the Indian economy is growing at a rate that it is also investing abroad and FDI limits have also been increased so that every company could invest in India.
9) With the launch of the ‘Make in India’ program in 2014 aiming to convert India into a manufacturing hub is changing the Indian economy drastically.
10) The ‘Goods and Services Tax' (GST) implemented in 2017 has changed the tax structure in order to put more and proper money into the growth of India.
The Indian economy has seen ups and downs after independence. As we know that India was not capable to stand on its own but with the distant vision of the governments and economic policies, India was able to come out of the ditch of underdevelopment. The golden days of the Indian economy started in the year 1991 and since then India has never looked back. The improvement in the Indian economy has made it the 5th largest economy in the world.