Paragraph on Indian Economy

Indian Economy shows the vast variance and has many things different from the economies of the other countries. If you want to read about in detail and from the different perspectives, you should check the paragraphs below. They are prepared with different word limits and put the information in different ways. You should check all of them right now.

Short and Long Paragraphs on Indian Economy

Paragraph 1 – 100 Words

Indian has a developing economy. It is the second-largest country in the world in terms of population and seventh in terms of its area. Out of the four types of economies, India runs through the Mixed Economy. In India, government and private, both sectors work together for the growth of the nation.

It is derived from many scriptures and sources that the Indian economy is the oldest in the world. It is the only country that has so much variance in the weather. It has a great impact on the social status of Indians. India is a rapidly growing nation.

Paragraph 2 – 120 Words

The Indian economy is mainly based on agriculture. A large part of its population is involved in agriculture and related activities. Agriculture satisfies the need for food for the people of India like wheat, rice, gram, etc. Apart from it, agriculture also provides the raw material for other industries like sugarcane for sugar industries, cotton for textile, and tea and coffee for their industries.

The agriculture in the Indian economy comprises growing of crops together with floriculture, animal husbandry and rearing of fishes and other animals as well. Agriculture works as the backbone of the Indian economy. With increasing the Gross Domestic Products of India, agriculture also provides employment for many people. Overall, the Indian economy is a liberated economy.

Paragraph 3 – 150 Words

The Indian economy is unique and has special features. Though it is nearly impossible to discuss all of its features, we can highlight some of them.

Agriculture and the Indian economy are correlated. It works in the primary sector and employs a large population increasing the productivity of the nation. It takes around 18% of the GDP of the economy, making it a powerful nation.

The Indian economy has shown rapid growth in industrialization in the last few decades. It lacked higher technologies in the beginning but has developed technology in recent years. Technology has also solved many problems in India and contributed much to the growth of the nation.

The Indian economy has also grown in the field of science and technology. The researches in space science have helped in solving many mysteries. With a strong economy, India is leading towards development as a nuclear state.

Paragraph 4 – 200 Words

The Indian Economy is progressive and developing continuously. Despite many special features, it has some drawbacks which have slowed down its rate of growth. These drawbacks need to be corrected on time.

Population explosion is the biggest problem that the Indian economy is facing these days. The increasing population has increased the demand for food and other resources. The population explosion has also negatively impacted the Indian economy, raising many other problems.

Unemployment is another fast-growing problem in the Indian economy. The problem of unemployment has come from the population explosion, giving birth to criminal activities. Also, in the lack of education, people tend to become idle, decreasing the productivity of the nation.

Poor income distribution is another major problem for India. We can easily see a large income difference among the different communities in India. Some people earn a lot while some suffer from the problem of low income.

Though agriculture decides a large part of the GDP of the Indian economy, it lacks good technologies and tools. Due to the absence of better technologies, the lands of India fail to yield as much as they can.

These are the problems that we need to focus on and improve them to grow the Indian economy.

Paragraph 5 – 250 Words

Every economy in the world faces several issues, so does the Indian economy. Some of these problems need a long time to be solved, while some of them can be solved easily with the cooperation of the people. Solving these issues can make the nation grow faster.

To control the problem of overpopulation, the government has started many programs and schemes from time to time. Through its every five year plan, the Indian government has directly or indirectly worked on removing the problem of overpopulation from the economy.

There is another major problem that the Indian economy has been facing for a very long time, and that is corruption. Corruption has taken over most of the government and non-government organizations. A result of corruption is poor tax collection, exploitation of children and women in the society, etc. The government applies many schemes and conducts programs to control the problem of corruption.

The Indian Economy is also facing the problem of child labor. Though there are strict laws against it, the lack of their proper implementation brings difficulty in curbing the problem. The government should have strict laws against it, and the practitioner should be punished severely.

Unemployment is an increasing problem due to the lack of risk-taking ability of Indians. We should never fear taking risks while setting up a new industry. Even we should also motivate others to be an entrepreneur. All the steps told above are a way to make the Indian economy much better and smoother.

FAQs: Frequently Asked Questions

Q1. Who is considered to be the reformer of Indian Economy?

Ans. Dr. Manmohan Singh is known to be the economic reformer in India.

Q2. How big is Indian Economy?

Ans. Indian economy is the 6th largest economy in the world.

Q3. What is the full form of GDP?

Ans. Gross Domestic Product is the full form of GDP.

Q4. What is the plan of Indian government for economy?

Ans. Indian government projected the economy to grow to $5trillions by 2024-2025.