Abstract : As India celebrates 75 years of independence, this analysis reflects on the nation's remarkable economic journey, examining both successes and challenges. From an agrarian economy at independence, India has evolved into one of the world's top five economies, showcasing substantial achievements. The World Bank's India Economic Update notes India's robust growth rate of 7.2% in FY 22/23, surpassing many G-20 nations. The success is evident in rising per capita income, reduction in multi-dimensional poverty, and strides in science and technology. Policy changes, fiscal discipline, and progressive tax reforms have contributed to India's economic resilience. Despite these triumphs, challenges persist, such as a burgeoning population, weak demand, persistent unemployment, infrastructure gaps, balance of payment concerns, rising private debt, and alarming inequality. The looming threat of climate change adds complexity. To sustain and enhance its global standing, India must confront these challenges, emphasizing education, skill development, and proactive economic reforms.
Keywords : Indian Economy Growth, Per Capita Income, Multi-dimensional Poverty Reduction, Economic Structural Changes & Policy Reforms and Adaptation.
Cite : Srivastava, V. D. (2024). India's Economic Landscape: Achievements And Challenges At 75 Years Of Independence (1st ed., pp. 139-146). Noble Science Press. https://doi.org/10.52458/9788196897451.nsp.2024.eb.ch-16
References :
Nageswaran V.A, Mishra R., Arora M and Singh R, (10 November 2023), Acknowledge India’s economic successes too, Blogs PIB, Government of India, accessed at https://blogs.pib.gov.in/blogsdescr.aspx?feaaid=71
