Present Economic Scenario In India

The term economy defines the condition of a country or a particular area in terms of production and the consumption of various goods and services, and the supply of money. 

The economic system of the country depends on various factors for its flourishing and betterment. Our country has witnessed a great economic crisis in the past few years, especially when the pandemic was at its peak. The year 2020 is said to be the year when the economy of India almost crippled. The industries (chiefly the hospitality and tourism industry, construction industry, airlines industry, medical industry, etc.) require a strong governmental support and government initiatives in order to stand strong and support the nation’s economy. During the pandemic, the medical industries greatly suffered. The pharma industries were striving to help the covid individuals and their families. Looking at the present state of the economy, we can say that various efforts are being made on a large scale for its improvement. 

The Indian Economy

The Indian economy has withstood many upheavals over the decades. It has seen turbulent times when the country struggled with deteriorating financial conditions and a monetary crisis. The Indian economy growth rate related to various industries like the agricultural industries, tourism industries, etc. was really high but was struck hard when the pandemic hit the nation. The years 2020 and 2021 were witnessing an economical-crisis due to the collapse of the main industries like the agricultural industry, tourism industry, food and hospitality industry, etc. The pharma industries, however, were supplying the covid patients with the required medical aid and were slightly better. 

Looking at the economic conditions of India in the previous years of 2020 and 2021 would give you an idea that the people of India along with the government have worked to improve the economic conditions of the nation.  The GDP greatly declined in the years 2020 and 2021. The conditions are slowly getting back to normal in the present year of 2022 where we can witness the GDP steadily rise. The covid restrictions are lifting up from the states of India and the important industries are getting back to work. 

The year of 2022 is a year of rejuvenation for the citizens as things were trying to get back on track after the economically tragic years of 2019, 2020 and 2021. However, this year as well isn’t doing very well, as the unemployment rate is calculated to be 6.57 %. The industrial growth after being hit hard by the pandemic is trying to get back to normal this year and we can estimate a rise in the Indian economy by the end of this year. Inflation in the wholesale price index was also seen during the previous years which is still solemnly and slowly increasing. However, a decline in the CPI has been seen. 

Thus, we can say that the Indian economy has seen many phases and has been through all kinds of situations to be where it is right now. 

Economic developments in India

There have been many economic developments in India. These economic developments in India are a result of the lifting of the covid restrictions and the various important industries like the agricultural industry, construction industry and many other industries’ getting back to normal. Things aren’t flourishing in the present times, but are slowly getting back to their feet. The per capita income is increasing as a result of this. The government initiatives also helped to improve the economic situation of the nation. The political support for the growth of the economy made it better two fold as their support encouraged the general people to work towards the betterment of the economy of India. 

Prior to the independence of India, the economy of India was witnessing a steep decline. The initiatives of Pt. Jawaharlal Nehru greatly helped in the lifting of the national economy. Thus, history bears testimony to the fact that political support and government initiatives play an important role in the betterment of the national economy. 

The fields which are important for the national economy

The Indian economy growth rate depends on various factors and the various fields which are affected by these factors. The industry of agriculture (which includes the cultivation of export items like tobacco, jute and cotton) add to the income of the nation. They were however hit hard by the pandemic but are steadily getting back to normal. We can get the basic idea from the statistics which show that tourism also plays an important role in the national economy. Tourism sector witnessed the worst downfall in the years of 2019, 2020 and 2021 when the pandemic was at its peak. Tourists from all across the world come to visit the various places in India. The tax levied on their transportation and tickets for various things helps to solidify the national treasure. This sector is likely to get back to normal by the subsiding of the pandemic. 

Agriculture and industrial sectors greatly help the national economy to develop and flourish. The various crops grown on the Indian soil along with the export products like tea and tobacco, earn good profits in foreign markets and help the national economy to grow.

The metallurgic sector makes use of the various metal ores and produces many things with the help of that. The iron ores, aluminium ores as well as many ores are present in India which help in supporting the national economy. 

Conclusion

The Indian economy had its roots shaken by the pandemic in the past three years. It is trying to get stabilised in the year of 2022 when the industries are trying hard to get back to normal. Not only this, but the government initiatives are also responsible for a better economy in India. The direct involvement of the government and the betterment of the industries post-pandemic (the severe phase of pandemic) are a reason that this year is likely to get a better GDP and better GNP. Every tax you pay helps in the growth of the national economy and is made use of in the public welfare department.