Volume : IV, Issue : X, October - 2015

What Ails Indian Economy? Some Random Thoughts

M. Anandan, S. Ramaswamy

Abstract :

India is a diverse economy which encompasses the traditional village farming to modern corporate agriculture, handicrafts to modern sophisticated ICT industries, with the multiplicity of services. Recent data evidences show that India has less than half of the work force in agriculture, but, services are the major sources of India’s economic growth, which accounts for more than 50.0 per cent of GNP, contributed by the less than one-third of its labor force. Infact, India is service economy, in terms of its contribution to the GNP and not agricultural economy, and it entered into the service economy in 2005-06. In the post-independence era (ie) 1947 - 91, India was a mixed economy with a high degree of state intervention-including nationalization and price controls. During these periods economic performance India was mixed one, but the performance are generally disappointing. Since 1991, the Indian economy has pursued free market liberalized economy with, greater openness in trade and commerce. This helped the Indian economy to achieve a considerably rise in the rate of economic growth and economic development. However, Indian economy still has many weaknesses and it possess different characteristic features such as; Corrupt economy, Disparity economy, Energy deficit economy, Fiscal deficit economy, Food deficit economy, Forest deficit economy, Oil and gold Import economy, Inequality economy, Low HDI economy, Low income economy, Pollution economy, Poor employment skill economy, Poverty economy, Power deficit economy, Subsidy syndrome economy, Unemployment economy, Trade deficit economy, Poor adoption technology economy, Wealth concentration economy, Poor corporate social responsibility economy, Resources Waste economy, Migration economy, Black money economy, poor environmental health economy etc. The researchers in this paper have attempted to address these issues and weakness of India economy by providing data supports and evidences. This kind of information could help the policy makers to design and formulate policies for mitigation these weakness.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

M.Anandan, S.Ramaswamy What Ails Indian Economy? Some Random Thoughts Global Journal For Research Analysis, Vol: 4, Issue: 10 October 2015

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