India becomes the 4th largest economy: growth economy explained

Dr. Manmohan Singh known as good reformers and shaping Indias economy journey. His role as both reformer and policymakers. 1991 India faced a severe economic crisis, nearly foreign exchange reserve depleted, it's critical time Dr. Manmohan Singh serving as a finanace minister. Then introduced bold reform, reduce important barrier and open economy to foreign investment and start open and market driven system, believe long term impact, formation of rapid growth IT sector service sector. As PM Dr. Manmohan Singh approach inclusive growth i.e MGNREGA, RTI act 2005,national rural health mission, his time period growth rate exceeding 8 percent. Middle class expand and reduce poverty. Remember me one best quate- strong foundations take time, now the structure is rising. Now explain prasent situation -Indias GDP 4.5 trillion dollar and prasent time stand on 4th position. Indias GDP per capita is 2500$ as compared japans 34000$.indias top 1 percent in India hold over 40 percent of indias wealth and bottom 50 percent own just 3 percent of indias wealth. By 2027 indias is expected overtake Germany to become world 3rd largest economy. In PPP ( Purchasing power parity) india has been 3rd largest economy since 2009.Top-3 PPP-China,USA, India. PPP means it uses standardised basket of goods & service to calculate relative values and currencies). Let's understand structural weakness of indias economy-agricultural distress poor monsoon, MSP issue, stagnant productivity. Contribute 17 percent of GDP but employs nearby 45 percent of work force. Manufacturing sector under performance contribution to GDP-17 percent ( indias target 25 percent). Infrastructure deficit, high logistics costs regulating issue. Jobless growth- youth unemployment 15-18 percent, overall unemployment-4.9 percent, informal sector dominates low wages and job security. Prasent time people says indias running like growth engine. They stand right place but indias 2 percent people more rapidly growing, per capita if you seen on ground level then found lots of differences. But all is well that our country grow in GDP.                           Written by- Aman Vikal

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