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International Journal of Economics & Management Sciences

Emerging Economic Scenario in India

Mohammad Saif Ahmad*
Western Institute of Technology, Melbourne, Australia
Abstract :

Change is one of the basic characteristics of nature itself. Peoples, organizations, nations and their socioeconomic and political philosophies have been constantly changing. India, after experiencing abject poverty under foreign yoke, adopted, after independence, socialist pattern of development that led to tremendous achievements in different fields until the dismemberment of the erstwhile USSR. Thereupon, the process of LPG (liberalization, privatization and globalization) started everywhere in one form or the other. The 1990’s and first decade of the 21st century witnessed overall global prosperity. India achieved remarkable progress during the period but suffered from complacency and oversized confidence as many countries made much more commendable progress on a number of socio-economic fronts compared to India. A number of books were written on Indian economic potential during the period and the authors, in their over-enthusiasm, depicted India as the imminent economic superpower. During the last five years, particularly after 2008, overconfidence has given way to more sensible and reasonable understanding of the difficulties that still lie ahead for India to harness its full potential. 

Keywords :
Liberalization-Opening market for free competition; Privatization-Allowing private participation in economic sectors; Globalization-Enforcing WTO Regime for Tariffs & Trade; WTOWorld Trade Organization; GDP-Gross Domestic Product; Mortality Rate-The number of deaths in an area in a given period; Forex-Foreign exchange; Demographic bonus-Advantage of having young and working population larger than children and old agers; Immunization–Protection against infection

Date Deposited : 09 May 2016 21:10

Last Modified : 09 May 2016 21:10

Official URL: http://www.omicsonline.com/

Volume 3, Number 4, October 2014 , ISSN 2162-6359

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