India became independent in the year 1947, seventy-five years later, the nation’s economy has transformed as India seeks to join the $5 trillion club. India’s current Prime Minister underlined the need for collective action to achieve a $5 trillion economy status, including urging for an increase in the collection of the Goods and Services Tax (GST) saying that though the realization has improved, “the potential is much more and it is crucial for strengthening our economic position and becoming a USD 5 trillion economy.”
Here’s How India’s Economy Journey looks like:
Food Production: “Self-sufficiency” in the food grain market, India has been so independent, which is India’s greatest achievement. The world has seen India’s phase in food production from receiving food in the 1950s to becoming a net exporter in the 1960s.
India’s GDP (Gross Domestic Product): From the day of Independence, from Rs. 2.7 lakh crore to Rs. 135.13 lakh crore, India has become the 6th largest economy in the world. It is one of the world’s largest economies and is on its way to becoming the third largest. According to the Bank of America, the United States has the world’s largest economy. India’s forex reserve now stands at Rs. 46.17 billion, the fifth largest in the world.
Forex: India’s forex reserve now stands at Rs. 46.17 billion, the fifth largest in the world. India’s low forex reserves played a catalytical role in kickstarting the economic reforms. With just $1.2 billion worth of forex reserves in 1991, India just had enough reserves to finance 3 weeks of imports.
US Dollar to Indian Rupee: In 19471 was equal to Rs. 3.30. To be honest, India’s rupee was pegged to the British pound rather than the US dollar. In August 2022, after all the fluctuations, $1 is equal to Rs. 79.40.
FDI (Foreign Direct Investment): There was a time after Independence when foreign investments were limited, if not nonexistent. In 1948, India had an investment of Rs. 256 crores. And till now, India has received a record of $81.72 billion in foreign direct investment.
By Lakshay Kumar Sharma |On Thursday, Aug 18, 2022, | 04:10 pm IST
