Title: Economy of India
Name: Nayan Padole
Literature Review:
1. India as an Emerging Economy :
India is one of the largest economies in the world, and perhaps one of the most emerging markets as well. Indian foreign policy is the most crucial determinant that set the tone of the future milestones. One major concern that might hamper the growth is the competitive strategy and hostile relations with neighbors, which is deemed as the biggest impediment for India to become an economic power house. This research includes the successful models of China, Germany and Japan and how they established their economies by collaboration with their respective regional countries. This indicates a crucial point to ponder for India, which sturdily patronages collaborative strategy with neighborhood to alleviate its growth and become an economic power house of the world. (Aamir Firoz Shamsi & at all ,2014)
2. India’S Economy: Pre- And Post-Independence Period:
At the decline of the independence in 1947, it was left backward with one of the poorest economies of the world of that time. The richness of erstwhile India, the status of the golden bird, the sacred intellectual space that India occupied has only textual value for the present generation. Through this academic paper, an attempt has been made to address the following questions: what was the state of the economy of India during the pre- and post-independence period, how has India transformed herself from one of the most impoverished economies in 1947 to currently the third-largest economy in the world, and how is the current economic and non-economic status of India. (Vijay Kumar, 2020)
3. India and the Global Economy:
India’s booming knowledge-based sectors demonstrate the power of globalization to transform developing economies. this paper places India in international and historical context, examines its links to the world through trade, labor, and capital, and outlines some critical challenges facing the country. a nation with far more to offer than skilled programmers but which must address problems of poverty, infrastructure, and governance to achieve its potential. (Wilson, 2006)
4. Agro-economic-industrial Economy of India and Sustainable Development in WTO Regime:
India made significant advances towards achieving its goals of rapid agricultural growth, improving food security, and reducing rural poverty during the last four decades. Sustained food grain production growth enabled India to achieve food grain, self-sufficiency, eliminating the threat of famines and acute starvation in the country. These changes will improve the investment climate for farmers and the private sector to effectively meet market opportunities. (Kaur, 2016)
5. Agro-economic-industrial Economy of India and Sustainable Development in WTO Regime:
India is a country who gets maximum FDI either through automatic route or government route. So, this research paper tries to focus on role of FDI in development of Indian economy, as it concentrates on factors like increase in GDP and employment. (Rupnawar & Kharat, 2014)
6. Economic Change in India:
India has become an increasingly important part of the global economic landscape over the past decade. Its economy has become more open to international trade, its workforce is growing strongly and the rate of investment has picked up following economic reforms. The strong growth of the Indian economy has also seen a significant deepening of the trade relationship between Australia and India, with India now the third largest destination for Australia exports. (Cagliarini & Baker, 2010)
7. Hydrogen economy in India: A status review
Given the versatility in nature, hydrogen shall play a crucial role in decarbonizing the Indian economy by 2050. India’s hydrogen energy roadmap was envisioned for an operational hydrogen economy by 2020. The proposed National hydrogen energy mission aims to revive India’s hydrogen economy. Stakeholders should focus on hydrogen research, development, value chain development, and hydrogen technology commercialization. (Sanjay Kumar Kae & at all, 2023)
8. Knowledge Economy in India: Challenges and Opportunities:
This research paper is a critical analysis of the challenges and opportunities on the pathway to India’s journey towards becoming a global leader in knowledge economy with respect to the four pillars as defined by the Knowledge Assessment Model (KAM) of the World Bank, namely, economic and institutional regime, education, information and communication technology, and innovation. (Bhattacharya, 2010)
9. Cash, Demonetisation and the Informal Economy in India:
The shadow economy was badly affected and even measured GDP growth rate slumped, but demonetisation proponents argued that the dip will reverse and the growth rate will reach 7.7% in 2019. The note withdrawal was a botched up job and demonetisation in India will only succeed if the Government can channelize it as a leverage point for a larger tax base, increased digitisation along with a more transparent, fluid and measurable Indian economy. (Sharma & Fernandez, 2018)
10. Management Education in India as Economy Differentiator:
Management education in our country has been attracting attention and is poised to play a stellar role in shaping the economic destiny of the country. The stakeholders have the onerous responsibility of contributing their mite to the management education to make a positive difference to the economy of the country. (Prasad, 2007)
Conclusion:
India’s economic journey since 1947 has seen its share of ups and downs. India is now among the biggest economies of the world. India’s economic history has been marked by several critical milestones amongst economic crisis and India’s emergence from the economic crisis as the world’s fastest growing major economy.
Reference:
1. Aamir Firoz Shamsi & Iqbal A. Panhwar & Badar Iqbal & Khizar Cheema, 2014. “India as an Emerging Economy,” Transnational Corporations Review, Ottawa United Learning Academy, vol. 6(1), pages 15-25, March.
2. Adam Cagliarini & Mark Baker, 2010. “Economic Change in India,” RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 19-24, September.
3. Beth Anne Wilson & Geoffrey N Keim, 2006. “India and the Global Economy,” Business Economics, Palgrave Macmillan; National Association for Business Economics, vol. 41(1), pages 28-36, January.
4. Dr. Harmeet Kaur, 2016. “Agro-economic-industrial Economy of India and Sustainable Development in WTO Regime,” Journal of Commerce and Trade, Society for Advanced Management Studies, vol. 11(2), pages 97-103, October.
5. Sanjay Kumar Kar & Akhoury Sudhir Kumar Sinha & Sidhartha Harichandan & Rohit Bansal & Marriyappan Sivagnanam Balathanigaimani, 2023. “Hydrogen economy in India: A status review,” Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 12(1), January.
6. Shaurya Sharma & Cledwyn Fernandez, 2018. “Cash, Demonetisation and the Informal Economy in India,” World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 19(2), pages 13-40, April.
7. Shrotryia, Vijay Kumar & Singh, Shashank Vikram Pratap, 2020. “A Short History Of India’S Economy: Pre- And Post-Independence Period,” Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 13(4), December.
8. Sonali Bhattacharya, 2010. “Knowledge Economy in India: Challenges and Opportunities,” Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 203-225.
9. V R K Prasad, 2007. “Management Education in India as Economy Differentiator,” The IUP Journal of Managerial Economics, IUP Publications, vol. 0(3), pages 41-54, August.
10. Vasantrao D. Rupnawar & Kharat Rahul Sadashiv, 2014. “Agro-economic-industrial Economy of India and Sustainable Development in WTO Regime, The Economics and Social Development Organization (TESDO), vol. 2(9), pages 372-376, September.