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    India Economic Background ECO120

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    Fierza Nazir
    India has transitioned from a predominantly agricultural and trading society to a mixed economy through economic liberalization since 1991. The economy was previously characterized by widespread regulation, public ownership, and slow growth. India has a population of over 1.3 billion people, over half of which are under 25 years old. India has a three sector economy - primary, secondary, and tertiary. The primary sector involves extraction of natural resources, secondary involves manufacturing, and tertiary provides services. India has the second largest population in the world and has the sixth largest economy by nominal GDP and third largest by PPP. Unemployment has risen in recent years to over 5% after being around 4.8% on average from 2011 to 2018.

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    India Economic Background ECO120

    Uploaded by

    Fierza Nazir
    50 views3 pages
    India has transitioned from a predominantly agricultural and trading society to a mixed economy through economic liberalization since 1991. The economy was previously characterized by widespread regulation, public ownership, and slow growth. India has a population of over 1.3 billion people, over half of which are under 25 years old. India has a three sector economy - primary, secondary, and tertiary. The primary sector involves extraction of natural resources, secondary involves manufacturing, and tertiary provides services. India has the second largest population in the world and has the sixth largest economy by nominal GDP and third largest by PPP. Unemployment has risen in recent years to over 5% after being around 4.8% on average from 2011 to 2018.

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    India has transitioned from a predominantly agricultural and trading society to a mixed economy through economic liberalization since 1991. The economy was previously characterized by widespread regulation, public ownership, and slow growth. India has a population of over 1.3 billion people, over half of which are under 25 years old. India has a three sector economy - primary, secondary, and tertiary. The primary sector involves extraction of natural resources, secondary involves manufacturing, and tertiary provides services. India has the second largest population in the world and has the sixth largest economy by nominal GDP and third largest by PPP. Unemployment has risen in recent years to over 5% after being around 4.8% on average from 2011 to 2018.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views3 pages

    India Economic Background ECO120

    Uploaded by

    Fierza Nazir
    India has transitioned from a predominantly agricultural and trading society to a mixed economy through economic liberalization since 1991. The economy was previously characterized by widespread regulation, public ownership, and slow growth. India has a population of over 1.3 billion people, over half of which are under 25 years old. India has a three sector economy - primary, secondary, and tertiary. The primary sector involves extraction of natural resources, secondary involves manufacturing, and tertiary provides services. India has the second largest population in the world and has the sixth largest economy by nominal GDP and third largest by PPP. Unemployment has risen in recent years to over 5% after being around 4.8% on average from 2011 to 2018.

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    India Economic background

    A combination of protectionist, socialist and social democratic policies ruled India a


    few years after the end of British rule. The economy at the time was characterized by
    widespread regulation, protectionism, public ownership of large monopolies, widespread
    corruption, and slow growth. The economic history of India is the story of India's growth from
    a predominantly agricultural and trading society to a mixed economy of manufacturing and
    services while largely surviving from Agriculture. Since 1991, continued economic
    liberalization has moved the country towards a market economy.

    The Indian rupee is the official currency of India. The issuance of the currency is
    managed by the Reserve Bank of India. The Reserve Bank manages money in India and
    acquired the role of fund manager under the Reserve Bank of India Act, 1934. Indian has 3
    sectors economy which is Primary, Secondary and Tertiary.
    Primary Sector is where the economic activities which are connected with the
    extraction and production of natural resources. For example, agriculture, fishing and mining,
    all of it is under primary sector. Meanwhile the Secondary Sector is the economic activities
    which are related to the manufacturing of iron and steel. Lastly, Tertiary Sector. It is the
    economic activities that are mostly based on providing service to the society such as
    transportation, banking and insurance. All of the 3 sectors are dependant on each other.

    India is the second most populous country in the world, with nearly one-fifth of the
    world's population. According to the 2019 edition of the World Population Outlook, the
    population is 1,352,642,280. Between 1975 and 2010, the population doubled, reaching 1.2
    billion and reaching 1 billion. Marked in 1998. In India, more than 50% of the population is
    under the age of 25, and more than 65% are under the age of 35. In 2020, the average age
    of Indians is 29 years old.

    India is the world's sixth-largest economy by nominal GDP and the third-largest by
    purchasing power parity (PPP). GDP is Gross Domestic Product (GDP). It is the value of
    final goods and services produced in each sector during a particular year provides the total
    production of the sector for that year and the sum of production in the three sectors give the
    GDP of a country. GDP shows how big the economy of a country is.
    Unemployment rate in India escalated to 5.38% in the first quarter of February
    2018 from 1.8% in the first quarter of March 2011. This unemployment percentage in India is
    announced by the India Bureau of Statistics. In the past, from 2011 until 2018, India’s
    unemployment rate averaged 4.8% obtaining an unrivalled peak from 1983 until 2016 and a
    record low of 3.46% in December 2016 from 3.49% in 2015.

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