Essay on Current Position of Indian Economy 2021

Indians are among one of the most positive minded people worldwide. They believe that, despite economic hurdles, India will be able to overcome them and achieve greatness.

Economic policies can't work if there is no trust in them with the people. The government needs to work on building the trust of Indians in our policies for 2020 and 2021.

India's Current Economic Situation

India's economy has grown by 7.1% in the last quarter of 2017. The GDP growth now is expected to be 7.4%. These are the best figures that India has seen in recent years.

But analysts are quick to point out that this growth rate is still below the 8% peak of the 2000s. Additionally, India also experienced a two-year low in inflation, which is now at 2%. This is an improvement from 2016 when inflation was at 5%.

This means that there have been no price increases for most goods and services over the past year, which can be seen as a positive sign for consumers who were hit with high prices during the last few years of high inflation rates.

Solutions to Tackle the Current Economic Issues in India

With a continuously growing population and a shrinking workforce, India has been facing economic and social problems in recent years. There are many reasons for the current economic issues in India.

The government has been working on these problems by trying to improve the country’s infrastructure and improving ties with neighboring countries like China.

The government is also trying to increase employment rates by giving subsidies to companies that employ people from marginalized communities such as women, disabled people, and members of castes that have historically faced discrimination. They also want to provide more vocational training programs so workers can be skilled in different sectors.

GDP Growth Rate in India:

As per the Reserve Bank of India's (RBI) estimates, India's real GDP growth is projected at 9.5% in FY2022. As of 2021 GDP of India is 3.05 Trillion Dollars nominal (reference:Wikipedia) . This is much behind other 5 countries like China's , USA Japan etc. This has led some analysts to claim that the Indian economy is in a strong enough position to withstand any slowdown. In this article, I'd like to discuss the fundamentals of the Indian economy that make it resilient to slowdowns in one of the world's fastest growing economies.