Economics of India - Research Paper Example

There was also a transformational of India society and destruction of all structural barriers both foreign and domestic that inhibits the development. The second road led to the transfer of the power to the Indian supporters of traditional classes of imperialism. It led to the continuation of the integration into the imperial system of capitalism that was revolving around the metropolitan powers as a satellite. There was existence of development continuation and the underdeveloped development as a result.

Since the Indian economy was controlled by the Britain, Indians had no independence of their own economy. This means that the British people were in dominance of the Indian Economy sectors. After the power transfer, the Indian Rupee was tied and dominated by the British Sterling pound. India thus became a sub-colony of the British imperialists after independence and the domestic classes that ruled enjoyed limited political power which depended and was within the domain of the imperialists’ powers.

European came to India in the 16th century and their main aim was to develop the prospects of trade. The government of British took control and Began to exploit Indians resources and drained of the wealth. The independence was gained after a much efforts and sacrifices by the people of India. India the immediately began to exploit their resources by planning of their needs and resources that is they planned the economic development. In order to achieve the desired level, liberalization and prioritization together was pursued.

The economy was a mixture of capitalism and socialism and this has led to the current developed state of India.(Ghosh, 2011 ) As a consequence of the rapid growth and also liberalization , Indian companies have much been involved towards t he ‘look east’ policy that was initiated by India can be pursued with vigor .India is at sectoral dialogue partner of Association of South East Asia Nation .(ASEAN) These sectors includes tourism , science and technology , trade and investment In the past two decades, it is poised that India will realize a faster growth in the years to come.

In the years between 1950 and 1970s, the Indian Economy expanded by 3%. The rate if growth increased to 5.5 % in the 1980s. The rate henceforth increases by 1.2% in the years between 1992 and 1993. Reforms to open up the economy were therefore, embedded and embarked on from 1997-1998 and the growth had to drop to 5.5% and later to 4.4% by the end of years 2002-2003. The drop in the growth was due to poor rains impact which affected the agricultural sector output. In 2003-2004, there a gradual increase in growth which shifted to 8.2%. Such an increase is much needed for provision of employment opportunities for the population of India that is eventually growing.

The purpose of the formation of the Indian manufacturing Competitiveness was basically lay down the policies and guidelines on challenges and the opportunities in manufacturing markets of India and other emerging ones. For the India economy to grow, so as to distribute wealth across all of her people, manufacturing had to have a growth rate from the current standing of 17% to around 30% which require; firstly, production increase and plant level quality. Secondly, it is the pursuit of strategies and the operations of the manufacturing which are world-wide, competitive and lastly, the integration of the supply