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Indian Economy Rises As The Phonix Flys High

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Indian Economy Rises As The Phonix Flys High

(CTN News) _ After passing its colonial master the UK, India has become the fifth biggest economy in the world. The country is celebrating ‘Azadi ka Amrit Mahotsav’.

India has gotten a lot of economic accolades. In the days to come, India will face new challenges like high inflation, huge income disparity, unemployment, and excessive taxes.

Being the fifth largest economy in the world is no easy feat for India, the former colonial master. For the period ending March 2022, India’s GDP was $854.7 billion, while the UK’s was $816 billion.

During this time, India accomplished a lot more than this. Morgan Stanley Capital International (MSCI) ranked India second behind China, just behind the United States. China used to monopolize new markets, but now it’s getting into them.

We’ve seen an increase in export orders from both the US and Europe, especially for handicrafts, apparel, and non-electronic consumer goods.

According to the World Economic Forum and management consulting firm Kearney, India will have the world’s largest labour force and contribute more than $500 billion to the global economy.

The rising tide of global economic growth can be sustained and multiplied by India if the benefits reach the common man.Furthermore, this topic has been debated since India’s independence.

Keeping the momentum of the economic development and GDP trend going can be done with a more humane and holistic society governance system.

Consider this fact in light of the UN Human Development Index for 2020-21.According to this report, India will move down from 130 to 132 on the Human Development Index (HDI) in 2021.

The per capita income report for 2021 ranked India 145th, while the UK ranked 22nd, which means that Indians’ average income is still lower than British citizens’ average income.

It is necessary to consider whether the fifth largest economy in the world also translates into higher productivity for an average Indian than a UK citizen.

With the current governance, India can easily become the world’s biggest economy if it can improve productivity and per capita income of the average Indian.

High inflation, huge income disparity, unemployment, and huge taxation are critical issues. Policies and benefits can help India’s economically weaker citizens escape poverty.

It is only through poverty alleviation programs and policies that benefit the common man economically that India can sustain its economic bull run. It could be the dawn of India’s rebirth, if supported by a similarly economically strong common man.

Who makes an economy?

An economy forms naturally from aggregated human action–a spontaneous order, much like language. Individuals trade with each other to improve their standards of living. Improved standards of living are made possible when labor is more productive.

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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