Father of Indian Economics
P. V. Narasimha Rao who is the ninth Prime Minister of India is the Father of Indian economics. The Father of Indian economics was a lawyer as well as a politician. The Father of Indian economics led a huge economic transformation in India. Agriculture plays a great part in the Indian economy, seventy percent of the population of India is dependent on it. 17 percent of the country’s GDP is based on agriculture. With that airways and railways also play a great role in the development of Indian economics. Waterways are playing a good role but the contribution of railways is more than it. Agriculture, handicrafts, manufacturing, and a wide range of services make up India’s economy. Even though two-thirds of Indians earn their living directly or indirectly via agriculture, the service sector is the country’s main source of economic growth today.
India has recently become a pioneer in information technology due to its large number of well-educated people who can communicate in English. Many aspects of India’s independent past, such as telecommunications, banking, and foreign direct investment, were subject to strong government controls.
India has been gradually opening up its markets since the early 1990s, as the government has reduced its control over international commerce and investment. Manmohan Singh initiated this under the leadership of P.V.Narasimha Rao. Since then, the Indian economy has grown at a great speed.
India’s social and economic issues include population growth, poverty, a lack of infrastructure, and rising unemployment. Despite a 10% reduction in poverty during the 1980s, a quarter of India’s population still cannot afford enough food.
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