Role of Government in Indian Economy

Article by Bharatbook

Bharatbook added a new report on ” Role of Government in Indian Economy ” which gives an overview, Demand, Supply Trends and industry analysis reports. Presently, the economy of India is one of largest economies in the world and will be ranked first by 2050 on global front. Following strong economic reforms from the socialist inspired economy of a post-independence Indian nation, the country began to develop a fast-paced economic growth, as free market principles were initiated in 1990 for international competition and foreign investment. The economy of India is as diverse as it is large, with a number of major sectors including manufacturing industries, agriculture, textiles and handicrafts, and services. Agriculture is a major component of the Indian economy, as over 66% of the Indian population earns its livelihood from this area.

However, the service sector is greatly expanding and has started to assume an increasingly important role. The fact that the Indian speaking population in India is growing by the day means that India has become a hub of outsourcing activities for some of the major economies of the world including the United Kingdom and the United States. Other areas where India is expected to make progress include manufacturing, construction of ships, pharmaceuticals, aviation, biotechnology, tourism, nanotechnology, retailing and telecommunications.

Growth rates in these sectors are expected to increase dramatically. As the free market principles were accepted role of government in Indian economy changed from being a controller to regulator. But still the role of government is relevant as government is the one which decides about the various factors controlling our economy and decides the rules and regulations keeping in mind the welfare of the public.

Therefore government after opening up of economy did not open the sectors which are still in nascent stages and needs some time to become competitive to the foreign players. Apart from this government brings new schemes to help person in personal and professional avenues. This report analyses the role of government in Indian Economy by looking into the various sectors involved in the Indian Economy and the role government has played in promoting various sectors of Indian Economy by introducing several welfare schemes.

Table of Contents :

Executive SummaryOverview of Indian EconomyAgricultureCommerce & IndustriesFinanceCommunication & ITITES and BPO ServicesTransportHealth and Family WelfareBibliography

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