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Essay on Indian Economy for Students in 100, 200 and 500 Words

• Updated on  
• Jan 12, 2024

Essay on Indian Economy: The Indian economy is a mixed economy, which is primarily driven by the agriculture and services sectors. The agriculture sector contributes to nearly 20% of India’s GDP. Whereas, the services sector accounts for nearly 50% of the country’s GDP. Furthermore, the manufacturing sector contributes to around 28% of India’s GDP. Globally, India is ranked 142nd and 125th in terms of per capita income and nominal GDP, as per the International Monetary Fund (IMF). 

Since independence, India has transformed from an agricultural country to a mixed economy due to liberalization in 1991. To read more about the Indian economy, keep reading the blog on sample essays about the same. 

Table of Contents

• 1 100 words Essay on Indian Economy
• 2 200 words Essay on Indian Economy
• 3 500 words Essay on Indian Economy

Also Read: Class 12 Macroeconomics

100 words Essay on Indian Economy

The Indian economy is dynamic and rapidly growing. Currently, the economy is characterised by various sectors. The key contributors to the country’s economic growth are the agriculture, services, and manufacturing sectors. However, this was not always the case. India was an agricultural economy when the British left India in 1947 after plundering the sub-continent from 1600 to 1947. 

After independence, India became a part of the global economy in 1991, when the central government adopted the Liberalisation, Privatisation, and Globalisation (LPG) policy. Since then, the Indian economy has expanded in the service and manufacturing sectors significantly. At present, the economy is driven by government initiatives like Make in India and Digital India. However, we have a long way to go. 

Also Read: Find Economics PYQ UPSC Mains Question Bank: 2021-2018

200 words Essay on Indian Economy

Agriculture is the backbone of the Indian economy and of rural livelihoods. It not only employs a majority of the Indian population but also provides raw materials to different industries. In recent years, advancements and innovations in the industrial sector through schemes like the National Manufacturing Policy (NMP), the Technology Upgradation Fund Scheme (TUFS), and Make in India have contributed to the growth of the Indian economy. 

Despite progress and innovations in farming practices and the industrial sector both these industries are facing losses. This is due to limitations in government policies and a lack of awareness among the people of India. Even today, the agricultural sector is affected by outdated farming methods, dependency on weather, and a lack of skilled workers. All these issues need to be addressed by government policies that help promote an environment-friendly agriculture system that is profitable in nature. This will help the Indian economy grow.

Also, investment in business, easy bureaucratic processes, skilled development programmes, and research and development initiatives, will help in creating favourable conditions for the growth of the Indian economy.

Thus, to uplift the Indian economy, it is necessary to maintain a mutually beneficial partnership between the government and the agriculture and manufacturing sectors. The agriculture sector can grow by overcoming the challenges in farming practices. Whereas, the industrial sector will expand due to strategic investments and progressive policies.

Also Read: Indian Students Adding to the UK Economy

500 words Essay on Indian Economy

Policies for the growth of the Indian economy aim at overcoming poverty, reducing wealth gaps, and optimising productivity. The main purpose of bridging the wealth gap between different sections of society is to improve the overall well-being of its population for sustainable economic development.   

1. Overcome of Poverty

As per the Niti Aayog report of July 17, 2023, there is a decrease in the population of people vulnerable to poverty. The percentage of decline is from 24.8 percent to 14.9 percent for four consecutive years, from 2015-2016 to 2019-2021. However, the government is implementing various policies such as the National Education Policy, 2020 (NEP), the National Health Policy, the National Employment Policy (NEP) and many more important programs and policies to decrease the numbers of percentage so that there can be boosted in education, healthcare, and employment opportunities can be raised. 

More educated people with good health will better contribute to the Indian economy. Moreover, creating jobs and small businesses will also lead to increased income levels help reduce poverty and encourage economic growth.

2. Reduction of Wealth Gaps

The second important factor in the rise of the Indian economy is reducing the gap between the poor and the rich. To address the wealth gap, various programmes and schemes, such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Pradhan Mantri Jan Dhan Yojna (PMJDY), are implemented. Furthermore, to support business innovators from minority communities, small-scale financing is provided through MUDRA Bank.

For social security, initiatives such as Pradhan Mantri Jeevan Jyoti Yojana and Pradhan Mantri Jeevan Jyoti Yojana are given to encourage social security. These initiatives contribute not only to narrowing the wealth gap through the even distribution of resources but also to establishing a pathway for economic growth in the Indian economy.

3. Fewer Labour Inputs and More Productivity

To encourage both domestic and international companies to invest in the Indian economy, particularly in manufacturing, and innovation, and more importantly, to achieve higher productivity with less input initiatives such as Make in India are encouraged, which not only helps for advancement in technology but also aid in mastering the skills.

The aim of the government of India’s Make in India scheme is to increase productivity and efficiency and reduce dependence on manpower across the different sectors of the Indian economy.

4. Abundance of Goods and Services

The rise in the production of goods and services for a certain period as compared to a previous period helps in the contribution of increased consumption by promoting market competitiveness and driving the innovation of an Indian economy.

Providing consumers with a good number of goods and services not only helps in catering choices but also creates opportunities for boosting business. An Indian economy with a steadfast supply of goods and services leads to stability of prices and improvement in the standard of living of the people.

In conclusion, addressing poverty, reducing the wealth gaps, increasing productivity with fewer labour inputs, and ensuring an abundant supply of goods and services helps in developing the Indian economy. The Indian government is actively implementing policies and technological advancements to encourage these factors and continually revising them to create a broad and steady Indian economy.

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Ans. GDP = Consumption + Investment + Government Spending + Net Exports or  GDP = C + I + G +NX. Here, (C) is the consumption that represents private-consumption expenditures by households and nonprofit organizations, (I) is the investment that refers to business expenditures by businesses and home purchases by households, government spending, (G) denotes expenditures on goods and services by the government, and net exports (NX) represents a nation’s exports minus its imports.

Ans. Low per capita income, large population, the service sector and diverse sectors such as manufacturing and agriculture are characteristics of the Indian economy.

Ans. Pandit Jawaharlal Nehru is the father of the Indian economy. 

Ans. Agriculture is the backbone of Indian economy as it helps in providing raw materials as well as raw materials to the various industries. 

Ans. The full form of GDP is Gross Domestic Production.

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Deepika Joshi

Deepika Joshi is an experienced content writer with expertise in creating educational and informative content. She has a year of experience writing content for speeches, essays, NCERT, study abroad and EdTech SaaS. Her strengths lie in conducting thorough research and ananlysis to provide accurate and up-to-date information to readers. She enjoys staying updated on new skills and knowledge, particulary in education domain. In her free time, she loves to read articles, and blogs with related to her field to further expand her expertise. In personal life, she loves creative writing and aspire to connect with innovative people who have fresh ideas to offer.

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Essay on Indian Economy | Indian Economy Essay for Students and Children in English

February 14, 2024 by Prasanna

Essay on Indian Economy: Hundreds of years back, India was among the strongest economies around the world. India was the largest exporter in the world and China was close to it. The so-called “world powers” of the 21st century like the United States of America or the United Kingdom were nowhere to be seen back in those days.

But dark days for India started when regimes and greedy rulers started invading India from Mughals to British, India and her wealth was plundered. Now we are left with the modern-day economy and India is struggling to catch up with other economic superpowers like China or the United States of America. In this Indian economy essay, we shall be talking about the history of our economy and how it has evolved and what are the possible future scenarios of the Indian economy.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Long and Short Essays on Indian economy for Students and Kids in English

If you are searching for Essay on Indian economy, then you will find a 600-word long essay on Indian economy here. We have also provided a 200-word short Indian economy essay for students of class 6, 7, 8, 9 and 10. These essays can be used for project works, assignments, tests and essay writing competitions at schools and colleges.

Long Essay on Indian Economy 600 Words in English

Indian Economy Essay is usually given to classes 7, 8, 9, and 10.

India is a diverse country with a population of 130 crore people and the number is increasing every day at an alarming rate. The state of the Indian economy is usually in sync with the political and social climate of the country. India had had its ups and downs in terms of economic development. While India was one of the strongest economies in the world in the 10th and 11th century, it took a downward turn with a complete nosedive under the plundering of the British regime for 200 years.

British used all resources that they had to plunder our craftsmen, weavers and farmers turning India into a market rather than a manufacturing hub. Once a self-reliant country, under the Britsh rule, India became an extremely dependant and weak country. With unfair trade practices and illogical tax structures, Britsh regime destroyed the Indian economy and to this day, many experts suggest that British owe repatriation to India in billions of dollars. But in this Indian economy essay, we shall be concentrating more on the economy of India after India attained its independence from the Britsh on August 15th, 1947.

The Indian economy was in turmoil when the British left the country in 1947. The leaders then had to control both the political situation of the county, inculcate and manage the democratic values in a newly formed country as well as improve the economic conditions of the country while creating new economic opportunities for the people. India was fundamentally an agrarian economy at that point of time. Most of our economic activities came from producing, cultivate, selling and consuming agricultural products and livestock. Industrialization gradually began in the country due to the visionary leadership of our country’s leaders like Jawaharlal Nehru and Indira Gandhi.

India opened up its economy in 1992, after decades of socialist rule. Most of the country’s industries were managed by government-run PSUs (Public Sector Units). But the opening up of the economy to other countries in 1992 created an influx of finance and greater economic opportunities for the people in India. The visionary leadership of the then finance minister Manmohan Singh had great impacts on the Indian economy which can be seen even today. Big corporations from the west started to see the true potential of the Indian market. Millions of jobs were created which further pushed the Purchasing Power Parity (PPP) index of India.

During the early 2000s, India was the fastest-growing economy in the world. With the IT revolution that was possible because of remote technology and internet revolution, millions of IT (Information Technology) and ITES (Information Technology Enabled Services) jobs were created in India after the dotcom bubble at the turn of the century. India is the hub for non-core activities of IT giants and investment banks around the world. BPOs (Business Process Outsourcing)and KPOs (Knowledge Process Outsourcing) are aplenty in India that has enabled the birth of silicon valley of India, Bengaluru. Bengaluru has the most software engineers in the whole world. This opening up of the economy helped improve our social and political climate as well.

India’s economy has seen downside in the last few years resulting in decreased demand due to the growing potential of gig economy also called a rental economy. Ever since the outbreak of the COVID-19 pandemic, the economy of India has taken a nosedive and the GDP growth is projected to grow below 0%. The pandemic has affected the economies of every country in the world but India has seen some of the harshest lockdowns in recent decades. Even though the government has announced economic relief packages, building consumer confidence to kick start the spending behaviour is a challenge that is facing the businesses and government alike.  The government has to step in and incentivise businesses and consumers to push the economy and achieve the dream of a 5 trillion dollar economy by 2025.

Short Essay on Indian Economy 150 Words in English

Indian Economy Essay is usually given to classes 1, 2, 3, 4, 5, and 6.

India, through her entire journey before and after the Britsh rule, has seen many ups and downs. From being one of the strongest economies in the world during the 10th and 11th century to being amongst the weakest in the mid 19th century and bouncing back on track in the 21st century, it has been a roller coaster ride for the country in the last few centuries.

The turning point in modern India for its economic growth was in the year 1992 when the markets were opened up and the free market economy was introduced. Global corporations like Coca Cola, Microsoft, General Electric and Sony Inc entered the Indian market. The world sat back and took note of the potential that India holds, not just as a market, but also as a manufacturing destination. Many state governments, ever since the opening up of the economy has provided incentives to various corporations and foreign investors to invest in India.

Millions of jobs were created in the country in the last 2 decades, all thanks to technology and the revolution that the internet bought with it. India achieved one of the highest GDP growth rates of 6% in Asia. But the economy is in tantrums due to harsh lockdown imposed due to the coronavirus pandemic. India is optimistic in its approach and aims and believes that it can be the largest economy in the world in the coming decades.

10 Lines on Indian Economy Essay in English

• Indian economy is made up of the service sector, agriculture sector and manufacturing sector distributed across the length and breadth of the country.
• The service sector contributes more than 60% to the Indian GDP.
• The agriculture sector in the country provides the highest employment in rural India.
• Rs. 2.72 lakh crore is the total Gross Domestic Product (GDP) of India as of 2020.
• India has a population of 135 crore people and is the second-most populous country in the world after China.
• India is the largest producer of milk, pulses and jute in the whole world.
• India ranks highest among the consumption and production of rice and wheat.
• India had an IT and ITES revolution after the dotcom bubble in 2000.
• The manufacturing sector in India is expected to provide 100 million jobs by 2022 in the country.
• India is the 5th largest economy in the world in terms of nominal GDP.

FAQ’s on Indian Economy Essay

Question 1. What is India’s total GDP?

Answer: India’s total Gross Domestic Product (GDP) is 2.72 lakh crore rupees.

Question 2. What are some landmark decisions in the Indian economy?

Answer: Opening of the Indian economy in 1992, demonetization and introduction of GST are some of the most important decisions in the Indian economy.

Question 3. What does the recession mean?

Answer: Recession means the spending power of a regular citizen is less as a result demand created in the market is less which results in cutting down of jobs in across businesses.

Question 4. What is the meaning of inflation?

Answer: When the prices of commodities and services are increased, then it causes inflation. Inflation is a pure supply-demand imbalance.

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