Changes in economy

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Social Science:

S o c i a l S c i e n c e

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Topic :- The changes in the Indian Economy before and after1991.

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The Indian economy has u ndergone substantial changes since the introduction of economic reforms in 1991. These reforms were a comprehensive effort consisting of three main components namely, liberalisation, privatisation and globalisation. They included various measures like deregulating the markets and encouraging private participation; trade liberalisation; dismantling the restrictions on domestic and foreign investments ; etc. All such policy initiatives radically changed the economic set-up of the country and integrated it with the rest of the world . Thus, India was placed in a globally competitive position so as to fully utilise its potentials and opportunities for rapid growth of the economy.

Net National Product:

Net National Product Net National Product (NNP) at factor cost (at 1993-94 prices) increased from 0.5 per cent in 1991-92 to 6.3 per cent in 1999-2000 . It increased to 8.8 percent in 2003-04 at 1999-2000 prices . Similarly, per capita NNP increased from -1.5 per cent to 4.4 percent and then to 7.0 percent during the same period. Gross National Product (GNP) at factor cost (at 1993-94 prices ) increased from 1.1 per cent in 1991-92 to 6.2 percent in 1999-2000. It increased to 8.7 percent in 2003-04 at 1999-2000 prices.

Gross Domestic Product:

Gross Domestic Product Gross Domestic Product (GDP) at factor cost ( at 1999-2000 prices ) has increased from 4.4 percent in 2000-01 to in 2004-05 . 7.5 per cent

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Pre-colonial period 500 BC Silver punch-marked coins were minted as currency belonging to a period of intensive trade activity and urban development by the Mahajanapadas . 1 India's economy had a 32.9% share of world income, the largest in the world. 1000 India's economy had a 28.9% share of world income, the largest in the world . 1500 India's economy had a 24.5% share of world income, the second largest in the world after China, which had a 25% share . 1600 India's income of £17.5 million (under Akbar's Mughal Empire, pop approx. 150 million people) was greater than the entire treasury of Great Britain in 1800, which totalled £16 million . 1700 India's economy had a 24.4% share of world income, the largest in the world, under Aurangzeb's Mughal Empire .

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Colonial period East India Company 1793 Cornwallis' Permanent Settlement Instituted in Bengal 1820 China was the world's largest economy followed by the UK and India. Industrial revolution in the UK catapulted the nation to the top league of Europe for the first time ever. During this period, British foreign and economic policies began treating India as an unequal partner for the first time. 1850 The gross domestic product of India in 1850 was estimated at about 40 per cent that of China. British cotton exports reach 30 per cent of the Indian market by 1850.

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British Raj 1868 First estimation of India's national income by Dadabhai Naoroji 1870 India's economy had a 12.2% share of world income under the British Empire . 1913 India's economy had a 7.6% share of world income under the British Empire 1943 Famine of Bengal

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Post-Independence period Nehruvian era 1952 India's economy had a 3.8% share of world income. 1973 India's economy was $494.8 billion, which accounted for a 3.1% share of world income. 1980–1991 Virtually Closed. [ edit ] 1991–present 1991 Economic liberalisation was initiated by Indian prime minister P. V. Narasimha Rao and his finance minister Manmohan Singh in response to a macroeconomic crisis. 2010 India's economy is $4.002 trillion ( purchasing power parity ) which accounts for a ~6.0% share of world income, the fourth largest in the world in terms of real GDP. List of regions by past GDP (PPP)

By:-Yatender Sindhu:

By:-Yatender Sindhu

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