Essay On Indian Economy For Students & Children In Simple English

The Economy, our India, is a developing mix economy which is 7th largest economical country in the world and the third largest country for purchasing power parity and our India ranks in the 139 rank on per capita GDP.

From the past, till now our country has become developed, and there is more growth in the Indian economy about 6-7% of average growth is being done in the economy of our country in India annually.

And in growing country of economy India has become the world fastest growing country in the world at first China was the country for more economic growth countries and India has surpassed China and it has become the world number one country to grow the major economy.

The growth of our economy has been done positively because of the young population corresponding Low dependency health Savings and many investments that have been done into the global economy. India has also become a major exporter of IT services in businesses and many sources, and so because of this, it has become the fastest growing part of the economy.

Indian Currency

The economy of India starts from the Rupees 1 and it has many 5 rupee coins 10 rupee coins and notes 100 rupees thousand and many more that are included in the Indian economy the highest that has been developed is rupees 2000 note. Indian economy mostly includes agriculture handicraft industries and a lot of services as services are the main sources of economic growth.

In India the earning and living of the people are directly and indirectly is through the agriculture as there are many well developed and well-educated people who can speak English an India has also become a great sector in information technology.

For the Rapid pace of growth of Indian economy India has slowly opened the markets by reducing government control of foreign trade and investment, and it was mostly started by Manmohan Singh under the leadership of PV Narasimha Rao and it as a great help in our Indian economy and because of this our Indian economy has been developed more with Rapid Pace.

By there is growth in the economy there also many economic problems in India as India faces because of the increase in the population the poverty is the main problem that India faces other than poverty lack of infrastructure growing unemployment and all these are the main problems as many people cannot get food at time to eat they cannot pay taxes, and because of this it is also causing a great problem for the development of the country.

Cashless Economy Systems

The cashless economy is the technique of transferring of the economy electronically as this method is used for transferring the money with electronic gadgets such as mobile or any other electronic gadget through which money can be transferred.

India is using this cashless economy method for the money transferring as it is a very useful method that has been developed in India.

There are many mobile apps which transfer money within a second easily. By all these things our Indian economy has going with a great progress and our India is developing day by day in economic process, and because of this there should be a development in all the things in India and there should not be lack of infrastructure or anything in India so by all this our India could become a developed country by all means.

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Updated: December 27, 2018 — 10:27 am

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