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The best books on the indian economy, recommended by kaushik basu.

The Republic of Beliefs by Kaushik Basu

Kaushik Basu , Professor of Economics at Cornell and former Chief Economist of the World Bank (2012-2016), says there's a Gandhian way of evaluating society that takes account of both growth and inequality, and tells us why his job is an anthropologist's dream come true. He picks the best books to understand India's economy.

Interview by Sophie Roell , Editor

The Stiglitz Report by Joseph E Stiglitz

The Argumentative Indian by Amartya Sen

Imagining India by Nandan Nilekani

Indira: The Life of Indira Nehru Gandhi by Katherine Frank

India After Gandhi: The History of the World's Largest Democracy by Ramachandra Guha

1 The Stiglitz Report by Joseph E Stiglitz

2 the argumentative indian by amartya sen, 3 imagining india by nandan nilekani, 4 indira: the life of indira nehru gandhi by katherine frank, 5 india after gandhi: the history of the world's largest democracy by ramachandra guha.

Y ou came from an academic, theoretical economics background – but you’ve been chief economic adviser to the Indian government. What, would you say, is the main challenge facing the Indian economy?

It’s into this exciting policy cauldron that I arrived, a greenhorn. It’s been a very challenging one year and five months. As one would expect in a newly emergent economy, there is a lot of messy politics, of course, but also, very, very fortunately, there’s a bunch of people – not too many, but a few politicians, bureaucrats, policymakers – who are just wonderful, intelligent and committed people. There is corruption, there is a lot of chaos around that one can see, but there’s also this small group that has made it all worthwhile for me. At the same time, I do hanker for my academic life, and believe I will go back to it eventually. But this has been just a very positive experience.

If you have one focus then, is that how to make Indian society less unequal?

That is certainly one of my objectives. We have to include everybody in the growth bonanza. As an academic I wrote a paper pointing out that very often the equity objective and the growth objective are treated as two separate targets [for an economy] but that is not right. I argued that a good way to evaluate a society is by its bottom 20%. It is a kind of Gandhian-Rawlsian rule that I like. You evaluate the wellbeing of the poorest 20% of the population and also track the growth of this segment. Since joining government, I have written about this interpretation of inclusive growth in official documents. It keeps you sensitive to the importance of growth but it is the bottom 20% you are focused on; so equity comes in through that door.

“Just because the laws of the market are important, we must not become apologists for what currently prevails and the huge inequities that exist in society.”

But I’ve been brought in as chief economic adviser, which means there is a whole set of tasks on my table. I have been working on fiscal policy and macroeconomic demand management, on India’s position in the G20 and inflation management and monitoring. The latter has been quite overwhelming. India is inflating faster than it has done in the past, and faster than many other countries, so that’s been a major challenge.

What’s the inflation rate now?

It’s 9%, and India has not historically been a high inflating country, like so many Latin American countries have been in the past. So 9% in India is considered unacceptably high.

It must be amazing to come from an academic background and then have the chance to implement your ideas.

It is actually amazing, and exciting. Also to watch politics from within is great fun. It’s the first time in my life that I am writing a diary. It is an anthropologist’s dream come true, seeing some of the political manoeuvrings up close, the build up of challenges and tensions and the crafting and implementation of policy.

In the past, I interviewed Eric Maskin – a 2007 economics Nobel laureate – on the financial crisis. He pointed out that to get politicians to pay attention to economic theory is very difficult.

Shall we start with The Stiglitz Report , a UN-commissioned report that was chaired by another economics Nobel laureate, Joseph Stiglitz?

This is a very good book on the financial crisis, I’m reading it right now and, surprisingly for a book on such a dry subject, it is absorbing. I thought I ought to recommend it to readers because it has a very unusual take. It looks at the crisis that erupted in the US and spread to the rest of the world, and talks about the deep defects in the system that need to be corrected. This is one of those rare books where the focus is on what this crisis has done to the poor.

Usually, when people talk about the crisis they are concerned about finance as an end in itself. It’ll be about how to repair the financial system, how to manage risk and so on. Stiglitz does talk about these matters. But it goes on to argue that, in the long run, the biggest challenge comes from the fact that a financial crisis affects poor people. It causes inequality to go up and people at the bottom end, who have very little space to be pushed into, nevertheless get pushed into it by a crisis like this. So I like the take that this book has on the crisis. And, further, one has to remember that Joe Stiglitz is one of the great economic theorists of our time. I happen to know him well, having co-authored a paper with him. I began reading this book to check out a theorist’s take on the crisis and I have not been disappointed.

Stiglitz earlier had a running battle with the International Monetary Fund. Around 1997-98, when the East Asian crisis took place, there was a face-off between the IMF and Joe Stiglitz, with the latter attacking the IMF relentlessly. Given that the IMF is now quite a reformed organisation, whereas Joe Stiglitz, as far as I can tell, is totally unreformed, Joe has to be declared the winner in this strange battle.

What does the IMF do now that is different from in the past?

Recently, I was in Washington for the G20 and IMF/World Bank meetings. I was part of a discussion on growing inequalities in Asia, as part of a panel on the Asian economies. You couldn’t imagine the IMF, 10 years ago, worrying about inequality. It would be concerned about many other things, but not that. It’s true that the inequality problem is being posed in terms of how it impacts economic policy and the way macroeconomics is to be done. But nevertheless it’s directly tackling the question of inequality and social turbulence. This really is a new phase for the IMF. Further, the IMF has now floated a paper recognising how capital controls to prevent excessive flows of foreign capital have a place in policymaking. This is a sharp retreat from its earlier dogma.

What kinds of things does Stiglitz focus on in the book?

One thing he touches on, which appeals to me greatly, is the anti-democratic nature of a lot of global decision-making. Within a country, we talk of democracy and the importance of one person, one vote. But a lot of global decisions are made by just a few countries. He argues that if you want a fairer world, you have to think of giving much more say to countries that may not be economically powerful. Just because they may not be contributing much to the coffers of the World Bank, the IMF et cetera, that doesn’t mean they shouldn’t have a say – just as we believe that, within a country, the fact that one person pays more tax doesn’t mean that that person should have multiple votes. What you want is a similar restructuring of global decision-making. That’s a very nice message from my point of view.

Do you think it will happen?

There is already pressure building up. There is talk about quota revision, giving greater say to countries that in the past have not had that kind of say in global decision-making. But these are small moves. So far there have been no more than tiny moves happening. But ideas put in public space can gather steam and have some effect, and he does that well in this book.

Is the book quite technical and detailed?

It’s very detailed, but I wouldn’t call it technical. It talks about the effects of the global crisis on developing countries. For me, as an Indian policymaker, this is of great relevance, because it’s not just about the US and Europe, it is about Asian countries and emerging economies in general.

Does it say anything particularly about India that you took to heart?

You also chose another Nobel prize-winning economist, Amartya Sen. It’s called The Argumentative Indian .

This is another interesting book, in a very different way though. Again, it’s by a person who began as a theorist. Amartya’s early work was virtually all as a logician: he did absolutely first-rate work on symbolic logic and choice theory. The Argumentative Indian is his post-Nobel prize book. And if the name of the author were suppressed from this book, you would never guess that it was written by the same person who wrote some of the early mathematical economics and symbolic logic works. In this book Amartya Sen manages to reinvent himself and that is remarkable.

What’s so surprising about it?

It’s a beautifully written book. It revolves around a thesis which is not the most persuasive part of the book, I have to say. The thesis is that India is a particularly argumentative nation, and that even the ancient texts, for instance, in terms of number of pages outstripped the Iliad or the Odyssey by – I forget the exact number – 20 times or so. The verbosity of the nation stands out from long back into history. I don’t know about that. Depending how you count, almost any nation could be portrayed as argumentative. But he uses this central theme to range over an amazing breadth of scholarship, from early Indian religious documents, to contemporary concerns about caste, the role of group identity, community identity, religious identity and also nationalism. The sweep is magnificent, and also Amartya is very funny. He was my PhD adviser by the way, so I have some first-hand experience. He writes with a lot of wit and that’s very evident in this book.

Speaking of argumentative or talkative Indians, I’m just remembering Alfred Marshall.

Alfred Marshall?

Alfred Marshall is one of the gurus of our field, and wrote a classic book, Principles of Economics , in 1890. There was an Indian who wrote a letter to Alfred Marshall, the gist of which was, “Great master, how can India do as well as Japan?” And Marshall’s reply, again in gist, was – “If Indians worked more and talked less, the way the Japanese do”. This speaks to Amartya’s theme; this belief that Indians are argumentative and that they talk too much.

But it is the stories in the book that appeal to me. Let me give you an example that is just marvellous and quintessential Sen. The major religious text for the Hindus is the Gita, and the book has a lot of discussion of that. There is one part where the warrior king Arjuna and the god Krishna are having an argument on the battlefield about whether to go to war or not. Arjunais feeling weakened at the thought of the massacre that will occur and doesn’t want to go, and Krishna tells him about the importance of duty: that it is his duty as a warrior king to do it, and he must not think about the fruits of it, which can be good or bad. The standard Hindu interpretation is that Lord Krishna’s advice is the right advice. But Sen says that when you look at the desolation and death caused by the war that occurred you begin to wonder if Arjuna wasn’t right in his hesitation to go into war – and maybe the lesson that we could take away is that one.

Let’s go on to Imagining India: Ideas for the New Century , by Nandan Nilekani. Do you want to start by explaining who he is?

He is one of a group of six persons who founded one of India’s biggest and most successful software companies, Infosys. He was an engineer to start with and, as he says in this book, if it wasn’t for a stroke of luck where he decided to try his hand at entrepreneurship, he would probably be a software engineer based in New Jersey, commuting to New York City. In India, there used to be a tradition of business houses, where children go into their parents’ business. Infosys was one of the early companies set up by people who had no experience in business, and it became a whopping success. Nilekani, after writing this book, has actually come into the Indian government. He’s in charge of developing a social security system for India, where individuals will be identified electronically using biomarkers. I get to interact with him a lot, both of us being outsiders now working inside government.

This book for me is a very unusual economics book because it is written by someone who is neither an economist nor a professional writer. He’s an engineer-turned-entrepreneur, and he writes about the ideas revolution that can cause India to take off and do well. It’s not entirely prophetic because India was already beginning to do well when he was writing it – but it’s a very enthusiastic book. He says that he is an incorrigible optimist and that comes out. It’s a bit in the tradition of [ New York Times columnist] Tom Friedman. The book is teeming with little ideas that India can do.

He talks about his father’s belief in Nehruvian socialism. He rejects this, but it’s not an ideological book. It’s really much more of a workman’s book. You have to recognise that the market is an important instrument and India has to use this instrument to do well, he reminds the reader. He gives a whole slew of advice. He talks about Nehru, like most Indians do, with a lot of admiration. While he is critical of Nehru’s policies, he has a lot of admiration for Nehru as a person. It’s a corporate person’s take on India, and, unlike some recent authors who are gung-ho and chauvinistic about the nation, this is not. It’s optimistic about India, but not in a chauvinistic way and that’s what I like about the book. It’s really a pleasure to read.

Does India still have a long way to go before it is functioning well as a market economy? I noticed one of the references in the book, about entrepreneurs, saying they’ve gone from “Red Tape to Red Carpet”. But I know one or two people trying to be entrepreneurial in India, and they still have enormous frustrations with the bureaucracy and say it is much easier to do business in China.

Let me talk about this, because it is not just part of the book, but also my current job. I have pushed this issue about bureaucracy into government documents. The World Bank, [its private finance arm] the IFC in particular, puts out data on doing business. They’ve developed an index, not too badly done, which talks to the amount of paperwork and bureaucratic hassles you have to go through – to start a business, to close a business, and, in the event of a contract violation, to have the contract enforced. By this criterion, India is ranked 134th in the world, and China is 79th. It’s very visible in India. Lots of ordinary people just feel fed up with the bureaucratic ropes. It’s also related to corruption. India has been in the news of late because of corruption. Very often you have to bribe to get something done.

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But one of my big surprises when I joined the government of India was to see the quality of the top civil servants in India. They really are very talented people, because it is a highly competitive system of recruitment. But the efficiency of the bureaucracy leaves so much to be desired. It’s like getting a bunch of ace drivers and then getting caught up in a traffic jam and leaving them there. There is something in the system which makes it go very slowly and sluggishly. I’ve felt this frustration as an ordinary citizen before I joined government, and I feel it now because I feel that if we can do better then India’s economy can really take off.

There are two major things that can hold back an economy. One is the physical infrastructure, and the other is this soft infrastructure, which is the bureaucracy. On the physical infrastructure, I’m very optimistic that India is going to change. Even within the next four to five years, you’ll see the change. There is investment happening, the government is putting in money, and it will improve. On the bureaucratic side, it’s very tough. Everyone frets about it, but you don’t quite know where to begin. I’m less hopeful on that. However, the economy has done well despite that because, mercifully, one big difference with China is that India’s government, despite the inefficiency, doesn’t quite have the power of the Chinese government. I’ll give you a simple number that illustrates this. Of the total national income, the fraction that comes out of the state-owned sector in India is about 14%. In China it’s over 40%. So the state is much more all over the place in China than in India, but China’s is a more efficient state. In India, fortunately, the state is not quite as big and all-encompassing, so despite the fact that it is slow and sluggish, there is still a lot space for private enterprise. People who are learning to work the system are doing well and that probably explains why India has been growing almost at the rate of China in recent times. But there is still a great distance to go on the bureaucracy.

There’s no easy solution, is there?

There isn’t an easy solution. I talked to the British High Commissioner to India. He’s a very interesting person. I told him, “Look, we inherited the British system and we remain with it, whereas Britain has nicely got rid of a lot of the old bureaucratic system. What did you do?” He assured me that he’ll get me to talk to people who worked on the revisions of the old system. But, getting back to your question, I don’t see a quick end to this, whereas I can see the physical infrastructure developing in leaps and bounds over the next couple of years.

Is India, like China, doing a lot of high-speed rail and so on?

Next, you’ve chosen a biography of Indira Gandhi.

Yes, by Katherine Frank. This is not an economics book but I still wanted to recommend it, because in terms of readability for me this one was a real page-turner. It does talk at length about the politics of India around the time when the first stirring of the Indian economy took place in the late 1970s and early 1980s. But the book is really an account of Indira Gandhi as a person, and the complexity of the leader. It’s a sympathetically written book – clearly the author likes Indira Gandhi and is fascinated by her. There are two points in the book that read like a Greek tragedy, like fiction. The first is the day before Indira Gandhi declared an emergency and took over dictatorial control of India from 1975-77. This is also discussed briefly in Amartya Sen’s book. The book’s description of the previous day is a chilling account of talking to lawyers and close advisers, the decisions going back and forth, how will she deal with the criticism from the press that would erupt? No one outside her small coterie in India knew this would happen and the next morning she makes this announcement on the radio that she is taking control because India faces a threat. That most remarkable day in India’s history is described beautifully.

The other point where the book really builds up is the day before her assassination. She comes back to New Delhi from some travels in India. The night before her assassination she is somehow not sleeping well and getting up for, I think, water, bumps into her favourite daughter-in-law, Sonia Gandhi, in the kitchen. Indira is full of human warmth and talks very affectionately to her daughter-in-law and in fact tells her that she should feel free to wake up Indira if she cannot sleep. There is a Shakespearean premonition in the air of something dramatic about to happen. They chat, and the next morning she is walking out of her house for an interview with Peter Ustinov and she is shot, point blank, by her own security. The build up to that, and what happens politically in the country subsequently, is recounted wonderfully.

The entire book is riveting to read. The emergency period is described very well and India takes off soon after that. There is an interface with the economy which is not spelled out. The book is not meant to do that, but for an economist there is a lot of subtext that can be read into it too, so I wanted to recommend it for that reason.

What part is most relevant to the economics?

Indira Gandhi, before 1975, was committed to Nehruvian socialism. She was influenced very deeply by her father, and her father was influenced by British Fabian thought. That was the mould in which she had grown up and if you look at the moves she makes, they are in that mould. When she comes back to power in the early 1980s, it’s a very different Indira Gandhi. By then, she is influenced by her sons, who have imbibed new ideas. She is trying out new policies, and you begin to see some changes. In terms of India’s liberalisation, the big moves took place from 1991 to 1993, but there are deep changes that are beginning to take place even in the 1980s. In 1975, she declares the emergency and takes over, running the country with authoritarian control for two years. She then declares an election and loses it in 1977. By the time she wins another election and comes back she is a changed person, mainly in terms of economic policies.

Are you a fan of Indira Gandhi?

What about India After Gandhi: A History of the World’s Largest Democracy ?

Ram Guha’s book is a popular history. As a book on recent India, it’s one of the best, maybe the best, that I’ve read – a mammoth amount of information, put together in a way that anybody can read. He’s a serious historian, but it’s written in a way that really makes you want to turn the page. If one wants to understand contemporary India, this is the book to read. It begins with [Mahatma] Gandhi ’s assassination, and it tracks the way the politics and debate takes place in India. There’s jostling for political space between different parties, between Hindu fundamentalists and the secularists, with Nehru and Indira Gandhi in the latter category. If one were to read one book on India, this is the one that I would recommend.

It goes up to the present?

Yes, it comes right up to the present, to just a couple of years ago.

You mentioned in an email to me that your own book, Beyond the Invisible Hand , might be considered left wing, while as a policymaker you’re considered to be very pro-market – but that there is no contradiction between the two. Can you explain that to me?

I can try to. My book will be read by many as a left-wing book, but it is non-doctrinaire left. Left is usually associated with big government, whereas this is actually a small-government left-wing book. It makes the argument that for good policy you have to give space for the laws of the market; you have to give space for individual enterprise and entrepreneurial creativity. At the same time, I’m arguing that a vastly better, vastly fairer and more equitable world is possible. Just because the laws of the market are important, we must not become apologists for what currently prevails and the huge inequities that exist in society. We must not get complacent about that, and say that’s the only thing that can happen.

The book goes into economic theory, but it’s all in words, there is nothing technical in my book. It’s in the tradition of [George] Akerlof, Stiglitz and Sen – the way they have written about the reasons why you need income and wealth redistribution, and how the government should try to deliver on that.

The book talks about inheritance. I argue that it is morally wrong to give people huge advantages at birth. An ideal government isn’t large, it’s lean and small, but it makes transfers, taking from the rich and giving to the poor. It does not fatten itself up like most Communist governments did. A large government is like a sitting duck: it invariably gets captured by individuals and small groups, as happened in the Soviet Union. So, my book argues, we have to think of radicalism in a very different way.

I do believe that the book makes deep analytical points, for instance about how the law works and the limits of methodological individualism. It’s a book that I worked on for a very, very long time. I finished it one week before I joined the Indian government, which is good because I would never have the time to work on it now.

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Now to my policymaking work. In our everyday life, we have to practice what I call normal economics. You have to recognise and respect the laws of the market, allow individual enterprise to flourish, international trade has to be open, and all the regular things economists say I would also repeat. At the same time we must not blight our chances of a more idealistic world. My book is based on two views of the invisible hand. For Adam Smith, the invisible hand was the little minions going about their everyday life, unwittingly creating order. That’s true in many domains, and its discovery was a major scientific breakthrough. But I contrast it with Kafka’s view, drawing on The Trial and The Castle , where little minions are going about their everyday chores without thinking about the larger implications of their actions and they create a horrific world. The book argues that both these visions have a role to play. Economists have given complete predominance and priority to the Smithian view, but we should be aware of the Kafkaesque view of what can happen and take guard against such a predicament.

Have you been able to move that into the policy world in your current job?

No. My work as a policymaker is to attend to everyday life. This is what I meant by normal economics. What I do now is normal economics. I have to make sure that prices don’t rise too fast, interest rates don’t fluctuate too much, India’s economic growth is rapid and sustained, and unemployment is low. There is a lot of standard economics that addresses these matters. We need to apply this accumulated wisdom well and that’s what I try to do my best with. To reject all standard economic theory as conspiracy, as some do, is a big mistake. It can only lead to policy failure. But, at the same time, we must not abandon the somewhat utopian project of creating a distinctly better world some day. This needs a lot of analysis and research. The possibility of such a world is what my book is about.

June 21, 2016

Five Books aims to keep its book recommendations and interviews up to date. If you are the interviewee and would like to update your choice of books (or even just what you say about them) please email us at [email protected]

Kaushik Basu

Kaushik Basu is Professor of Economics and the C. Marks Professor of International Studies at Cornell University, and former Senior Vice President and Chief Economist of the World Bank (2012-16). From December 2009 to July 2012 he served as the Chief Economic Advisor (CEA) to the Government of India at the Ministry of Finance. His most recent book is The Republic of Beliefs: A New Approach to Law and Economics.

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Essays on indian economics: a collection of essays and speeches.

Author: Ranade, Mahadev Govind

Keywords: Speeches, Essays, agriculture, land, emigration, Indian economics

Issue Date: 1906

Publisher: G.A. Natesan & Co., Madras

Description: This book is a collection of twelve essays that have write-ups and speeches by the Indian scholar and social reformer, Mahadev Govind Ranade. The first essay on ‘Indian Political Economy’ covers the main aspects of the following essays in brief. The remaining essays are based on varied subjects like credit organisations, state encouragement of agriculture and industry, emigration, local and self governance, and the laws of land sale in British India.

Source: Central Secretariat Library

Type: Rare Book

Received From: Central Secretariat Library

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Essays On Indian Economics

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Book Source: Digital Library of India Item 2015.123624

dc.contributor.author: Ranade, Mahadev Govind dc.date.accessioned: 2015-07-02T20:04:13Z dc.date.available: 2015-07-02T20:04:13Z dc.date.digitalpublicationdate: 2009-02-00 dc.date.citation: 1900 dc.identifier.barcode: 99999990064264 dc.identifier.origpath: /data9/upload/0261/832 dc.identifier.copyno: 1 dc.identifier.uri: http://www.new.dli.ernet.in/handle/2015/123624 dc.description.scanningcentre: Banasthali University dc.description.main: 1 dc.description.tagged: 0 dc.description.totalpages: 344 dc.format.mimetype: application/pdf dc.language.iso: English dc.publisher.digitalrepublisher: Digital Library Of India dc.publisher: D.b. Taraporevala Sons Amp Co., Bombay dc.rights: Out_of_copyright dc.source.library: Banasthali University dc.subject.classification: India-economic Conditions dc.subject.keywords: Indian Political Economy dc.title: Essays On Indian Economics

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A Concise Handbook of the Indian Economy in the 21st Century (2nd edn)

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After experiencing slow growth for much of the post-Independence period, the Indian economy has experienced powerful changes of significant magnitude since the mid-1980s. Post-reform India has defied established economic patterns and, in the process, created a few paradoxes. In this concise edition of The Oxford Handbook of the Indian Economy in the 21st Century, select chapters from the original have been compiled to give students of economics a brief but comprehensive overview of the Indian economy, contributing to a finer understanding of India’s growth path. In discussing these issues, this concise handbook adopts a context-rich, research-based, non-ideological approach; provides a comprehensive yet forward-looking coverage of economic issues; includes political and social aspects and draws on policymaker and market-participant perspectives; brings to the fore the various aspects of India’s performance that now attract global attention; and debates the relative importance of external factors compared to domestic reforms.

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Indian Economy Paperback – July 9, 2020

There is a newer edition of this item:.

Purchase options and add-ons

• Print length 1761 pages
• Language English
• Publisher McGraw Hill
• Publication date July 9, 2020
• Dimensions 7.87 x 5.51 x 1.57 inches
• ISBN-10 9389949521
• ISBN-13 978-9389949520
• See all details

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From the Publisher

Indian Economy by Author Ramesh Singh needs no introduction. This entirely enlarged, revamped and revised 12th edition includes the inputs from the economic Survey 2019–20, Union Budget 2020–21, India development report 2017 (The latest), India 2020 and other relevant official documents, making it a one-stop solution to the needs of the aspirants for the forthcoming examinations in a much better way.

Key Highlights:

• Revamped introductory chapter with latest National Income estimates
• Substantially revised chapters on inflation, Agriculture, industry, infrastructure and services with new issues added
• Economic impact of the pandemic situation and the measures of atmanirbhar Bharat Abhiyan have been included in relevant chapters for better understanding
• Revised and updated chapters on development economics, economic reforms, human development in India along with the incorporation of the latest human development report 2019
• Student-friendly features like glossary of relevant terms and multiple-choice questions together with Model Answers have been updated and revised based on the relevant burning issues and the latest changes

Editorial Reviews

About the author, product details.

• ASIN ‏ : ‎ B08BJ4KL27
• Publisher ‏ : ‎ McGraw Hill (July 9, 2020)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 1761 pages
• ISBN-10 ‏ : ‎ 9389949521
• ISBN-13 ‏ : ‎ 978-9389949520
• Item Weight ‏ : ‎ 1.76 pounds
• Dimensions ‏ : ‎ 7.87 x 5.51 x 1.57 inches
• Best Sellers Rank: #3,541,756 in Books ( See Top 100 in Books )

About the author

Ramesh singh.

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“Globalization and the Indian Economy” by Nayak Essay

This essay proposal intends to review the book “Globalization and the Indian Economy” written by Satyenda Nayak: Routledge, New York, 2007. Dr. Nayak Satyenda is a Ph.D. holder in international economics and finance from the University of Bombay, India. He is also a lecturer at ICFAI Business School in Mumbai. In this book, Dr. Satyenda looks at globalization and its consequences on the Indian economy.

Globalization is a phenomenon that cannot be ignored as it influences world economies directly, through improvement in communication, capital mobility, transport, and communication. It also enables countries to integrate in order to reduce tariffs. The Indian economy, just like any other has been directly affected by globalization. In this book, an economics and finance scholar is able to learn the effects of globalization on the Indian economy in depth.

This book delves deeply into issues such as trade, investment, and finance, how the balance of payments and currency exchange rates are affected by globalization. The role played by the United States of America through its capital market in driving the globalization process is enumerated. Furthermore, it critically discusses the 90’s Asian financial crises and the lessons that came out of it, for instance, the importance of having strong financial systems, and having regulatory and supervisory systems that assist financial institutions to manage risks effectively.

Dr. Satyendra describes globalization broadly in the context of India’s development.During the Asian crisis in the ’90s, Dr. Satyendra argues that India’s Reserve bank’s caution on holding off on rupee conversion assisted in avoiding the crisis.

To this effect, the book discusses gradualism in the context of this crisis. The author looks at the beginning of economic reforms and liberalization in India. According to this book, the theme of the reform process has been gradual, cautious, and carefully integrated into the Indian economy. As a result of Liberalization, the author explains that both foreign direct investment and portfolio investment have made it possible for the Indian currency to be convertible to global investors.

This is an excellent book I would recommend to anyone in learning economic and financial disciplines. I chose to review this book because it explicitly explores the impact of globalization on the financial reforms and liberalization in India’s economic development. I was unable to find any reviews on this book, however, I have referenced the web pages I tried to locate.

Alfred E Eckes. Global Economy Journal: Ohio Eminent Research (2008): 8, pp.3.

Antoine W. Agtmael. Globalization and Indian Economy (2007).

Mishra S. K. Icfai Journal of managerial Economics (2007): 5.1, pp. 63-80.

Nayak Satyendra. Global Economy Journal: Globalization—Indian Experience and Perspective (2007): 7.2, pp. 5.

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

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• 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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Essay on Indian Economy for Students in English | 500 Words Essay

December 20, 2020 by Sandeep

Essay on Indian Economy: India is mainly an agrarian economy with agricultural supplies contributing up to 50% of the GDP index. The government has created fair policies with wage revisions and labourers rights to boost economic growth. The service sectors, manufacturing units, iron and steel companies, chemical and textile sectors, automobile industries contribute to the economy of the country. Privatisation of many sectors along with demonetization has affected both big and small businesses in the country.

Essay on Indian Economy 500 Words in English

Below we have provided Indian Economy Essay in English, written in easy and simple words for class 6, 7, 8, 9 and 10 school students.

“There can be economy only where there is efficiency.” – Benjamin Disraeli

Indian economy is the fifth largest economy in the world currently. It is a developing market economy. The economic growth of India has even surpassed that of China in recent years. India has been able to successfully jump up ranks in various indexes, including the Ease of doing business index. Agriculture still remains the largest employer in the country, with the construction and real estate sector right behind it. India is the world’s second-largest coal and cement producer. The government has had a major role in accelerating the economic growth of the country.

The way industries operate in our country has been enhanced by the Industrial Policy. Many industries have been freed from the system of licensing and have no restriction on importing new and latest technology from other countries. The government has also taken up disinvestment in the industries where it is unprofitable. The focus on privatisation is being increased to intensify healthy competition. The government is also making efforts to revive and promote small scale industries and businesses.

The New Trade Policy has made it extremely easy for traders to carry out imports and exports. The trade of all items barring a restricted few has been allowed. Also, the tax on many items has been abolished, while for others, the amount has been visibly minimised. A lot of incentives are also being provided to exporters to encourage foreign trade and gain foreign currency.

History of the Indian Economy

For continuous 1700 years starting from the 1st century A.D., the Indian economy constituted about 35 to 40 percent of the world’s GDP and was the topmost flourishing economy. The Indus Valley civilisation proved to provide a form of permanent settlement to the people of the country alongside efficient water supply, urban planning and sanitation.

The silk route provides proof of early Indian trade. Under the Mughal empire, the Indian economy thrived and prospered. It was during this time that a focus on industrial production was also seen. Under the British rule, the Indian economy suffered some significant setbacks and was downtrodden. There were major changes seen in the agricultural sector. The commercialisation of agriculture increased. Farmers were forced to grow cash crops that were used in trade, rather than producing food crops.

This resulted in numerous famines. The once rich handicrafts and handloom sector also dipped and sunk during the British Raj. However, the colonial rule is responsible for giving the country railways, a legal system and a single currency exchange rate. The British era in India was rather exploitative, but our economy has come a long way since then with the help of policies pertaining to privatisation, liberalisation and globalisation .

Sectors of the Indian Economy

As the Indian economy has vastly diversified and grown in the previous years, the GDP contributed by the agricultural sector has reduced. However, it still continues to employ more than 50 percent of the country’s population . India is the largest producer of milk, pulses and jute and is the second-largest producer of wheat, rice and cotton. The agricultural sector accounts for about 20% of India’s GDP.

The main industries included in the Indian industrial sector include textile, construction, power, food processing, etc. The industrial sector employs around 22 percent of the country’s workforce and accounts for 26 percent of India’s GDP. Foreign Direct Investment is one measure by the government, which has increased foreign investments in the country, leading to further growth in this sector.

The services sector contributes the maximum to the GDP of the country. It includes financial services, aviation, insurance, hospitality, entertainment, etc. This sector employs around 23 percent of the Indian population. The main reason why the service sector has been able to do exceedingly well is because of outsourcing. The working population here is skilled, highly educated and cheaper than the labour in other countries.

Problems facing the Indian Economy

Unemployment is a problematic issue for the working-age population of India. The rate of unemployment has increased, and so has the population between the age bracket of 15-59 years. This unemployment is prevalent in the rural as well as the urban areas and is more widespread among the unskilled workers. A significant chunk, including women, especially those that live in rural areas are illiterate and have low educational standards. This leaves so much potential untapped and opportunities unexplored.

Essay on Indian Economy for Students and Children

500+ words essay on indian economy.

India is mainly an agricultural economy . Agricultural activities contribute about 50% of the economy. Agriculture involves growing and selling of crops, poultry, fishing, cattle rearing, and animal husbandry. People in India earn their livelihood by involving themselves in many of these activities. These activities are vital to our economy. The Indian economy has seen major growth in the last few decades. The credit for this boom largely goes to the service sector. Agriculture and associated activities have also been improvised to match the global standards and the export of various food products has seen an upward trend thereby adding to the economic growth. The industrial sector does not lag behind a bit. A number of new large scale, as well as small scale industries, have been set up in recent times and these have also proved to have a positive impact on the Indian economy.

Government’s Role in Economic Growth

Majority of the working Indian population was and is still engaged in the agriculture sector. Growing crops, fishing, poultry and animal husbandry were among the tasks undertaken by them. They manufactured handicraft items that were losing their charm with the introduction of the industrial goods. The demand for these goods began to decline. The agricultural activities also did not pay enough.

The government identified these problems as hindering the economic growth of the country and established policies to curb them. Promotion of cottage industry, providing fair wages to the laborers and providing enough means of livelihood to the people were some of the policies laid by the government for the country’s economic growth.

Get the huge list of more than 500 Essay Topics and Ideas

The Rise of the Industrial Sector

The government of India also promoted the growth of small scale and large scale industry as it understood that agriculture alone would not be able to help in the country’s economic growth. Many industries have been set up since independence. A large number of people shifted from the agricultural sector to the industrial sector in an attempt to earn better.

Today, we have numerous industries manufacturing a large amount of raw material as well as finished goods. The pharmaceutical industry, iron and steel industry , chemical industry, textile industry, automotive industry, timber industry, jute, and paper industry are among some of the industries which have contributed a great deal in our economic growth.

The Growth in Service Sector

The service sector has also helped in the growth of our country. This sector has seen growth in the last few decades. The privatization of the banking and telecom sectors has a positive impact on the service sector. The tourism and hotel industries are also seeing a gradual growth. As per a recent survey, the service sector is contributing to more than 50% of the country’s economy.

Indian Economy after Demonetization

The worst affected were the people in the rural areas who did not have access to internet and plastic money. This affects many big and small businesses in the country very badly. Several of them were shut down as a result of this. While the short term effects of demonetization were devastating, this decision did have a brighter side when looked at from long term perspective.

The positive impact of demonetization on the Indian economy is a breakdown of black money, the decline in fake currency notes, increase in bank deposits, demonetization stopped the flow of black money in the real estate sector to ensure a fair play, increase in digital transactions, cutting monetary support for terrorist activities.

Many of our industries are cash-driven and sudden demonetization left all these industries starving. Also, many of our small scale, as well as large scale manufacturing industries, suffered huge losses thereby impacting the economy of the country negatively. Many factories and shops had to be shut down. This did not only impact the businesses but also the workers employed there. Several people, especially the laborers, lost their jobs.

The Indian economy undergoes several positive changes since independence. It is growing at a good pace. However, the rural regions of our country are still under-developed. The government must make efforts to improve the economic condition of these areas.

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• Essay on Indian Economy

Introduction to Essay on Indian Economy

Indian Economy is a concept which deals with the system which manages all Economic activities of a country. It covers different sectors like agriculture, industry, and services along with their sub-segments.

Importance of Indian Economy:

The Indian Economy is important to study because it is the seventh-largest in terms of purchasing power parity and the third largest in terms of nominal GDP. Inflation in the Indian Economy is a major concern. The growth and development sector of the Indian Economy is an important area of focus. The Foreign exchange reserves of India are also an important aspect to study. Employment generation is an important area of focus for the Indian Economy.

Investment is another major concern when it comes to the Indian Economy. The balance in trade and budget deficit are other aspects that need attention from people studying the Indian Economy. Every year, a lot of research papers on India's Economy are written by various students all over India.

Some Tips to help You write Your Own Essay on the Indian Economy:

First Step: Collecting Information/ Data:

You must collect as much information related to your topic as possible. If necessary, ask experts or professionals who work in that particular field and get their opinions too if required. This would give you more authentic data rather than just reading out general stuff available online or through books.

Second Step: Sorting Information/ Data:

In this step, you must sort out all your collected data and information into separate sections. For example, if the essay is on the Indian Economy then divide it into different parts like Agriculture, Industry, or Services sector, etc. You can also use sub-heads for each of these main divisions to make things easier for yourself while writing down the final draft of your work.

Third Step: Analysis & Research Plan:  

In this part, start by researching a particular topic thoroughly so that you have a clear idea as to how to proceed with it in detail before actually starting off with the actual writing process itself. This way there would be no loose ends left at the end of the whole thing and your essay would be complete and well-structured.

Fourth Step: Drafting the Essay:

Start by writing an introduction to your topic, explaining what it is all about in detail. After that, start discussing different points one by one with proper evidence backing up everything you say. Make sure each paragraph flows smoothly into the other so that the reader does not lose focus at any point while reading through it. The conclusion should summarize all your findings and leave a lasting impression on the mind of the reader.

Fifth Step: Editing & Proofreading:

This is an important step where you must check for grammar mistakes, punctuation errors, etc. Also, make sure that the structure of your essay is perfect and there are no loose ends left at the end of it. It is better to ask someone else to proofread your work too if you are not very confident about yours.

Sixth Step: Finalizing & Presenting Your Work in the Form of an Essay/ Paperwork etc.:

Finally, present your paper with proper references and bibliography so that every statement made in the essay has a source backing it up. Make sure everything looks neat and clean before actually sending off this final piece for assessment or assignment purposes.

Conclusion: So these were some tips on how one can write their own essay on Indian Economy which would be useful for students studying it or anyone interested in knowing more about India's Economy.

FAQs on Essay on Indian Economy

1. How much time does it take to write an essay on the Indian Economy? How long should my essay be?

It totally depends on the length of your topic and how much information you have collected for writing it. Usually, an essay takes around four to six hours to complete depending upon its size.

2. Where can I get authentic data regarding the Indian Economy?

There are various websites like IMF (International Monetary Fund), World Bank, etc which provide useful data on the Indian Economy.

3. Is there a specific thesis statement that I should focus on when writing my essay?

Yes, there should be a clear thesis statement that you must mention at the beginning of your essay. It can also follow throughout the entire course of it so as to maintain a good flow and structure in your work.

4. Who is my audience? How do I write an authentic essay for them?

Your audience would mostly comprise students and researchers who are interested in knowing more about the Indian Economy. So make sure your language and tone are appropriate for them, and all the information you provide is accurate and backed up by authentic sources.

5. What are some good transition words that I can use to connect my ideas?

There are many transition words that can be used. For example, you could start off with "firstly", "next" or even use phrases like "in the second place" to make your sentence flow smoothly into another one.

6. How will I know if my essay is well-structured? What does it need?

Your essay should be well-structured and organized according to the points you are discussing. Each paragraph must flow smoothly into another one, starting with a topic sentence that summarizes the main point of that particular section in your work. After every point is discussed there needs to be some sort of conclusion at the end which sums up all your findings.

7. What are large-scale industries?

The industries with large capital requirements engaging strong manpower. These organizations have a fixed asset worth more than 10 crore rupees and are considered to be large-scale industries. In India, the large-scale industries are those industries that have a fixed asset which is more than one hundred million rupees or Rs. 10 crores.

8. In India which place is known as the Industrial Hub?

Tamil Nadu is the state with the largest number of factories situated overall in India. Tamil Nadu is the capital city Chennai with the largest industrial and commercial centre in the whole of South India. India has 13 minor industrial regions located in 15 industrial districts.

9. How is the Indian Economy in recent times?

India's GDP was estimated at Rs. 33.14 trillion in the year 2011 and 2012, US＄452.74 billion for the second quarter of the FY2020-21, against Rs. 35.84 trillion US＄489.62 billion in the second quarter of FY2019-20.

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Indian Economy: Essays on Money and Finance Hardcover – 14 September 1998

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• ISBN-10 8174762116
• ISBN-13 978-8174762115
• Edition Reprint
• Publisher UBS Publishers' Distributors Ltd
• Publication date 14 September 1998
• Language English
• Dimensions 13.97 x 1.91 x 20.96 cm
• Print length 349 pages
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Product details

• Publisher ‏ : ‎ UBS Publishers' Distributors Ltd; Reprint edition (14 September 1998)
• Language ‏ : ‎ English
• Hardcover ‏ : ‎ 349 pages
• ISBN-10 ‏ : ‎ 8174762116
• ISBN-13 ‏ : ‎ 978-8174762115
• Item Weight ‏ : ‎ 544 g
• Dimensions ‏ : ‎ 13.97 x 1.91 x 20.96 cm
• Country of Origin ‏ : ‎ India

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Essay on The Indian Economy

The Indian economy has experienced a transformation from being a mixed-planned economy to an emergent middle-income social market economy with strong state intervention in key industries. It ranks third in terms of purchasing power parity and fifth overall in terms of nominal GDP (PPP). India is ranked 125th and 142nd in terms of nominal GDP and per capita income, respectively, by the International Monetary Fund (IMF) (PPP). Below are a few sample essays on the Indian economy.

100 Words Essay On The Indian Economy

The Indian subcontinent was the largest economy in the world throughout the bulk of recorded history, up to the beginnings of colonisation in the early 19th century. India's Gross Domestic Product (GDP) makes up 7.5% of the world economy, according to purchasing power parity (PPP). Due to its young population, low dependence ratio, high rates of savings and investments, rising globalisation in India, and interaction with the global economy, the long-term outlook for the Indian economy is still good. The shocks of "demonetisation" in 2016 and the implementation of the Goods and Services Tax in 2017 caused the economy to slow down. India's GDP is powered by domestic private spending to a degree of over 70%. The nation continues to be the sixth-largest consumer market in the globe.

200 Words Essay On the Indian Economy

Before the Covid-19 Pandemic struck in 2020 and had a detrimental effect on trade, India's economy was the world's 14th-largest importer and 21st-largest exporter. India has been a member of the World Trade Organisation since January 1, 1995. It ranks 63 on the Ease of Doing Business Index and 68 on the Global Competitiveness Report. India's nominal GDP swings significantly, which is also a result of the significant fluctuations in the rupee/dollar exchange rate. India has the second-largest labour force in the world, with 50 crores (500 million) workers. India is one of the nations with the highest proportion of billionaires and the widest wealth gaps. Due to several exceptions, just 2% of Indians pay income taxes.

Crisis In 2008 | The GDP somewhat decreased as a result of the global financial crisis in 2008. India started fiscal and monetary stimulus programmes to increase demand and strengthen the economy. Later on, economic growth picked up.

Steps For Sustainable Growth | Indian priorities for achieving sustainable economic growth, according to the World Bank, should be infrastructure development, agricultural and rural development, the abolition of land and labour regulations, financial inclusion, fostering private investment and exports, education, and public health.

500 Words Essay On the Indian economy

For a continuous period of more than 1700 years, starting in the year 1 AD, India was the greatest economy in the world, contributing 35 to 40% of the global GDP . Following the collapse of the British Empire, a combination of protectionist, import-substitution, Fabian socialism, and social democratic policies were used to rule India for a spell. Due to its sluggish growth, extensive regulation, protectionist policies, and government ownership, the economy during the period was referred to as "Drigism." The country has moved closer to a market-based economy since 1991 because of increasing economic liberalisation. Statistics show that by 2008, India's economy was among the fastest-growing in the world.

Ancient and Mediaeval Eras

Let us learn a little about how Indian economy was during the ancient and medieval era.

Indus Valley Civilisation

The Indus Valley civilisation, a stable society, emerged between 2800 and 1800 BC. Its residents engaged in agriculture, domesticated animals, used established weights and measures, made tools and weapons, and conducted trade with neighbouring settlements.

From the beginning of time until about the fourteenth century AD, there was a great deal of maritime trade between South India and Southeast and West Asia. Beginning in the first century BC, both the Malabar and Coromandel Coasts served as the locations of significant commercial hubs that served as transit points between the Mediterranean area and Southeast Asia as well as centres of import and export. As time went on, traders formed organisations with official support.

During the 14th and 18th centuries, there may have been active trade from India to West Asia and Eastern Europe. Surakhani, an area of larger Baku, Azerbaijan, became home to Indian traders at this time.

The Gangetic plains and the Indus valley both included a large number of centres of river-borne commerce, while the Saurashtra and Bengal coasts significantly influenced marine trade farther north. The Khyber Pass, which links the Punjab area with Afghanistan, the Middle East, and Central Asia, was the primary route used for overland commerce.

How Covid-19 Impacted The Economy

The center's income collection suffered significantly as a result of the disruption in economic activity caused by the spread of the Covid-19 outbreak. Financial resources were under tremendous strain at the same time due to greater spending to lessen the pandemic's effects on society's most vulnerable groups.

Impact | The Covid-19 pandemic invalidated every calculation. According to data from the Controller General of Accounts, the fiscal deficit for the Center will reach 145.5% of the BE for the full year by December 2020.

The Target | By bringing the budget deficit down to 4% of GDP by 2025–2026, the 15th Finance Commission proposed a course for the government to follow to consolidate its finances.

The Numbers | 6.8% of GDP was projected by the government to be the budget deficit year 2021–22. In contrast to the budget forecast of 3.5%, India's government budget deficit for 2020–21 was larger at 9.40% of GDP. This was mostly brought on by increased spending and decreased income collection as a result of Covid-19.

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