According to the latest issue of Forbes, Indian economy has outperformed all its competitors in the recent years. There are 3 Indians in the top 10 list of billionaires in the world. The quarterly gross domestic product for the third quarter of the year has shown a grown rate of 5.4%, as compared to the corresponding quarter of the last year. It is worth noticing that this growth is registered during the time when the rest of the world is facing recession.
However, the constantly rising inflation has started stealing the show now. Though it is correct that running the world’s biggest democracy is not a joke, but the huge gap between imports and exports is a sign of worry. The Indian Economy started taking shape after India got its independence from the British in 1947. During the first few years, a number of policies and schemes were drafted by the visionaries. The first five year plan was implemented in 1952 and since then various steps have been taken by the national and state governments to boost the economy.
Agriculture has remained the number one sector from the employment point of view. More than 67% of Indian population is still employed by this sector directly or indirectly. In comparison to this, the industrial and service sectors are quite new but are able to push the economy from 2.3% in 1952-53 to 9% in 2007-07.
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