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International Journal of Commerce and Economics
2021, Vol. 3, Issue 2
Economic development in India: A Study on growth outlook & challenges
Punam Ahlawat, Jagbir Ahlawat
Economic growth is very essential for estimating the progress of a country. India is facing many challenges to hike economic growth during last few years. Since the early 1990s, when reforms began, growth rates have been higher and more stable, the economy has become more modern and globally integrated, macroeconomic stability has improved. Yet an economic deceleration in the last few quarters has generated worried observations about India’s growth potential. The questions being raised are: What is the “new normal” for India’s growth potential? What sets of policies, structural or cyclical, might be needed to revive growth? In this paper, we take a long-term perspective on India’s growth outlook. Looking back at the last 30 years, we note that India’s average growth has accelerated slowly but steadily across sectors - agriculture, industry and services - and become more stable. During this time, all sectors contributed to accelerating growth, including investment, and exports. The emergence of the deceleration to growth rates below 7 percent between 2016–17 and 2017–18 was a deviation, attributed to temporary disruptions in economic activity due to the twin policy events, for implementation of the Goods and Services Tax (GST) and the economy adjusted to demonetization.
Download | Pages : 37-40
How to cite this article:
Punam Ahlawat, Jagbir Ahlawat. Economic development in India: A Study on growth outlook & challenges. International Journal of Commerce and Economics, Volume 3, Issue 2, 2021, Pages 37-40
