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Economy of India |
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Located in Southern part of Asian continent, India is one of the largest and most populous countries in the world. India is not only the home to millions of people but also a unique place where people belonging to different religious groups stay in peace. Every part of this huge piece of land offers shelter to people of all class staring from people living below poverty level to rich industrialists. That is why Indians have habit of saying our country is very poor, but the fact is that the economy of India is quite flourishing and is developing day day bay day.
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The economy of India is based on numerous sectors. Though agricultural activity is the most dominant sector in the economy of India, there are several industries that contribute largely to it. The large and medium-scale industries in India earn huge revenue throughout the year because huge percentage of skilled and efficient workforce is engaged there. The rate of productivity in the small scale and cottage industries are also huge as a huge percentage of people belonging to poor class are engaged in it. However agricultural activity is the main livelihood for them.
Tourism is also a major contributor to the economy of India. Thanks to its wonderful geographical location and abundance of various natural assets, historic, archaeological and religious sites in its different parts, India is a very popular tourist destination in Asia. Millions of tourists from all corners of the world come to visit different parts of India throughout the year resulting in huge revenue earning by the tourism sector.
Yes, it cannot be denied that poverty is one of the major problems in India, but the country is fighting hard to eradicate it. In the post independence era, the country has gone through major economic reforms and has improved a lot. And with the new foreign trade policies implemented by the Central Government, the economy of India is like to flourish more in the near future.
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