TNPSC- Indian Economy in English medium
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Indian Economy:
Introduction
- India is a developing country with a mixed economy, incorporating elements of socialism and capitalism.
- It's the 3rd largest economy in Asia and 5th largest in the world in terms of PPP (Purchasing Power Parity).
- Service sector-dominated (around 55% of GDP): IT, finance, tourism, and healthcare.
- Agriculture (around 15% of GDP): major crops include rice, wheat, cotton, and spices.
- Industry (around 30% of GDP): textiles, automobiles, pharmaceuticals, and steel.
Economic Reforms
- Liberalization (1991): reduced government control, encouraged foreign investment, and increased private sector participation.
- Globalization: increased trade and investment with other countries.
Challenges
- Poverty and income inequality
- Unemployment and underemployment
- Corruption and bureaucratic hurdles
- Infrastructure and resource constraints
Government Initiatives
- Make in India: promoting manufacturing and exports
- Digital India: enhancing digital infrastructure and services
- Startup India: supporting entrepreneurship and innovation
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