As the country gears up to celebrate the 77th Independence Day on August 15, it is worth taking a look at how far India’s economy has travelled in all these years. The celebrations of this year’s Independence Day come amidst the talk of Indian economy reaching the third largest spot by 2027.
For a country which contributed less than 3 per cent to world’s GDP at the time of its independence, the journey of rising to the fifth largest economy spot is notable. Not only GDP, but the country has also made progress in key parameters of net national income, life expectancy and literacy.
On this Independence Day, here’s a look at the progress Indian economy has made since gaining Independence from Britishers in 1947.
The gross domestic product (GDP) of the country has grown exponentially in the last 76 years which has made the country the fifth largest economy in the world. The graph of GDP growth reflects the story of the Indian economy. Since the beginning of 21st century, the effects of liberalisation are visible in the country’s with growing investment and expansion of private players. The growth has helped propel the per capita net national income as well.
Jump In National Income
The improving GDP and increasing opportunities for people led to a jump in national income, as visible in the graph. The estimates of Professor BS Minhas in 1956 suggested that over 65 per cent of Indians were poor. Successive governments undertook measures to work towards improving the economic situation of Indians. Not only income, but the country has also seen significant improvement in the life expectancy and literacy rates of its citizens since gaining independence.
Life Expectancy And Literacy Improve
At the time of independence, the country’s literacy rate was less than 20 per cent and life expectancy hovered around 32 years. The governments of Independent India have had to grapple with the challenge of improving healthcare and education system in the country. While stakeholders around the country debate the way to further improve the country’s essential services, the data for both literacy and life expectancy shows how much progress the country has made.
As India completes 76 years of Independence, the country would hope to continue the growth to further improve the lives of its citizens.