About India economic growth
India's economic growth really kicked off in 1990s when India made its markets more accessible. This was done by introducing a number of economic reforms. From that point in time Indian economy has been growing at a steady pace. However, India's economic growth has not been exactly steady. In 1991, Rajiv Gandhi-led Indian government imposed limits on office holders regarding expansion of capacity, brought down corporate taxes, and abolished price controls. This led to an increase in growth of Indian economy.
But there are some disparities across states and sectors. For example, Maharashtra has been in better economic condition than states like Bihar.
In past, India's economic growth has been hampered by a variety of factors. For example in 2002, lesser expenditures in areas like power, telecommunications, construction, real estate and transportation prevented good growth of Indian economy. This led to permission and promotion of foreign investment, which has contributed to a continuous rate of development in last one and a half year.
India GDP growth
In financial year 2007-08, India recorded a growth of 9.1 percent in its gross domestic product. This has enabled India to be counted among two quickest emerging economies of global world. In this regard, it is placed right after China. A number of economists are of opinion that if India can sustain this rate of development they would soon be regarded as a big name in global economic scenario. Goldman Sachs has predicted that by 2020 India's gross domestic product would be four times of what it was in 2007.
Indian economy growth in colonial period
When India was first colonized by British, Indian economy was going through a relatively good period. Production and trade had increased. However, when India ceased being a colonial nation, it's economy had already been massively exploited and lay in tatters. A number of leftist economists had squarely blamed British for decline of Indian economy but their views have been opposed by rightist economists who opine that since a number of sectors in India were at a developmental stage, economy of India was unable to sustain that impressive rate of development.