TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
The Finance Story
No Result
View All Result

A look back at the economic milestones that defined India, from the day of its Independence.

It’s been 75 years since India obtained the right to political, and economic freedom. India is one of the biggest economies in the world, but it still has a lot to take care of on the economic front.

Preeti Mondal by Preeti Mondal
Published date: 15th August, 2022
Last edited date: 24th June, 2023
SHARE (120)
A look back at the economic milestones that defined India, from the day of its Independence.
Share on FacebookShare on Twitter

It’s been 75 years since India obtained the right to political, social, and economic freedom.

A lot has changed till then. Some changes were good, and some were bad, like the droughts of the 1960s, or the global financial crisis of 2008. But there is one truth that stayed consistent; no matter the circumstances, India knows how to bounce back.

Take the pandemic for example; India tackled the Covid 19 disaster much better than some of the most advanced countries. Despite getting knocked down, India did exceptionally well in the pharmaceutical and IT sectors.

When India achieved its Independence back in 1947, the level of poverty, inadequate health infrastructure, and illiteracy, was, to say the least, extreme. But look at us now, India has been crowned as one of the biggest economies in the world; extreme poverty has been reduced by 12%.

India’s GDP has gone up from just Rs 2.7 lakh crore in 1947 to a whopping Rs 150 lakh crore today. And part of the credit goes to the Indian government for announcing the economic liberalization in 1991, which changed the future of the Indian economy.

There is no doubt that this country has accomplished a lot over the last 7 decades, but it still has a long way to go.

The unemployment rate amongst Indian youth has risen drastically in the last few years. The devaluation of the Indian Rupee and increased fiscal deficit have presented a cloud of uncertainty over India’s dream of becoming a developed country. The foreign exchange reserves of India have also dropped by $897 million to $572.978 billion.

India’s external debt also reached a worrying US$ 620.7 billion, in end-March 2022 from approx $35 billion at the end of 1984-85.

The slight downturn of the Indian economy could be attributed to a few factors; demonetization in 2016, global trade wars, the big blow of Covid, and choosing trickle-down policies among others.

From the day of independence, we’ve had very stable governments, but from an economic perspective, some choices could’ve been better. A lack of serious reforms and privatization also plays a major role here.

India is certainly not in the place where it was all those decades ago, there has been immense growth, but at the same time, it has made some mistakes and missed a lot of opportunities to transform itself.

Then again, didn’t Gandhi Ji say, “Freedom is not worth having if it does not include the freedom to make mistakes?”

But the point is to not repeat that mistake.

India once termed a “Third World Country” would have to take drastic but steady measures on the economic and social fronts. The country is poised to become a $10 trillion economy soon, and we cannot wait for it to happen.

 

Preeti Mondal

Preeti Mondal

Recommended for you

Deloitte to add hundreds of tech jobs across the UK, over the next 3 years.
Big 4

Deloitte to add hundreds of tech jobs in UK

25th May, 2025 | 2 mins read
JP Morgan may slash over 10% of operations workforce
AI in Finance

JP Morgan may slash over 10% of operations workforce

23rd May, 2025 | 2 mins read
EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit
Accounting & Consulting services

EY in trouble for audit failure of NMC Health: Faces £2 Billion lawsuit

22nd May, 2025 | 3 mins read
Randstad India CFO says executive hiring booming
Hiring

Randstad India CFO says executive hiring booming

22nd May, 2025 | 2 mins read
FTI Consulting taps Antoine Nasr to lead Middle East Business
Dubai

FTI Consulting doubles down on the Middle East

21st May, 2025 | 3 mins read
Microsoft fires 6000 employees...To sharpen focus on AI
News

Microsoft fires 6000 employees…To sharpen focus on AI

20th May, 2025 | 4 mins read
Next Post
Modern CFOs are innovation allies. Most CFOs are capable of communicating with technologists.

Modern CFOs are innovation allies. Most CFOs are capable of communicating with technologists.

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert