India is one of the largest and highly populated countries, which is ranked 3rd largest in PPP (Purchasing Power Parity). The Indian economy has seen tremendous growth in the last 10 years, due to various industrial developments.

Access to free education, population and poverty control, increase in job opportunities to many skilled and unskilled employees, huge demands for various consumable products, and many others have helped in the consistent economic growth of the country. Per capita income and household savings have increased due to hike in earning capacity.

The main sources for growth of Indian Economy can be listed as below –

Liberalized foreign trade policies have given opportunities to many small and medium sized industrial houses to explore International markets.

Products like fruits, apparels, electronics goods, shoes, engineering items, marine products, textiles, leather merchandizes, iron ore, steel, and others are exported to other countries. This creates both, direct and indirect job opportunities. Today, India has been ranked 12th among the other largest exporting countries in the world.

Agriculture has been a traditional occupation for more than 50% of the Indian population. Government provides financial and technical assistance to farmers, which will enhance the quality of the produce. Some of the State Government provides tractors, sprinklers, pesticides, seeds, electricity, and many other things at subsidized costs. There are grievances center that work towards solving various issues faced by farmers and protects them against any sort of social and financial exploitations.

Increase in many private and public sectors have also contributed in the economic development of the country. Various service industries like Telecommunications, hotels, IT companies, BPO centers, textiles industry, food processing, transportations, banking, insurance, software products, and many more has generated more than 1 million jobs for educated youths of the country. In order to motivate these sectors to undertake more projects, government has given many tax benefits and relaxed severral policies.

Global Economy has attracted many foreign trades and foreign investors, to explore the natural resources of the country, including manpower at a cheaper price. The number of Multinational companies, International Banks, and Collaborated ventures has increased in a span of last 10 years. Improved roads, Infrastructure, reformed airports and significant rise in number of international flights, and other facilities have motivated these investors to work in India.

Improved rules and regulations of various public sector banks have helped in controlling the inflation rate for many products. People are now investing on long-term and short-term deposits scheme, which earns them better returns. Insurance sectors are the ones that have highest number of people investing in it by opting for different kinds of policies. All the investment made towards the policies is then used for the benefit of the citizens and also the insured, as per the terms and conditions.

India has enough resources to generate electricity, which includes industrial, commercial and non-commercial purposes. Private companies are trying newer technologies of generating the electricity to benefit as many people as possible in the city and villages.

These are some of the major factors that have helped Indian economy to flourish and increase the national income of the country.

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