Volume : 10, Issue : 12, DEC 2024

INDIA IN THE GLOBAL SOUTH: A RISING ECONOMIC POWER

ECONOMIC DEVELOPMENT, CONTRIBUTION, AND EFFECT IN INDIA: A COMPREHENSIVE ANALYSIS

SUSHIL KUMAR YADAV

Abstract

Economic development in India has undergone significant transformations since its independence in 1947. Initially characterized by a mixed economy model, India has progressively shifted towards liberalization and globalization, particularly post-1991. This development has led to substantial contributions across various sectors, including agriculture, manufacturing, and services. The service sector, in particular, has emerged as a powerhouse, driving GDP growth and creating millions of jobs.The effects of economic development in India are multifaceted. On one hand, it has resulted in increased standards of living, poverty reduction, and improved access to education and healthcare. On the other hand, challenges such as income inequality, environmental degradation, and regional disparities persist. The contribution of foreign direct investment (FDI) and technological advancements has been pivotal in accelerating growth, yet balancing economic progress with sustainable practices remains a critical concern. Overall, India's economic development showcases a complex interplay of opportunities and challenges, necessitating ongoing policy innovations to ensure inclusive growth and sustainable prosperity for all citizens.

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