Title of the Project
“A Study on Recent Reforms in Indian Economy”
Introduction & Objectives of the study
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Economics is the study of how societies use scarce resources to produce
valuable commodities and distribute them among different people.
In a developing country like India which has such a huge population to feed
in which 33% people are Below Poverty Line (BPL), it is very important to
focus on economic growth at a fast pace and fulfill the aspirations of its
increasing young population.
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● To study the issues associated with Indian economy
● To study the recent actions taken by government towards economic
reforms
● To study the effects on economy due to these reforms
● To study the perception of Investors towards Indian market
● To identify further measures that can be initiated to develop the
economy.
Problem Statement
Since Independence, indian economy has been a closed economy for the
rest of world. Government had monopoly in most of the sectors which
affected services very badly as there was no competition. But after
Liberalisation, Globalisation, Privatisation (LPG reforms) in 1991,
Multinational companies started to come in india but still due to procedural
delays & corruption it was very difficult for an investor to invest in india.
From last some years many reforms such as 100% FDI in more than 90%
sectors, GST, Single window permissions, Liberalised licensing policies,
Easy credit policies to support MSME Sector and so on.
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Due to these reforms India got 100th rank in Ease of Doing Business report
2017 released by World Bank, Moody’s upgraded India’s Sovereign Credit
Rating in 2017. UN, IMF, World Economic Forum, World Bank has
predicted India to become the world’s fastest growing economy in coming
years with a GDP growth of around 7.5%.
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Now according to various reports by International financial institutions,
Indian Economy is all set to shoot up in the coming years. Continuous
increase foreign investment from last 5 years proves it.
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Fiscal Deficit (3.2%) which is still an issue can only be addressed by
reducing expenditure of government. Effective Land acquisition policy to
promote industries, Infrastructure building, Transport and Communication
facilities, Human resource development at war footing level and so on.
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Methodology & References
Nature of Study:
Being an explanatory research, it is based on secondary data of Journals,
Articles, Newspapers, Magazines. Considering the objectives of the study,
descriptive type research design is adopted to have more accuracy and
rigorous analysis of research study. The accessible secondary data is
intensively used for research study.
Study Area:
The study is limited to research and analysis of indian economy. Where
necessary data of different foreign institutions taken.
Data Collection:
Data taken from Journals, Articles, Newspapers, Magazines.
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Tools for Data Analysis:
Appropriate tools were used as per the need of the study.
References:
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The Hindu Newspaper
Press Information Bureau
Economic Survey 2018
Budget 2018-19
Frontline Magazine
Geography and You Magazine
Indian Economy by Ramesh Singh (Book)
Web Browsing