There have been commendable turning points and reforms within the country throughout the past 75 years since independence. India has made significant strides in numerous sectors, including the rise in income levels, growth, literacy rate, life expectancy and a wide range of other economic indicators.
Considering that, India is now among the biggest economies in the world and its economic history has been marked by several critical milestones. With the current GDP of $3.2 Trillion, the country wants to grow it to $5 Trillion within the next ten years.
Since independence India has gone from having a GDP of just Rs 2.7 lakh crore at the time of Independence to now sitting close to Rs 150 lakh crore. India’s economic history has been marked by several critical milestones among which are the crisis years of 1966, 1981 and 1991, and India’s emergence from the economic crisis as the world’s fastest-growing major economy.
The key growth areas -
1. Self-sufficiency in food production:
One of the major accomplishments of the country has been in achieving "Self- Sufficiency" in food grains production. India's food grain production has drastically changed from accepting food help in the 1950s and 1960s to becoming a net exporter.
The figures include, from 54.92 million tonnes in 1950 to 305.44 million tonnes in 2020-21, the world's total production increased. This happened due to the turning point which took place in the 1960s with the introduction of the Green Revolution. In order to develop high-yield variety seeds, it saw the use of contemporary technology and techniques, which considerably improved agricultural productivity and increased foodgrain production.
2. Indian Railways
After Independence, the Indian railways drastically changed by merging the 42 railways which were controlled by the former Indian princely states to become Indian Railways. In 1947, the network was 55,000 km. Six Zones were created out of the existing rail networks in 1952 for administrative purposes.
The National Rail Plan (NRP) for India, which would build a "future ready" rail network system by 2030, was first announced earlier this year. A programme called Vision 2024 has also been introduced to hasten the completion of essential projects including 100% green energy electrification, multiple-tracking on congested roads, speed upgrades on some routes, and more.
Also, as of March 31, 2020, the IR network has a track length of 126,366 km. while the route length is 67,956 km.
3. Infrastructural development
The world-class infrastructure has been emphasized by the government within the 75 years of independence. Power, bridges, dams, highways, and urban infrastructure development have all contributed to the overall infrastructure industry within the country.
India has worked hard over the years in the development of transportation, roads and networks within the states. Also, Through its "National Infrastructure Pipeline," India intends to invest US$ 1.4 trillion in infrastructure over the next five years.
4. Rural electrification
India has become the third-largest producer and second-largest consumer of electricity worldwide.
From the non-conventional sources like winds, sun, agriculture waste and household waste to conventional sources like coal, lignite, natural gas, oil, hydropower and nuclear power India has grown over the years in creating sufficient energy and providing rural areas with access to electricity.
5. Digitalization
Two of the most talked about economic events in the 21st century are Demonetisation and Good & Services Tax (GST). From the overnight note-ban to the introduction of digital payment India has grown exceptionally.
Besides this, it is worth mentioning that India is the World's largest manufacturer of generic drugs. India also fulfils over 50% of the global demand for vaccines. It is also the world's second-largest cement producer, second-largest coal producer, and second-largest steel producer.