Answer to Question #258154 in Economics for prateek

Question

Explain macro and micro factors of India’s economic backwardness ? 

Answer 1

India is a country of contrasts: its economy is rather controversial. In terms of the availability of minerals - this is the richest state, the agricultural and industrial sectors - are in poor condition. The regions are heterogeneous: backwardness is observed in the northern part, everything is flourishing in the southern part, thanks to the English model, in the west people are engaged in light industry, and the private sector is developing. I propose to consider the features of the Indian economy and start with history in order to understand how it was formed.

India's economy in 2017 received a record amount of investment. Before that, the record was set only in 2007. In the second quarter, $ 5.4 billion in investment was received. From July to September, economic growth was observed, GDP increased by 6.3%. India's economy in 2018 and the end of 2017 shows that this country has overtaken China in terms of GDP growth. As of December 2017, the pace increased by 7.2%.