Updated By: LatestGKGS Desk
Indian economy since India’s independence 1947: Details, Highlights
Indian economy since India’s independence 1947: Details, Highlights
At the time of Independence, India's GDP was 2.7 lakh crore, which has gone up 66 times to Rs 178 lakh crore in 70 years.
According to the World Bank's latest report, by the end of 2017, India's economy was equivalent to $ 2.597 trillion, or Rs 178 lakh crore, and India has achieved the sixth largest economy of the world by overtaking France in terms of GDP.
After independence from 1950 to 1979, India's GDP grew at an average of 3.5 percent, which is known as 'Hindu Growth Rate'. Today, the GDP growth rate is above 7. India's annual growth rate has been 6.15 percent on average since independence.
In the first quarter of 2010, the GDP growth rate reached the highest level of 11.40 percent, whereas, in the fourth quarter of 1979, the lowest growth rate of 5.20 was recorded.
After 13 years of independence, in 1960, India's Capita GDP of $ 81.3 (i.e. 5,682) went up to Rs 1,977.29 (that is, Rs 1,38,210) in March 2018. Thus, since the 1960s, Capita has been nearly 24x at GDP.
At the time of independence, India had foreign exchange reserves of nearly $ 2 billion. In April 2018, India had foreign exchange reserves of $ 426 billion.
Indian Constitution was fully implemented in 1950 after independence in 1947. In 1952 an American dollar was equal to 4.16 rupees. Today, the rupee has weakened against the dollar-it has reached the level of 69.93.
Indicators of economic conditions of any country also include life expectancy (average age in easy terms). This is the reason why life expectancy in developed countries is generally higher than in developing countries.
Life expectancy in India was very low at the time of independence. Life expectancy in India was 41 in 1960. Currently, 2015 statistics related to life expectancy are available. According to the World Bank, life expectancy in 2015 was 68.35 years.
