Introduction The 1920s was a decade of significant economic development for both the United States and the Soviet Union, albeit with vastly different approaches. While the U.S. embraced capitalism and free-market policies, the Soviet Union pursued a centrally planned economy under communist ideology. These divergent economic policies shaped the trajectory of both nations and had…
India has set an ambitious goal of becoming a $5 trillion economy, a vision that represents its aspirations for rapid economic expansion, global competitiveness, and improved living standards. The government has undertaken key structural reforms, policy measures, and sectoral advancements to accelerate growth, but significant challenges remain. This article critically analyzes India’s progress toward achieving…
Globalization has significantly influenced India’s economy since the economic liberalization of 1991. It has led to rapid economic growth, increased foreign investments, and expanded trade opportunities. Various sectors, including agriculture, industry, and services, have experienced profound transformations. While globalization has presented numerous opportunities, it has also posed challenges that India continues to address. 1. Understanding…
Introduction Industrial policy plays a crucial role in shaping the economic trajectory of a nation. The term ‘New Industrial Policy’ generally refers to a shift in the approach of the government towards industrial development, with the aim of making industries more competitive, innovative, and globally integrated. India’s New Industrial Policy, introduced in 1991, marked a…
Introduction The concept of a self-reliant India, or “Atmanirbhar Bharat,” has gained significant momentum in recent years, especially in light of global disruptions such as the COVID-19 pandemic. Announced by Prime Minister Narendra Modi, this vision aims to reduce dependency on foreign goods, boost domestic industries, and make India a global manufacturing and economic hub….
Introduction The food processing industry plays a crucial role in a nation’s economy by reducing agricultural wastage, increasing value addition, generating employment, and ensuring food security. In developed countries like the United States, Germany, and Japan, the food processing sector has evolved into a high-tech industry, leveraging automation, stringent quality control, and robust supply chain…
1. Introduction The “Make in India” initiative, launched in 2014, aims to transform India into a global manufacturing hub by boosting domestic production, attracting foreign investments, and increasing exports. However, the success of this ambitious program is closely tied to two critical factors: the effectiveness of the “Skill India” program and the implementation of radical…
Introduction Globalization is one of the most significant forces shaping the modern world economy. It refers to the increasing interconnectedness and interdependence of economies across the globe, driven by trade, investment, technology, and the movement of labor. In India, globalization gained momentum after the 1991 economic liberalization, which opened the country’s markets to foreign investment,…
Globalization and privatization are two crucial concepts in modern economics and policy-making. They both have significant impacts on the economic, social, and political landscape, especially in the context of developing countries. Let’s explore their definitions, objectives, and implications in detail. Globalization: Definition and Objectives Globalization refers to the process through which businesses, technologies, information, cultures,…
The economic crisis in Sri Lanka has been one of the most significant financial and political upheavals in recent history. The small island nation faced a catastrophic collapse of its economy in 2022, leading to widespread protests, food shortages, and a political crisis. While the immediate impacts were most keenly felt within Sri Lanka, the…