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How to Download Uma Kapila's Indian Economy Since Independence PDF for Free
If you are looking for a comprehensive and critical analysis of India's economy since 1947, you may be interested in reading Uma Kapila's Indian Economy Since Independence. This book is a collection of articles by India's topmost economists and experts, covering various aspects of the country's economic development, policies, challenges and prospects.
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An Overview of India's Economy Since Independence
India's economy has undergone a remarkable transformation since independence in 1947. From being a poor and agrarian country, India has emerged as one of the fastest-growing and most diversified economies in the world. India is now the fifth-largest economy in nominal terms and the third-largest in purchasing power parity terms. It is also a global leader in several sectors such as information technology, pharmaceuticals, biotechnology, space and nuclear technology.
However, India's economic journey has not been smooth or linear. It has faced several challenges and crises along the way, such as wars, famines, droughts, balance of payments problems, fiscal deficits, inflation, currency devaluation, political instability, social unrest and environmental degradation. It has also undergone several shifts in its economic policies and strategies, from state-led planning and import substitution to market-oriented liberalization and globalization.
In this article, we will briefly review some of the major milestones and achievements of India's economy since independence, as well as some of the current and future challenges and opportunities.
Major Milestones and Achievements
Food Production: Achieving \"self-sufficiency\" in food grains has been Independent India's biggest achievement. From being dependent on food imports and foreign aid to cope with frequent famines and shortages, India became a net exporter of food grains by the 1970s. This was made possible by the Green Revolution, which introduced high-yielding varieties of seeds, fertilizers, irrigation and mechanization in agriculture. India's food grain production increased from 50 million tonnes in 1950-51 to 305 million tonnes in 2019-20[^1^].
Gross Domestic Product (GDP): India's GDP stood at Rs. 2.7 lakh crore (US$ 3.6 billion) at independence. 74 years on, it has reached Rs. 232.15 lakh crore (US$ 3.12 trillion) in FY22[^2^]. India's GDP growth rate has also accelerated over time, from an average of 3.5% per annum during 1950-80 to an average of 6.5% per annum during 1980-2020. India's GDP per capita has increased from Rs. 7,651 (US$ 103) in 1950-51 to Rs. 1.67 lakh (US$ 2,240) in FY22[^2^].
US dollar to Rupee: Contrary to a popular myth that US $1 was equal to Rs. 1 in 1947, a US dollar was actually equal to Rs. 3.30 in 1947[^1^]. Since then, the rupee has depreciated against the dollar due to various factors such as inflation, trade deficits, capital flows and exchange rate policies. As of January 2022, a US dollar is equal to Rs. 74.50.
Poverty Reduction: India has made remarkable progress in reducing absolute poverty over the past decades. According to the World Bank's international poverty line of US$ 1.90 per day (2011 PPP), India's poverty headcount ratio declined from 45.9% in 1993-94 to 13.4% in 2015-16[^3^]. This implies that more than 270 million people were lifted out of extreme poverty during this period. However, the COVID-19 pandemic is estimated to have pushed millions of people back into poverty in 2020-21.
Human Development: India has also improved its human development indicators such as life expectancy, literacy, education and health over time. According to the United Nations Development Programme (UNDP), India's Human Development Index (HDI) value increased from 0.431 in 1990 to 0.645 in 2019[^4^]. India's life expectancy at birth increased from 59 years in 1990 to 69 years in 2019[^4^]. India's adult literacy rate increased from 48% in 1991 to 74% in 2018. India's gross enrolment ratio for primary education increased from 81% in 061ffe29dd