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Once referred golden bird, India which lost its wealth and richness has once again stretched its wings in the sky of economy and has been one of the best performer in the world economy in recent years, but still is lagging behind the target by many miles.
The country is facing many hurdles on its way towards the goal of reaching its prior status. Although India’s economy has been leading in the arena of global economics in recent years, growing 9.2% in 2007 and 9.6% in 2006 yet rapidly rising inflation and the complexities of running the world’s biggest democracy are proving challenging.
There are many concerned areas which are to be looked upon for the better economic growth of the country. There are many issues which are still persisting in the country since independence like poverty, illiteracy, dependence on nature dependent agriculture while many which were born in the recent past and has entangled the economic machinery of the country like corruption, unemployment, economic disparities.
Indian government is working hard to fight with these major economic issues of the country and has been successful to the certain extent. India’s Economy has grown by more than 9% for three consecutive years, and has seen a decade of 7%+ growth.
This has reduced poverty by 10%, but with 60% of India’s 1.1 billion populations dependent on agriculture and with the increased destruction caused by the nature in the form of droughts and floods, poverty mitigation is still a major challenge.