Four ERA of Indian economy for Becoming Developed country by 2047

In 1947 Per capita income was Rs 250 reached to 2.40 lakh in 2025, GDP was 25 billing reached to 4 trillion in 2025, iteracy Rate which was below 17% Reached More than 90 %.

Post independence Indian economy faced lots of UP and Down,Momentum and various government taken No of economic reform taken to Revamp of economy

We can dividie Indian economy in four era to since independence

1. Initial Stage post independence : 1947 to 1991

2. Post Liberalization : 1992 to 2014

3. PM Modi ERA- 2014 Till date

4. Our vision and Mission for Developed country by 2047

Before Going these ERA ; Let understand Basic terminology used in Economy

1. Type of economy : There are three type of economy

a) Capital economy: In this type of economy major decision related to Investment, Production, Pricing and production are taken by Private In this type of capital economic growth of country remain High , but there is chances of Discrimination of distribution of Wealth and Employment .

b) Social economy : Major investment decision for investment, pricing, profit and production taken by government , Economy growth remain low but chances of unequal distribution remain Low

c) Mixed economy : Both private and Government sector influence investment , But key strategic sector Like Defense ,railway regulate and control by Govt.

Which economy Is best depend but country Geographical, population and economic condition.

India has adopted Mix Economy since independence.

2. Forex Reserve : It is amount available with central govt in form of

a) Foreign currency assest : This is forex currency in the form of USD,Pound and Yen

b) Physical form of GOLD

c) Special Drawing rights with IMF

Forex reserve Indicate economy health of the country ,More reserve mean country economic position is sound .it Boost confidence of Domestic and International Investor since it is indication that in case of crisis govt has capable of making foreign debt and obligation .

3. Gross Domestic Product :It is measure of monetary value of final product and service ,produces in country during particular period . Whatever produced in within country it is taken in consideration for

4. National Income : Is total income earned by country residence ,this include income earned by country residence through Foreign investment . But exclude the income earned by foreigner within

Difference between GDP and National income is GDP focused on Geographically but National income is income earned by residence of country.

5. Per capita GDP: Per capita GDP is Derived by Dividing total Gdp by total population of country including children and Employed or unemployed. It Is key measure for living standard of country and comprasion economic condition of different countries.

5. Per capita National income : It is derived by diving total income of Country by population of country

6. Trade Deficit: When Company Import is greater than it export it is Called trade deficit. This is indication that company Net out flow more .

Result of trade deficit is country can currency become week and affect domestic Industries and employment

7. Devaluation of country: When country Reduce value it currency relative to other , it is called Devaluation of currency .

The purpose of this is export become cheaper and import become Costlier , this measure taken by Government to Correcting trade deficit.

Till now India has adopted devaluation of currency three time in 1949, 1966 and 1991.

8. Depreciation of currency : Currency of country start falling automatically as compared to other currency it is called Depreciation of currency . Reason for depreciation of currency are Trade deficit ,Lower interest Rate,Inflation,Market sentiment and stability .

9. Statutory Liquidity Ratio: It is Minimum required percentage to Bank total deposit that Bank should keep in form of cash,gold, govt approved security .This reserve is kept by bank .

Central bank use SLR Tool for maintaining financial stability and inflation. Current SLR is 18 %

10. Cash reserve Ratio (CRR): It is Percentage of bank total deposit that bank should keep with RBI in form of Cash, Bank can not lend this amount .

RBI Use this for maintaining money supply,controlling inflation, and liquidity of bank .RBI Do not pay interest on this deposit to bank. Current CRR IS 4.5 %

11. LPG Model : It is india economic reforms of 1991 and refer To Liberlalization,Privatization and globalization.

In This L refer Minimize govt restriction on Business P refer to transfer of state owned Sector to Private sector and G refer Allowing foreign investor in India to Integrating Indain economy with Word Economy for Higher economic growth and Better forex reserve.

12. Tarrif : Tariff Is tax and it is imposed on Import , imposed by country importing good. It make export costlier and govt used this tool to protect domestic industry by encouraging customer to buy local good also for earning of revenue and protection of unfair trade practice .

First Era: 1947 to 1992 (Initial period of Independence)

State of Indian Economy at the time of Independence

1. Low Economic Indicator : At the time of independent average per capita income was Only 240. literacy rate was below 17%. Because of poor Health and medical infrastructure country was suffering from High birth and death Rate

2. Agriculture dominant Economy : 75 % population was dependent on Agriculture even there was scarcity of food.

3. Poor Infrastructure: Basic infrastrure in Transpiration, communication, Road rail was very Low

4. Power Supply: Acute shortage of power supply, No power in many city and Rural and Urban area.

There was very limited supply of power.

5. Low Income: There was very less investment Because of low income, these was leading to poverty cycle because of low production and Income.

Because of all all these poor condition of Infrastructure , Industrial activity was very Minimal and limited to Some Big Cities

To revamp and development of economy India adopted policy of simultaneous development of agriculture, Industrial and infrastructure

Indian Economy gone a remarkable transformation since 1947 When india Became independence

1. During initial stage Government has adopted state led model i.e Hight intervention of state, Regulation

2. Government adopted planned economic model to balance growth for allocation of resources in different sector of economy

Government also adopted five year planning for development of both private and Public sector

3. Government also emphasizes on self-reliance economy for reduction of dependency on import and boosting domestic production.

4. Green revolution also started in 1968 ,this made india self-sufficient in Food grain ,resulting tremendous increase of farmer income .

5. In 1969 govt of Nationalized 14 Major private bank and 6 Bank in 1980 and made compulsory to provide 40 percent of credit to Priority sector like Agriculture, Retail and small scale. This has resulted broader sector to acess banking sector.

Due to all these efforts Indian economy was was grow to 5.6 percent as compared to 2.70 percent in 1970

In 1980 Government has taken various step for economic development, Open Automobile sector for Privite sector like Maruti Suzuki.

In 1984 New computer policy was adopted by doing removing restriction on import of Technology, encouraged private investment, providing incentive for software export.

Second ERA: 1991 to 2014

In 1991 India face major economic crises due to

a) collapse of Soviet Union which was Major trading partner and

b) gulf war : Due to this India import cost was Increase and Export fall down drastically

As India was facing crises of defaulting of loan , india asked bailout of loan from IMF Which asked for Dergularzition of economy for Foreign Investment that time India forex reserve was only for Three week of Import.

In Overcome this India started economic reform 1991 This involve

a) Removal of License Raj: Govt Reduce and eased requirement of license in various Industrial sector to make ease Industrialization

b) Reducing Interest and Tarrif and Export control Removed

c) Foreign Direct investment Increase

Due to New Economic Policy ,india GDP Growth was only 3.5 % ,post liberalization it Increase 6.5 % from 1991 to 2010.

Pvt sector investment boost and became major contributor of Economic growth.

Third ERA 2014 To till Date

Major reform from 2014

India GDP Growth Rate approximately 6.5% to 7%, , India GDP has increase three time from 106 lakh crore to 331 lakh crore in 2024, Indian economy Became 4^th Largest in the word after suppressing Japan.

India undergone substantial economic growth through a series of policy decision reform and initiative including Make in India initiative ,Beti Bacho Beti Padho,Namami Ganga,

Major reform during this period was:

a) Finance sector reform >This includes Merger and recapitalization of Public sector bank.

b) Amendment of SARFAESI ACT 2002, which help in bank and financial institution recovering of dues from borrower without going In Lengthy litigation process

c) Enactment of IBC Code 2016> time bound frame work for insolvency resolution, replace outdated and fragmented framework.

d) Taxation reform :drastic change in taxation Including enactment of GST, Reducing individual and corporate income tax and removing of Dividend distribution tax.

e) Infrastructure development :Govt focus large scale public spending including Bharatmala for Road connectivity and sagarmala for port connectivity ,electrification and upgradation of Rail and Airport Routes

f) Enactment of RERA: For Increase transparency in Real estate transactions, Provide protection to Buyer ,Making standardize Process for carpet area measurement ,penalty and Interest for delay in delivery of hOME

g) MSME Sector Reform: Provided, more relaxation in ease of doing business by Taxation relaxation, collateral security exemption for loan, Lower interest rate.

Road >Road Network 6.6 million km 2^nd largest in word , Road carry 85 % of passenger and more than 70 of freight.

Port >india has coastline of 11098km, kandla port is largest port.Mundraa port is largest pvt port .

Aviation > India has 153 operational post including 29 int port, 10 custom airport,114 domestic airport ,only 74 in 2014 as result of govt Udan initiative

Accessibility of electricity which was 88% in 2014 reached to 99 % in 2024, More than 75 % people have bank account in bank which was 45 % in 2014

India rank in ease of doing Business Increase in 2014 it was 142 in 2025 38.

Fourth ERA: Vision for Developed country by 2047

India vision

Indian has vision and goal of become developed country by 2047,on occasion of 100 year of independence with achieving target of 30 Trillion USD.

For achieving target of developed country Per capita GDP from 2700 USD to 10,205 usd. For this per capita income Growth will required 7.5% Annually for Next 22 Year and Aggregate GDP Growth 9% over this period.

To become developed country by 2047 India Need to Sustained and High Economic growth, Boosting foreign Investment and Labour forces , Major innovation and development in Technoloy

For achieving target of developed country by 2047 there are four critical area to focus

1 Infrastructure Development

2 Enhance manufacture

3 Increase foreign Investment

4 Reducing unemployment and Poverty

Major Economic Data

Per capita GDP Became double from 2014 to 2025

GDP Wise top five state

Major Trade partner with India

Indian foreign Trade