What experience has our economy had over the past couple of years relative to these goals?

Expert Solution

India attained a sustained growth of GDP in the last decade with rising per capita income and also a reduction in the poverty level. India’s per capita income is 1/20th of UK. India a moving towards persistent trade and fiscal deficits with a high inflation rate in the recent years. This high inflation is an important constraint on competitiveness and economic growth. This leads to the reduction of confidence of the Indian investors who invest in FDI. There is a spontaneous change from agriculture to service sector.
The supply side factors which helped India to attain the economic goals are fast growing population of working age, the strong legal system of India and large number of English language speakers, low cost of the wage rates, advanced economic structure etc. On the other hand, there are several obstacles in the growth of the economy. They are poor infrastructure, low productivity and weak human capital, high rate of inflation and persistent trade deficit, low level of savings and the closed economic nature of the economy. There is a comparative advantage of the business software. The rapid urbanisation makes structural changes in the economy. Now India is in the edge of technological revolution. Artificial intelligence, big data, machine learning and other innovations were emerged in the economy. This new innovations change the nature of work and productivity of every sector.

Rahul Sunny answered 2 years ago

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