Exploring Economic Challenges and Policy Missteps in Post-Independence Development: A Reality Check
Abstract
India had recently celebrated its 75th anniversary of independence as Azadi Ka Amrit Mahotsav. Since gaining independence, the Indian economy has encountered numerous difficulties and limits to its growth. The major challenges facing the Indian economy are unemployment, gender inequality, poor infrastructure, low educational standards, deteriorating balances of payments, a substantial budget deficit, a high degree of private debt, and low per capita income. Various reforms have been implemented to solve these issues, including the LPG Policy 1991, FEMA 1999, Insolvency and Bankruptcy Code, EXIM Policy, Make in India, MGNREGA, etc. Despite all the efforts, India remains far behind developed countries in terms of economic development and competitiveness. The recent policy errors of demonetization, poor GST, and unexpected lockdown have made the issue worse. With implications for politics, society, and the economy, the black economy has also expanded quickly since the 1950s which also worsens the situation. The study aims to examine the main economic strategies India has employed over the last seven and half decades and evaluates the country's economic issues which have become a hindrance in the growth and development of the country.
Keywords
Economic Problems, Economic Policies, Economic Growth and Development
Citations
IRE Journals:
Shiwani Singh, Prof. Audhesh Kumar "Exploring Economic Challenges and Policy Missteps in Post-Independence Development: A Reality Check" Iconic Research And Engineering Journals Volume 9 Issue 6 2025 Page 1127-1132 https://doi.org/10.64388/IREV9I6-1712861
IEEE:
Shiwani Singh, Prof. Audhesh Kumar
"Exploring Economic Challenges and Policy Missteps in Post-Independence Development: A Reality Check" Iconic Research And Engineering Journals, 9(6) https://doi.org/10.64388/IREV9I6-1712861
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