India@75: Journey of Indian Economic Achievements since 1947
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.On 15th August 2022, India will celebrate its 76th Independence DayTo mark the event, Govt. of India organized several events Azadi kiMohatsav”, with the theme of “Nation first, Always first”. In 75years of Independence, India built a modern economy (the second fastest growing economy) in the world. Here I will describe all details of the Journey of Indian Economic Achievements since 1947.

India@75: Journey of Indian Economic Achievements since 1947.
Independence-day-august-15-1947-Jawaharlal Nehru

India in 1947:-The British rule started in India, from 1600 till 1947. The first East India Company was established, was supported by the British Government, and set up its first plant at Surat in the year 1613 for trading purposes.

 It was the battle of Plessey (1757) and Buxar (1764) provided the ground for British success in India. Throughout the battle, a long era of British political control over India began in 1947(250 years of British Raj in India).


Due to the Direct Administration of the British Raj for 250 years in India, the economic impact of British Rule was most far-reaching. It destroyed the traditional economy of India and drained India’s wealth from Britain.


The economic policies of the British also affected the classes of peasants, and artisans very adversely. Due to the Indian Military and political activities in India, in the year 1857, Britishers started their rule in India.


The British policy of Divide and Rule led to the division of the country based on religion. The relationship between Hindus and Muslims suffered, with the British pitching natives against the natives to continue their rule in India until 1947.


Nearly 1.8 billion Indians give their life during the British Raj to free India in the year of 1947.Nearly two centuries Britain drained nearly $45 trillion from India during the British Raj period.


India was one of the largest economies around the world at the time, and a large portion of British wealth came from India during the British Raj.


There are 20 important points which describe the Indian economicachievement since 1947:-


1. GDP:-

In general meaning of GDP means monetary value of the  total final goods and  services  that are bought by the final user in a country, in a given period of time.

At the time of India’s Independence, India’s GDP stood Rs. 2.7 Lakh crore, which reaches in 2021-22 to Rs.147.35 Lakh Crore.


India is now the fifth largest economy. As per the report by the Bank of America, India will become the largest economy in the world in 2031.


 In 1991, when the economic reforms took place to liberalize the market, service-oriented and expand the role of private and foreign investment, the GDP growth increases day by day. It is a big economic achievements after Independence.

India@75: Journey of Indian Economic Achievements since 1947.

2. Growth of Population & State& Union territory:-

 At the time of India’s Independence, the population was 33 crores. There are only 14 states and 6 Union territories in India.

 Whereas the population in 2022, India has 8 union territories with 28 states. The population in India, by July 2021,is 139,34,09,038 (139 Crore).

 3. Growth in Literacy in India:-

 For socio-economic development of a country Literacy is the most important factor. The Indian literacy rate was 12.2% in the year of Independence 1947, and the women’s literacy rate was 6%.

 According to the National Survey of India, the Literacy rate of India in 2022 is 77.7%. The male Literacy rate is 84.7% in 2022& women’s literacy rate is 71.5%.

4. Growth of Employment opportunities in India:-

 As per CMIE data 2022, the unemployment rate was 7.04%, in the urban area it is 8.07 whereas, in the rural area, it is 6.08%. The unemployment rate in the year 1947 was 3.6%.

 5. Indian Forex Reserves:-

 Indian Forex Reserves, which stood at Rs.1029 Crore in 1950-51, But in 2022 it stands Rs.46.17 Lakh Crore.

 In fact, in the year after the Independence of our country Forex Reserves were very low to finance the country’s imports even for just 3 weeks. But today our country India is the world’s fifth largest country in the world. It is a Big economic achivements after Independece.


6. Indian Roadways & Railways:-

Roadways:-As per the figures, the total length of National Highways(NHS) in 1947, when India attained Independence, was about 21,378 Km. But in 2022 the NHS roadways increases to 1.40Laks Km.


India now has the second largest road network in the world with a total length of about 62 Lakh km. Road transport accounts 87% of passanger traffic and 60% of freight traffic movement.


Railways:-The length of railway line in terms of Route Kilometers at the time of Independence in 1947 were 25170km Broad Gauge,24153 Meter Gage & 5370 Narrow Gage.


But in 2022.Under the ownership of the Ministry of Railways, Government of India that operates India’s national railway system. It manages the fourth largest national railway in the world by size, with a total route length of 67956 km. as of 31 march, 2022.It is a big economic achivements after Independence.

India@75: Journey of Indian Economic Achievements since 1947.
National-highway-transport-service of India after Independence

7. Growth in Export:-

India’s export valued at only $1 billion in 1947 constituted roughly 2.5% of total world exports.

 However, in 2022, India’s economic achievements grew more  in 75 years. India’s top 10 export sectors are as follows:-


1. Mineral fuels including oil:-US$6.billion (14.3%) of total export.

2. Gems, precious metals:-$38.2 billion(9.7%) of total export

3. Machinery including computers:-$24.2 billion (6.1%) of total export

4. Iron & Steel:-$21.2 billion (5.4%) of total export

5. Organic chemicals:-$21.2 billion (5.4%) of total export

6. Pharmactuals:-$19.5 billion (4.9%) of total export.

8. Service Sector Growth 🙁 IT, Telecom, Banking & Insurance):-


IT SECTOR:- The Indian IT software and services industry has emerged as one of the fastest growing sectors in the Indian economy, with the growth rate exceeding 50 % in exports and 40 % of the  in the total IT industry.

 Due to IT companies progress in India, India’s GDP increase from 1.2% in 1998 to 8 in 2018 & 7.7% in 2020

 TELECOM SECTOR: – Telecommunication in India began with the introduction of the telegraph. The Indian postal and telecom sectors are one of the world’s oldest telecommunication.

 The first telecom licenses in 1994 were BPL( BPL Telecom), Later it rebranded as Loop Mobile in 2009 and ceased operation in 2014.

 In 1995, ESSAR Cell phones first company to start GSM operations in Delhi. In 2022, the Gross revenue of the telecom sector of India, stood at Rs.64, 801 Crore(US$8.74 BILLION) in the first quarter of FY-2022.


BANKING SECTOR: – The first bank in India to be nationalized was the Reserve Bank of India(RBI), in the year 1949. Again 14 other banks were nationalized on July 19, 1969. 14 commercial banks deposit only 50 crores.

But in 2022 Banks’ credit grew up to 120.46lakh crore and deposits were Rs.166.95 Lakh crore. At present, 34private banks& Public banks are running in India under the guidance of RBI.

INSURANCE SECTOR:- Oriental Insurance Company Limited was incorporated in Mumbai on 12th September 1947. The company is a wholly owned subsidiary of Oriental Government Security Life Assurance Ltd. Initially it was formed to carry out the General Insurance Company in the country.


Before India’s independence, 245 insurance companies operating in the country were merged into one entity. Life Insurance Corporation of India.


The General Insurance Business Act of 1972 was enacted to nationalize about 107 general insurance companies then and subsequently merged into four companies.


At the end of the financial year 2021, there were 67 insurance operating in India. Out of these, 24 were life insurance, 27 were general insurance and five were standing alone for health insurance.




In the year 1950, there were 2.10lakh primary schools in 1950-51, the number of middle schools was 13600 and higher secondary schools were 7416. In 1950, there are 27 universities and 498 colleges in the country.


But as of 2022, India has over 45000-degree colleges, over 1026 universities and around 1500 top institutions. As of February 2016, there were 342 state universities, 125 deemed to be universities and 46 Central Universities. The total reaches 513. Government Universities.


A total of 3500 engineering colleges,(including IIT AND NIT) & 612 Medical colleges in India as on 2022. There are a total of 22 IIMs presently running in India.

10. Growth in the Agricultural sector in India:-

 Before its Independence, India’s 95% economy was based on agriculture and the income generated from agricultural production like Rice & Wheat. Around 85% of the population lived in villages; small towns are all dependent on agriculture. 


In the year FY (21-22) the gross value added to the agricultural sector was 3 Lakh Crore (US38.72 Billion) gross value added until 31 January 2022.

According to estimates, the share of the agricultural and allied sectors in total 

GVA has improved to 20.2 per cent in 2020-21 and 18.8% in 2021-22.


The Govt. of India 2022-23, set an export target of the agricultural products USD23.56 BILLION for agricultural and processed products.


India@75: Journey of Indian Economic Achievements since 1947.
Growth in Indian Agriculture after Independence

11. Growth of Industrial Sector in India:-

The proportion of GDP contributed by the industrial sector increased in the period by 11.8 per cent from 1950-51 to 24.6 per cent in 1990-1991. The rise in the industry share GDP is an important indicator of the development of a country.

India has a retail market worth $1.17 trillion, which contributes over 10% of India’s GDP. It is also one of the World’s fastest-growing e-commerce market in future.

 According to the Ministry of Macro, Small & Medium Enterprises, India at present has more than 7.9 million micro, small and medium enterprises (MSMEs) as of 27th March 2022.

The industrial sector accounts for around 27.6% of India’s GDP and it employs over 17% of the total workforce in the country.It is big economic  achivements after Independence.

12. Military Defense Force Growth in India:-


 The Indian Army in August 1947 was only 4, 00,000. But the political leadership was keen to reduce its strength to save defense expenditure and hence it was decided to bring it down to 2, 00,000 after the Jammu Kashmir operation.


India spending huge in military spending, which is the $76.6 billion, ranked third in the world. With the strength of over 1.4 million active personnel, it is the world’s second-largest military force and has the world’s largest volunteer army. Active Military personnel -1.4 Million making it the second largest after China.


 India’s defence budget Appx 71 Billion dollars making it the 3rd largest after the US. And China.



List-of-Indian-Missiles after India Independence


India arter Independence has taken confident strides on its road to scientific development. India takes pride in the gradual scaling up of ambitious projects. India takes pride in its space programs, which began with the launch of its first satellite Aryabhatta in 1975.


India has emerged as a space power and very successfully launched foreign satellites. Chandrayaan -1, is the 4th country in the world to plant its flag on the lunar surface in 2008.


Its first mission to Mars was launched in November 2013 and successfully reached the planet’s orbit on 24th September 2014. In June 2015, ISRO launched 104 satellites (highest in the world) from a single rocket PSLV C37.


India very aggregasivley pursuing to growth of its nuclear and missile weapons program after independence. That has simultaneously augmented the country’s defense strengths.

14. Access to Electricity in Rural India areas:-


In India, access to electricity is one of the goals of India’s socio-economic policymaking. According to the Ministry of power, only 3061 villages in India had access to electricity in 1950. 


The Indian government announces in 2018, that there are 5, 97.464 villages in India that have been electrified. Till today only 10% of villages in India have been electrified.

15. Foreign Direct Investments in India:-


In pre-liberalized “License Raj in India,” foreign Investment was limited to almost zero. In 1948, the total foreign Investment in India was Rs256 Crores only.


 Since 1991, the economic linearization policy FDI has become the buzzword for India’s economic story. In the year 2020-21, India received a record $US81.72 Billion in Foreign Direct Investment. It is big economic achivements after Independence.

16. Simplification of Taxation rule as “one Nation one Tax”:-

GST-implement in India, 1st July 2017 for simplification of Indirect Tax in our country. The tax rate simplifies all businessmen into one tax rule for One Nation policy.


Before implementation, the Indian taxation rule was very complicated for all business personnel. GST merges all the Indirect Taxes of Central Tax, Excise duty, entry tax, services tax, additional duty tax 

and so on. 

India@75: Journey of Indian Economic Achievements since 1947.

17. Five-Year Plan Introduced in India to develop the economy:-

A planning commission was set up in March 1950, by a resolution of the Government of India, to “promote a rapid rise in the standard of living” of the people.

 Five years of planning by the efficiency of the exploitation of the resources of the country. Due to the increase of production and offering more employment to the youths of India.. The first five-year plan was launched in 1951.


18. Industrial policy resolutions adopted in 1956 to liberalize the Indian economy:-


The Industrial Policy Resolution, which marked the beginning of the License Raj, was adopted by Parliament in April 1956.The aim of the Industrial policy is to make India as a socialist society.


Licensing restrictions on Industries, which were designed as Schedule1.The first schedule comprised nearly 38 industries including defense, food processing, fertilizers, industrial machinery, telecoms, fuels and metallurgy.


Economic liberalization in India was initiated in 1991 to make the economy more market and service oriented and to expand the role of private and foreign investment.It is big economic achivements after Independence.


19. Stock Exchange in India established:-


BSE-(Bombay Stock Exchange) was the first ever stock exchange in Asia was established. The Bombay Stock Exchange (BSE), Asia’s first stock exchange, was established in 1875. It was set up by the cotton merchant Premchand Roychand Jain is a businessman.


The stock exchange was the first in the nation granted permanent recognition under the Securities Board contract Regulation Act, 1956. At present, the total contract in BSE as of 2022, is 67, 0521,024. 

20. Our Indian Prime Minister ruled India after Independence for 75 years:-


1st Prime Minister of India:-.Pandit Jawaharlal Nehru:-15th Aug1947 till May 27, 1964.


2nd Prime Minister of India:-Gulzar lal Nnda:-May271964 till June 9, 1964.


3rd Prime Minister of India:-Lal Bahadur Shastri:-June9, 1964 till Jan 11, 1966.


4th Prime Minister of India:-Julzari lal Nanda:-Ja11, 1966 tillJan-24, 1966.


5th Prime Minister of India:- Smt.Indira Gandhi:-Jan24,1966 till May,241977.


6th Prime Minister of India:-Morarji Desai:- May 24, 1977, till July 28,.1979.


7th Prime Minister of India:-Charan Singh:-July28, 1979 till Jan 14, 1980.


8th Prime Minister of India:-Smt. Indira Gandhi:-Jan14, 1980 till Oct31, 1984.


9th Prime Minister of India:- Rajib Gandhi:- Oct 31, 1984, till Dec 2, 1989.


10th Prime Minister of India:-Vishwanath Pratap Singh:-Dec2, 1989 till Nov10,1990.


11th Prime minister of India:-Chandra Sekhar:-Nov 10,1990 till June 21, 1991.


12th Prime Minister of India:-P.V. Narshima Rao:-June21, 1991 till May 16, 1996.


13th Prime Minister of India:-Atal Bihari Vajpayee:-16th May 1996 till 1 June 1996.


14th Prime Minister of India:-HD. Devagaouda:-1st June 1996 till 21 April 1997.


15th Prime Minister of India:-Inder Kumar Gujral:-21st April 1997 till March 1998.


16th Prime Minister of India:-Atal Bihari Vajpayee:-19th March 1998 till May 2004.


17th Prime Minister of India:-Manmohan Singh:-22 May 2004 till 26th May 2014.


18th Prime Minister of India:-Narendra Modi:-26th May 2014 till today Continuing……..


India@75: Journey of Indian Economic Achievements since 1947.
Prime Minister of India - Mr. NARENDRA MODI

Conclusion: – As the Chief Economic Advisor, V Nageswaran said on June 8th at New Delhi (ANI): The size of the Indian economy will be $5 trillion in 2026-27. This will be likely to become $20 trillion by 2040.


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I am Ajay Kumar Patra. ( & MBA-Finance) with 27years of Accounts & Taxation Experience in Large Manufacturing Units in India. In 2021 I started my own tax consultancy firm called “Ajay Tax consultant”. I started my Digital marketing on my website "".I have already published more than 100 Blogs on Business, Finance, startups, Digital marketing & Tours & Travel for my viewers.

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