HOW INDIA BECAME THE 5TH LARGEST ECONOMY? AN INDEPTH STUDY

Abstract

India, the largest democracy and the most populous country in the world, was once a very advanced civilization with a rich economy, trade and commerce, culture, and spirituality for thousands of years. Due to her vast fertile land, dexterity of art and craft, robust maritime trade, rich spirituality, efficient civil administration, the intelligence of royal policymakers, honesty and simplicity of general people, scientific temper, and discoveries, India has been successful in spreading her trade and commerce from Oman, Bahrain, Iran and other places in West Asia to Africa and Europe. The Indian sub-continent was an important commercial zone of vital importance in ancient times.  From the earliest times, Indian trade and commerce flourished in the world. The Harappans have been well-recognized as seafarers. Old Indian literature indicates that, during ancient times, the Hindu merchants were the masters of seaborne trade. Considering India's richness, again and again, India was attacked by various foreign rulers, kings, and looters. From Alexander, the Great to the British East India Company exploited the Indian economy and robbed away Indian gold, jewelry, diamond, and natural resources making themselves economically rich. After a prolonged freedom struggle, India attained Independence in 1947. Since then it took six decades to recover its wounds. Again, in the last decade, India has gone from the 10th largest economy to the 5th largest economy. This article seeks to investigate how India was successful in achieving this grand success, and what are the challenges ahead to become the third largest economy by 2030 or before. In the end, some policy recommendations have been given to the government of India to overcome the existing challenges and attainment of the ambitious target.