The Fastest Growing Indian Economy

                                                                             In Ninty then Prime Minister Narasimha Rao opened the Indian Economy and tried to loosen the permit Raj in India, enhancing economic development. He incidentally became the root cause of the fast economic growth of the Indian economy.

                                                                           However, now the Indian economy has the most developing economy in the world. Remarkably, inflation is stable. It has a large Exchange Reserve with large domestic savings. Besides, the 2016 bankruptcy act has helped liquidate bad loans worth 106 billion dollars. The banks were injected funds through the government with new rules that consolidated the positions of the banks. The government merged 27 government-run banks into 12. Even rules were changed for acquiring Indian banks by foreign banks and foreign banks were allowed to expand their branches in India to share the business. 

                                                                         All these tight measures have brought down nonperforming assets to 4% from 15% in 2018. The operation of Private Banks was also allowed. All these measures have strengthened to get loans for Consumption, Housing, and Industry. The expansion of Branches by Banks in deep Rural Areas has changed the credit scenario in rural India. 520 million poor people opened accounts with 28 Billion Dollars.  It has strengthened the financial sector of the Indian economy. 

 

                                                                         Indian share markets also booming. It is now near the sharemarkets of America, China, Hong Kong, and Japan. 20% of the Indian population owns a share in the share market. Mutual funds are also booming in the Market. In one Decade from 2013 to 2023, its business has increased by 600%. Even foreign investment has reached 40 Billion Dollars showing increasing interest by foreign investors.

                                                                      India's manufacturing and productive market has also improved with the production of quality goods at the international level. It is gradually increasing the export. Ola Electric Scooter and Alphacraft produce products for local consumption and have foreign customers in Britain and America. It is reported that the top 20 companies in India earned 79% of profits. India is becoming more innovative as the valuation of Indian patents has increased tripled in the last five years.

                                                                    The Chinese factor has further increased the manufacturing activities in India. Samsung, Apple, and Amazon have started manufacturing their product which are mostly exported and supplied for local consumption. The 1600 firms are manufacturing products for foreign companies like Target, HSBC, and Tesco.  Besides that foreign companies like Suzuki, Hindustan Unilever, Nestle, Honda, Whirlpool, AstraZeneca, and Disney are already operating to capture the local market and exporting their product.

                                                                     Reliance Industries, Tata, Adani, Bajaj, and state-owned companies like Hindustan Aromatic are dealing in manufacturing various products that are adding fuel to the Bubbling Economy. India is not behind in space science and it is helping various countries to launch their satellites in space through its highly developed space science. 

                                                                Besides that government of India has opened its economy with various reforms which are making it easy to do business in India.

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