How Indian economy changed from 1947- 2023 | Independence Day Special | 77th Independence day

On August 15, 2023, India commemorated its 77th anniversary of independence. From August 15, 1947 till the present, India has made significant economic growth. The country's economy is rapidly expanding. India currently has the world's fifth largest economy, trailing only the United States, China, Japan, and Germany.

Indian Economy Development since 1947

The country was an impoverished, rural economy with a low literacy rate in 1947. It evolved into a service-oriented economy, with the services sector accounting for more than half of GDP. Today, India has one of the world's fastest-growing economies, with a growing middle class, a thriving IT sector, and its manufacturing industry emerging as a worldwide centre. This growing trend is linked to lofty goals, most notably the pursuit of the stated aim of becoming a $5 trillion economy. With a GDP of $3.5 trillion in 2022, India has already surpassed the United States as the world's fifth-largest economy.