Economy Of India

Economy of India

Indian Economy is Twelfth largest in the world and fourth largest by purchasing power parity. In the 21st century, India is an emerging economic power having vast human and natural resources.

Economic Growth: Economic growth has been defined as "an increase in real terms of the output of goods and services that is sustained over a long period of time, measured in terms of value added". Economic growth is a dynamic concept and refers to continuous increase in output.

Factors in Economic Growth: The four factors contributing to growth are

1. human resources (labour supply, education, discipline, motivation)
2. national resources (land, minerals, fuels, environmental quality)
3. capital formation (machines, factories, roads)
4. technology (science, engineering, management, entrepreneurship)