India: Slum Dog to Millionaire

by Bikash Pandey
Economics
Faculty advisor: Dr. Jeremy Horpedahl

This paper is an introduction to economic growth of India. At present, India has come long way since its independence on 1947. Once an agricultural nation with more than 40% population under the poverty line, India has become an international hub for service industries Less than 30% of the population is now under the poverty line, and average income has increased three-fold since 1991, making India one of the fastest growing economies. My analysis of the Indian economy is by classifying India’s economic history into three time periods: pre-colonial, colonial, and post-independence. The primary factors that have led to success of Indian economy are development of transportation, increased foreign direct investment, increase in trade, stable politics, educated public, and better status of service and IT industry. My research also considers the future of the Indian economy, such as major challenges and constrains faced by India for future economic growth.