The Economic Transformation Of India

Topics: Economics

Economic Transformation in India

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Economic Transformation in India

The economy is the most significant factor of the era. The chapter has highlighted different economic achievements of the country. The different regimes have instilled different measures to liberate the country’s economy. Nehru grew the home industries and encouraged consumption of domestic goods by imposing high import taxes, which discouraged foreign goods. The development of a five-year plan helped in growing different sectors of the economy such as agriculture and manufacturing.

Rajiv Gandhi did away with the bureaucratic controls, which were a burden to many people, and this helped in growing the economy because it enabled the creation of industries and other sectors in rural areas. The country has sometimes failed in its economic efforts, and it has sought the assistance of foreign governments. The launch of the Indian stock exchange led to more growth in the economy because it contributed to an increase in the number of investors.

The second factor I would rate as the most notable is society. The society has changed because of the changes experienced in the economy. People who once lived in poverty and could not afford to pave their way through life have a new lease of life. The economy has a major impact on people and the society because of its ability to transform. When there are greater opportunities in the economy, the people realize more job and employment opportunities. They are able to change their lives by starting jobs and hiring people, and by introducing new concepts within the society.

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A positive economic shift enables people to have new experiences and change their societies based on what they have learnt. It introduces people to new things and new methods of doing things, and this affects the society in a positive manner.

These factors would have affected people’s daily lives in different ways. Those who were poor and had nothing to eat, to wear or a place to stay would have had a chance to get these things and change their lives. The economic growth experienced in the country has changed people’s lives. People have new opportunities, and they are able to access services that were once thought to be a privilege for the few. People’s future is no longer determined by the castes they belong to, which tended to dictate people’s lives in the past. A person belonging to the lower caste had few opportunities to have a better life. However, with increased exposure and hard work, people are now able to make economic changes in their lives. They are able to change their lives and the lives of other people belonging in the lower castes.

If I were to write a historical novel, the character that would represent this era best would be a poor man belonging to the untouchables or to the lowest castes. This person would have limited opportunities to make any meaningful difference in his life. He would come from a family where he has both parents, yet they are many children within the family. By using such a character, it would be possible to see the rapid transformation of this character. The economic growth in the country and the economic transformations, which led to the opening up of closed areas, would give such a person the chance to work hard and to struggle through life, with the hope and possibility of becoming successful. Without the possibilities realized by economic transformation, it would not be possible for that person to have any hope for the future, regardless of how hard the person worked.


Giridharadas, A. (2010, Dec 30). The caste buster. The New York Times. Retrieved from

Kapur, A. (2011, Jan 5). The success of ordinary Indians. The New York Times. Retrieved from

Stein, B. (2010). A history of India, 2nd ed. Hoboken, NJ: John Wiley & Sons.

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The Economic Transformation Of India. (2019, Nov 27). Retrieved from

The Economic Transformation Of India
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