India 2020 – A SWOT Analysis
Sunil B. Lalchandani
Lecturer, Management Studies Department (BMS)
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India is one of the fastest growing economies of the world. With the advent of various reforms especially with the introduction on globalization in India, the economy has remarkably shown an upward trend. However, this growth path, said by the experts, is unique within itself. This development path is new, one that has not been followed by any other developing economy in the globe. The way India has progressed post-liberalization; the GDP growth will move around 8.5 per cent on the average till next 20 years at least. The growth in the industrial sector tends to be about 9.9 per cent, about 9.4 per cent in the services sector and 3.9 per cent in the agricultural sector. In the last four years, the actual GDP growth in India has averaged 8 – 8.5 per cent. With skillful monitoring, India can achieve a GDP growth rate of 8.5 – 9 per cent.
With the increasing GDP, no doubt, economy upsurge but also face challenges that may hamper its growth. The Strengths, weaknesses, threats and opportunities, as exist today in front of Indian economy, will definitely change over a period of time.
This paper on “India 2020 – A SWOT Analysis” is an endeavor to seek the picture of Indian economy 13 years henceforth. The paper based on theory, facts and figures depicts the future trend of Indian economy.
SWOT Analysis, Indian Economy, Future Challenges
India, the second largest country in the world, both in terms of population and area and also is the third largest economy in the world, in terms of purchasing power and sixth largest in terms of Gross Domestic Product (GDP). India is, without doubt, a key player in the world economy. The Indian economy is extremely diversified, ranging from technology to agriculture. The Economic Liberalization introduced by Man Mohan Singh in 1991, then Finance Minister in the government of P V Narsimha Rao, proved to be the stepping-stone for Indian economic reform movements. Indian economy has achieved what it has been hoping for quite some time. Perhaps at no time during the post-liberalization period, Indian economy has shown such kind of optimism. The growing service sector, technology orientation, growing literacy in the states, etc. has been the reasons for the same. Indian economy is going to touch new heights in coming years. As predicted by Goldman Sachs, the Global Investment Bank, by 2035 India would be the third largest economy of the world just after US and China. It will grow to 60% of size of the US economy. This booming economy of today has to pass through many phases before it can achieve the current milestone of 10% GDP. Many other economists and experts have also shown such sanguinity.
However, the road towards the development is not as easy as it seems to be. To sustain its position in the global markets, brand India has to struggle a lot. No doubt, certain advantages are endowed with the land of India and some could be easily acquired but at the same time, there are some curses associated since past centuries and some that could be observed in achieving the milestones.
2. Strengths - India 2020
2.1 Working Population
India, today, is the home for one sixth of the total population of the world. With second largest population, it shelters over a billion numbers of people. The census reports estimate the growth of population by 2020 would touch 1.3 billion. Various experts...