75 YEARS OF INDIA’S DEVELOPMENT IN THE MIRROR OF MACROECONOMIC STATISTICS (1947-2022)
The article discusses the macroeconomic analysis of the Indian economy over 75 years of independent development (1947-2022). Today, India is a country with a rapidly developing economy, which is the fifth largest in the world when ranked by nominal GDP, and the third largest when estimated by PPP (purchasing power parity). The success of economic growth was the result of consistent government policy. The article describes the change of economic growth models and outlines the main reforms that made it possible to implement these models. The main goal of development from the late 1940s to the mid-1960s was to overcome the economic crisis of the first half of the twentieth century. At that time, the foundations of an import-substituting model were laid, which assumed accelerated industrialization. In the 1990s, the transition to an export-oriented economy model began. From the first years of independence, the annual GDP growth rate began to rise, and the economic structure was transformed. As a result, the share of agriculture in the GDP structure decreased significantly, the share of industry, and later the share of the service sector increased impressively. Since the 2000s. India's economy has moved to a new stage - GDP growth accelerated, the country has entered the list of leading exporters in the world market for a number of goods, and it is one of the world leaders in the export of ICT services and some food products. Among the exports of industrial goods, highly qualified and high-tech products predominate. However, 75 years of successful economic development have not eradicated (although they have reduced) the high proportion of the poor and malnourished population, uneven income distribution, and agrarian overpopulation. The annual growth rate of per capita GDP during the first 40 years of independence was at a very low level, and currently India is ranked 143rd in the world by this indicator.