Discuss how India has changed economically socially and politically with respect to other parts of the world.

India is a developing country located in Asia; it is the second most populated country in the world. India in the past decade has changed economically, socially and politically. India has become an increasingly important part of the global economic landscape over the past decade. Its economy has become more open to international trade. Its workforce is growing strongly and the rate of investment has picked up following economic reforms. This essay will be aimed at the economic political and social changes in India with respect to other parts of the world.

Economic Changes

Looking back at the first decade of the 21st Century (2000-2010) we strongly consider that this decade certainly can be called India’s Decade of Development. The structure of the Indian economy differs in some important respects from that of most other developing economies, the population is growing and its economy has benefited from its working age population expected to grow till the next four decades. Mukesh Ambani states that “As long as we place millions of Indians at the canter of our thought process, as long as we think of their welfare, their future, and their opportunities for self-realization we are on the right track. For India can grow, prosper, flourish only if they grow, prosper, flourish. We cannot grow by any esoteric strategies. Our purchasing power, our economic strength, our marketplace all depends on the prosperity of our people” (n.d.). India’s economy has had a rapid change in real terms; the growth in per capita income has been modest over the past decade. In terms of constant prices, the per capita income which was Rs. 16,173 in (2000-01) rose to Rs. 24,295 by (2007-08) and to 26,618 in (2009-10). That is a rise of 64 percent over the decade. The per capita income would have been higher but for the global economic crisis which pulled down the country’s growth rate during 2008-09 to 6.8 percent from 9.3 percent in the previous year and 9.6 percent in the year before (Adam & Mark , 2010) (Nirupam & Jeffrey, 2011).(This can be seen in Table 1 below)

Table 1