The Indian economy has been stagnating for many years after Independence in 1947. There were numerous reasons for this. Our country had been under the British rule for many years and during this time we were treated much like another British colony where not much importance was given to the welfare of the Indians. Hence Low per capita Incomes, low spending, and low life style were all a part of the Indian economy for almost half a century. The per capita income had grown to US$ 530/year during the year 2003. Since then it has increased exponentially. India has been making great progress over the last decade. Indian economy has opened up to a great extent, many international companies have set up their businesses here creating millions of jobs. Entrepreneurship is clearly behind India's success. India now houses competitive private companies and a booming stock market. In fact, India is one of the fastest growing economies in the whole world today. The financial sector is quite sound and well disciplined today. A series of economic reforms since 1991 has made all these possible. It has taken down lowered trade barriers, given the necessary tax incentives to various industries, broken monopolies, and encouraged competition. We can safely say that rapid growth will continue in the future decade.
