India's Developing Economy

The economy in India made great strides to achieve industrialization. In 1948, Jawaharlal Nehru took on the challenge to strengthen India’s weak economy. He knew that in order to achieve industrialization, India would need to receive economic aid from foreign, more developed countries. But the nationalists were scarred from the days of imperial rule, and would not accept being economically dominated by another country, especially Britain. Nehru claimed that “We would rather delay our development, industrial or otherwise, than submit any kind of economic domination of any country,” proving how much he despised Imperial movement. He knew that the rich minerals in India could help jump start exports with more jobs for India. Nehru said “Economic intuitions will ensure justice and fullness to every man and woman.” The greatest reforms in India’s economy started in 1985 when the government abolished the license regulations, so more businesses could bloom. The government decided that the reforms would be helpful towards the unemployed and growing the economy. With these new regulations, India was able to reduce quantitative restrictions on imports, reduce import duties on capital goods, and many other things. The growth of the economy also helped improve liberalization. Due to the government move to help the economy, the country was able to grow in wealth, modernization, and trade. Today, India’s Economy has changed dramatically, having the 11th greatest GDP in the world. India’s largest trading partner is currently the United States. Some of the major exports from India are textiles, garments, agricultural products, gems, and chemicals; India truly takes advantage of their natural resources. Without restrictions, India could begin the process of globalization. The economy is also modernizing life in India, with the increase of the number of cell phones, and other luxuries.