India is all set to celebrate its 75th Independence Day on Monday. Before India’s Independence Day, we look at the progress of the country in some socio-economic indicators over the years.
Here is the socio-economic trajectory of India through 10 indicators:
gross domestic product
Gross domestic product, the monetary measure of all goods and services produced in a country in a year, increased from Rs 2.79 lakh crore (at constant prices) in 1950-51 to an estimated Rs 147.36 lakh crore in 2021-22. The size of India’s GDP is more pronounced in US dollar terms.
According to reports, India’s economy, currently at $3.17 trillion, is expected to become the fifth largest economy in the world in 2022.
per capita net national income
Net national product is gross national product (Gross domestic product + income from foreign sources) minus depreciation. India’s per capita net national income increased from Rs 12,493 in 1950-51 to Rs 91,481 in 2021-22 (Provisional Estimate).
The Centre’s total revenue receipts – these do not create any liability or dilute the assets of the government – have increased from Rs 171.15 crore in 1947-48 to Rs 20,78,936 crore in 2021-22, according to this year’s Budget Revised Estimates. happened.
foreign exchange reserves
India’s foreign exchange reserves increased from Rs 911 crore in 1950-51 to Rs 45,42,615 crore on 5 August 2022. The latest figures include India’s special drawing rights and reserve position with the IMF.
At present, India has the fifth largest foreign exchange reserves in the world.
In 1950-51, India’s nascent foreign trade stood at Rs 1,214 crore, with imports slightly exceeding exports. After the economic liberalization of India, the trade deficit widened to a great extent.
In July 2022, foreign trade (goods and services) was over $143 billion. However, the total trade deficit was $21 billion as imports far exceeded exports.
India’s food production is a success story thanks to the Green Revolution in the late 1960s and early 1970s. In 1950-51, food grain production was 50.8 million tonnes, which increased to an estimated 316.06 million tonnes in 2021-22.
According to the Food and Agriculture Organization (FAO), India is one of the major producers of milk, pulses and jute, rice, wheat, sugarcane, groundnut, vegetables, fruits and cotton.
India’s literacy rate increased from a mere 18.3 percent in 1951 to 77.7 percent in 2017-18.
The substantial increase in female literacy rate is noticeable – from only 8.9 percent in 1951 to 70.3 percent in 2017-18.
The increase in the literacy rate is also linked to the growth of educational institutions across India. From over 2,000 primary and upper primary institutions in 1951, India had over 14,000 registered schools as of 2015-16.
In higher education, India had 578 colleges and 27 universities in 1951. By 2015-16, this figure increased to 760 universities and 38,498 colleges.
India’s sex ratio – the total female population per 1,000 males – was 946 in the 1951 census. In 2021, the sex ratio was 1,020 females per 1,000 males, putting India on par with many developed countries.
Significantly, the fifth National Family Health Survey found that the sex ratio was better in rural areas than in urban areas.
As an emerging power, India’s defense budget has grown exponentially since 1947.
India’s defense budget in 1947 was Rs 92.74 crore, which was 46 percent of the total budget expenditure.
This figure rose to Rs 5,25,166 crore in the 2022 budget, which was 13.3 per cent of the government expenditure in 2022-23.
At the time of independence, India had over 80,000 telephone connections.
Seventy-five years later, India’s total telephone subscribers reached 117 crore in May 2022.
However, India’s big success story has been its vast and rapidly growing internet connectivity. In January 2022, India’s internet penetration rate was 47 percent, with over 658 million people.