The economy is a word that tells a lot about the growth of a nation whether the growth is in terms of trade or agriculture, etc we measure different sectors and calculate the economy of a country. COVID-19 has badly affected the entire world and different countries are trying their best to get back on track. I have brought here some well written essays for school students with deep research on this topic and hope it will help you.
Paragraph on Indian Economy
About Indian Economy (250 Words)
Economics is a Greek term that describes ‘household management’ and the word Economy tells about the management of economic things. It is the trade and tax system of a country that shows the results of the economy. A nation with a good economy has better facilities like hospitals, employment, schools, low inflation, etc. This is the reason we call the USA the superpower just because of their economy. Now when we talk about India, our economy has faced a lot of ups and downs from the historic periods.
India was known as the Golden bird just because of our economy. We had all good trading systems, sufficient resources, and many other things that boosted our economy a lot. This was the reason Britishers visited India for trading. They started their trade and saw the social unequally and started ruling us.
Britishers destroyed us badly but it was a new start for us and we started again. India has the second-largest population in this world and we can turn this into an opportunity. Now it is time to gather and become self-reliant. Rather than depending on famous foreign brands, we should promote Indian brands, and the way China has developed its own platform we should also encourage people to do so.
There is a lot of talent on our land but rather than serving other nations we should think about our country first. At present (2020), the Indian GDP is 8.7 trillion. Although it has decreased because of COVID-19, still we can see some growth in October.
Developing our own business will help a lot to boost our economy and the government has also launched many plans for promoting people to become an employer. I can say that each and every person in this country plays a very important role in the development of our economy just be loyal and do your work in a skilled way.
Short Essay on Indian Economy
Indian Economy and its Importance (400 Words)
It was not 1947 when India got free and we started thinking about our economy; but since 1700 we had one of the best economies in the world. In old days people use to follow the barter system and the demand and supply both were in terms of some goods. Although money came into existence after many decades, it was Chanakya (the father of the Indian economy) whom people used to follow his policies.
Importance of Economy
The economy is an important part of a society and plays an important role in the development of a nation. The economy is inversely proportional to inflation, unemployment, poverty, etc. This tells a lot about the importance of the economy.
Each and every person in a country plays an important role in the economic development of a country. For example, when you buy a pen of 5 Rupees, you directly benefit the seller, pen industry, workers in the industry, the company that provides electricity for the manufacturing of the pen, the raw material used for the production of electricity, the transport system, etc. Overall, I can say that you have not only bought a pen you have played an important role in uplifting the economy.
Gross Domestic Product (GDP)
The term GDP denotes the total value of goods and services produced within a country in an accounting year. In the year 2020-2021, the GDP of India has been measured as 2.6 trillion to $8.7 trillion. Although it sounds more but it is less due to COVID-19 crises. Our GDP plays a very important role in the development of our economy. The more the demand will be the more the supply will be and people demand when they have money. So, I can say that production and income are directly proportional to each other.
When Britishers ruled us, they looted us and used our raw material and other resources for their industries. They imposed high taxes on Indian products which resulted in inflation. As most of the industries were in foreign lands and Indian workers use to produce handmade product as a result, they were costly. This reduced the trade and we had no option than selling our resources to the British rule. It was a trick to decrease our economy.
Today we have developed a lot in every area and now the government is planning to increase our GDP in the education system and has introduced new education policies. The government frequently makes certain policies for the development of the Indian economy. Apart from the government we also play a very important role in developing our nation.
The more money we will have the more we can follow the demand-supply chain and contribute to the development of our economy. So, promote Indian products and encourage people to buy Indian products so that Indian currency will remain in India and this will help to boost our economy.