Vol. 7, Special Issue 7, Part C (2021)

Abstract
The Indian economy was in a difficult situation at the time of British rule. India was doing the development wants not of herself, but foreign land. The state that should have been responsible for a breakthrough in agriculture and industry, denied playing even a minor role in this case. On the other side, during the half-century before India’s freedom, the world was seeing rapid development and growth in agriculture, trade and industry - on the behest of an active role being played by the states. U.K. rule never made any changes for the development of India (occupational sector, industry, social sector). During freedom, India’s literacy was just 17 percent, with a life expectancy of only 32.5 years. Therefore, once India got independence, systematic organization of the economy was a real challenge for the government of that time. The need for growth and development was in huge demand in front of the Indian leadership - as the country was riding on the promises and people ambitions. At present India is ranked the seventh-largest economy, and third largest in terms of Purchasing Power Parity. The Gross Domestic Product per capita in India was $ 1963.55 in 2017. The GDP per Capita in India is equivalent to 16% of the world's average and averaged $ 693.96 from 1960 until 2017. It reached an all-time high of $ 1963.55 in 2017.