Timeline: India's Economic Transformation, From Colonial Past to Global Powerhouse- G20 Summit

G20 New Delhi Summit: In just a few days, New Delhi will play host to the G20 Summit, making India the first country in South Asia to do so. Prior to taking over as G20 leader from December 1, 2022, to November 30, 2023, India was slated to host more than 200 G20-related events. On September 9 and 10, 2023, New Delhi will serve as home to the historic G20 Leaders' Summit. So, what did India do to hold such a prestigious position in the world? How India is emerging as a Global economic powerhouse slowly and steadily? With a colonial past and hovering poverty, how is the country witnessing Economic Transformation? Here is the brief timeline.

India's Economic Transformation

Pre-Independence Era (Until 1947)

• India dealt under British colonial rule

• Limited industrialization and economic development options 

 1947 - 1950s: Early Post-Independence Period:

• India gains independence, determined to bring changes

• Concentrate on creating a mixed economy

• Introduced to encourage industrialization and self-sufficiency primarily in all 5 years plan

 1960s - 1980s: Industrial Expansion and Nationalization:

• Boost to agriculture production is increased through the Green Revolution.

• growth of public sector businesses through nationalization.

• moderate rates of economic growth

 1991: Economic Liberalization in the country brings a major change

• Economic reforms were started under Prime Minister Narasimha Rao and Finance Minister Manmohan Singh.

• LPG (liberalization, privatization, and globalization) policies are implemented.

 1990s - Early 2000s: Accelerated Growth Acceleration

• economic reforms were started, LPG (liberalisation, privatisation, and globalisation) policies were launched under Prime Minister Narasimha Rao and Finance Minister Manmohan Singh

• Foreign investment and trade got a boost

2000s - 2010s: India’s steady growth in economic route

• India's economy expanded quickly during this time, with a doubling of GDP during a ten-year span

 2010 and onwards- Challenges in the road

• GST (Goods and Services Tax) implementation 

• "Make in India" and "Digital India" projects were created

 2020s  onwards: India emerging as the global powerhouse

India's economy despite facing serious repercussions due to the COVID-19 pandemic continues to expand. The country has become a driving force in the outsourcing and IT industries on the global front. India is the third-largest economy in the world by purchasing power parity right now. It is anticipated that India will surpass the United States in nominal GDP by 2030.

Major Challenges: India still has problems to overcome, including poverty, inequality, and climate change. The country is trying hard to overcome all these challenges while maintaining its global competitiveness.