The Growth of India as a Global Economic Power.

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NAME : KRITI MALHOTRA

COLLEGE : LADY SHRIRAM COLLEGE

COURSE : POLITICAL SCIENCE [HONS]

YEAR : 1ST

POST : FREELANCE

INDIA AS A GLOBAL ECONOMIC POWER

History proves how Britain as a power ruled almost a decade on the economic front. And then US hegemony surpassed the economic growth and increased its influence

not just in economic aspect, but also in the cultural sphere. Wherein, the whole world was expected [is still expected] to follow the Bretton Woods system of economic arrangement to achieve growth and development as stupendous as that of the US.

With the Independence of India in 1947, India adopted a socialist pattern of economic

policies till 1980s, which were more or less protectionist in nature. Its demerits left India

to struggle with debts, but soon in 1991, our nation adopted the NEP [New Economic

Policy] opening up new avenues for the nation to explore with a strong focus on Liberalization, Privatization and Globalization.

Today our economy is the twelfth largest in the world, with extensive labour power [ second largest in the world] and the PPP [Purchasing Power