The Changing Nature of Indian Industry: An Analysis

Abstract

India's economy is the 12th largest economy in the world in terms of US dollar exchange rate. According to the Economic Survey-2020-21, India's real GDP will grow by 11 percent in 2021-22 and nominal GDP will grow by 15.4 percent, which will be the highest GDP growth rate since the country's independence. According to the International Monetary Fund, India's GDP is the third largest in 2021. According to the economic survey report, the economy of the country is likely to grow at the rate of eight to eight and a half percent in the coming financial year. But according to the World Bank, China's economy will be second only to India. The Chinese economy is expected to grow by eight percent in the current fiscal year and 5.1 percent in the next fiscal year. America's economy will remain third after China. The US economy is projected to grow by 5.6 percent in the current fiscal year and 3.7 percent in the next fiscal year. But still, India has not progressed as much as it should in industrialization. In the 6th Plan, the annual average growth rate of the industrial sector was 3.5%. It increased by 8.5% in the 7th plan. He remained the same in the 10th Five Year Plan. The Five Year Plan has now come to a standstill with the coming of the Niti Aayog. In the previous Economic Survey, the industrial growth rate declined to 5.2% from 7.4%. The present paper discusses the changing nature of Indian industry. Various types of secondary materials have been used for this purpose