Overview of the Indian Economy

by Bridget Hogan

Economic reforms undertaken recently and now being moved by the new United Front government of Prime Minister H. D. Deve are obviously aimed at making the country’s economy one of the fast growing in the world.

The raw materials are surely there – there are major industries such as railroads, automobile manufacturing and banking – including SCICI the ship finance arm. Yet all are government run. At the same time, many consumer goods and agricultural activities are in private hands.

Today, India ranks as one of the top ten industrial nations of the world. For instance, it produces most of its own chemicals, automobiles, steel, textiles, computers and television sets. Steel production has more than doubled since 1960. India is rich in mineral resources. Coal and iron are abundant and located close to each other in the eastern peninsular at Chota Nagpur Plateau. Manganese, copper, lignite, bauxite and other minerals are found in large quantities. Oil and gas are found offshore in deep waters off of a range from Bombay to Gujarat – but do not make up large reserves.

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