India's Current Socio-Economic Situation and Improvements
With 1.2 billion people and the world’s third-largest economy in purchasing power parity terms, India’s recent growth has been a significant achievement. Since independence in 1947, a landmark agricultural revolution has transformed the nation from chronic dependence on grain imports into an agricultural powerhouse that is now a net exporter of food.
The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, increasing globalization in India and integration into the global economy. The economy was slowed in 2017, due to the shocks of "demonetization" in 2016 and the introduction of the Goods and Services Tax in 2017. The Indian economy has fully recovered to the pre-pandemic real GDP level of 2019-20, according to the provisional estimates of GDP released on May 31, 2022. Real GDP growth in FY 2021-22 stands at 8.7%, which is 1.5% higher than the real GDP in FY 2019-20. These figures are associated with stronger growth momentum, indicating increased economic demand.
The investment rate in the fourth quarter increased to its highest level in the previous nine quarters. Moreover, capacity utilization in the manufacturing sector rose in the fourth quarter, as against the third quarter, implying a build-up in demand, which is consistent with the growth objectives of the Indian economy.
● India’s nominal GDP at current prices was estimated at Rs. 232.15 trillion (US$ 3.12 trillion) in FY22. With more than 100 unicorns valued at US$ 332.7 billion, India has the third-largest unicorn base in the world. The government is also focusing on renewable sources to generate energy and is planning to achieve 40% of its energy from non-fossil sources by 2030.
The middle class are the finest people of the nation. they pay direct tax for national welfare. This class can be subdivided into 3 categories with the variables of Health, Education and Luxury.
Lower middle class – this class will have families who can look after their food need but not the health and education need. They depend upon the government schools (free schools) for the education of their children or Government support for the same. For health need they utilize the Government free hospitals.
Average Middle class – The families who can look after their health need with direct payment or through insurance. The children of the family go to the pay schools for education.
Upper middle class – Apart from looking after their health and education they do have luxury items like four wheelers, laptops, and Air conditioners in their house. But they may not be paying income tax, they might be giving tax returns.
The benefits of a thriving local independent business sector are not limited to economic benefits. Possibly equally important is that independent businesses define the community’s self-image and creates a sense pride for the people who live there. National chain retailers, on the other hand, can homogenize a community and reduce its element of uniqueness and originality. Many communities are choosing to take control of their own economic character by supporting unique one-of-a-kind local businesses.
Locally owned businesses provide many economic benefits to a community. These benefits are at risk of being measurably reduced by increasing national chain competition. Local businesses are owned by people who live in the community, are less likely to leave, and are more invested in the community’s future. Shopping at local businesses creates more local jobs than shopping at major chain or online companies. Local businesses not only pay their employees, they also spend money at other local businesses. That means by buying local, you help create jobs for your friends and neighbors, contribute to improved public infrastructure, and invest in your community both socially and economically.