Development of India's Economy

India is one of the biggest and fastest growing economies in the world. In the past, India wanted to protect its economy and autonomy, so he did not participate in the world market. However, in the past few years, India 's economic power has increased. Like other developing countries, India regards trade as the emergence of development. The service department and manufacturing department are rapidly growing. Trade is focused on import and export taxes and quantitative restrictions. In 2012, India imported 50 billion dollars and exported goods equivalent to 309.1 billion dollars (fact book).

Rapid economic development is one of the main goals of all developing countries and India is no exception. This is mainly achieved by the accumulation of capital and appropriate use. Developing countries do not have sufficient infrastructure. In order to develop these, the government is responsible for establishing capital formation through sound taxation policy. India is a complex economy. Liberalization, privatization and globalization further strengthened the role of taxation policy in economic development. Both the public sector and the private sector need to play an important role in ensuring a satisfying growth rate. For this purpose, the government has to develop and provide enough channels to raise funds from private companies. This is expected to provide relief in the form of sufficient incentives, refunds and tax cuts to stimulate the private sector.

India is a mixed economy, companies in both the public and private sectors have cooperated to achieve national economic development. India has a large number of large and dynamic private enterprises with little government intervention in all areas of economic activities such as trade, commerce, and industry. India is a country with more than 3 billion consumers (The Economist, 2001). It has an expanding middle class with 150 million to 200 million consumers, most of whom speak English with high education. According to the World Bank's purchasing power parity (the country's products and services the same exchange rate as the international price), revising per capita revenue estimates Indian per capita income is estimated at $ 1,150, what is the gross national product It is also trillion dollars. Therefore, India is rated as the 6th largest economic power in the world