India is set to celebrate its 75th Independence Day on Monday. Ahead of India’s Independence Day, we look at the country’s progress in a number of socio-economic indicators over the years.
Here is India’s socio-economic trajectory through 10 indicators:
Gross national product
Gross domestic product, the monetary measure of all goods and services produced in a country in a year, increased from Rs 2.79 lakh crore (at constant prices) in 1950-51 to an estimated 147.36 lakh crore in 2021 -22. The size of Indian GDP is more pronounced in US dollars.
According to reports, the Indian economy, which currently stands at $3.17 trillion, is expected to become the fifth largest in the world by 2022.
Net national income per capital
Net National Product is depreciation that is deducted from the Gross National Product (GDP + income from foreign sources). The net national income per capita increased from Rs 12,493 in 1950-51 to Rs 91,481 in 2021-22 (provisional estimates).
The total turnover
The Centre’s total revenues – these do not create a liability or cause any reduction in government assets – increased from Rs 171.15 crore in 1947-48 to Rs 20,78,936 crore in 2021-22, according to the revised budget of this year.
Forex reserves
India’s foreign exchange reserves rose from Rs 911 crore in 1950-51 to Rs 45,42,615 crore on August 5, 2022. The latest figure includes India’s special drawing rights and reserve position in the IMF.
Currently, India has the fifth largest forex reserves in the world.
Foreign trade
In 1950-51, India’s nascent foreign trade amounted to Rs 1,214 crore, with imports slightly outpacing exports. After the economic liberalization of India, the trade deficit widened considerably.
In July 2022, foreign trade (goods and services) exceeded $143 billion. However, the total trade deficit was $21 billion as imports far outweighed exports.
Food Grain Production
India’s food grain production is a success story, thanks to the Green Revolution of the late 1960s and early 1970s. In 1950-51, food grain production was 50.8 million tons, rising to an estimated 316.06 million tons in 2021-22.
According to the Food and Agriculture Organization (FAO), India is one of the largest producers of milk, pulses and jute, rice, wheat, sugar cane, groundnuts, vegetables, fruits and cotton.
literacy rate
The literacy rate in India rose from just 18.3 percent in 1951 to 77.7 percent in 2017-18.
The significant increase in female literacy rates is worth noting – from just 8.9 percent in 1951 to 70.3 percent in 2017-18.
The rise in literacy rate is also related to the growth of educational institutions across India. Out of just over 2,000 primary and secondary schools in 1951, India had more than 14,000 registered schools in 2015-16.
In higher education, India had 578 colleges and 27 universities in 1951. That number rose to a whopping 760 universities and 38,498 colleges in 2015-16.
sex ratio
India’s sex ratio – the total female population per 1,000 males – stood at 946 at the 1951 census. In 2021, the sex ratio was 1,020 females for every 1,000 males, putting India on par with several developed countries.
It is noteworthy that the fifth National Family Health Survey found that the sex ratio was better in rural areas than in urban areas.
Defense budget
As an emerging power, India’s defense budget has grown exponentially since 1947.
India’s defense budget was Rs 92.74 crores in 1947, representing 46 percent of the total budget expenditure.
That figure rose to Rs 5,25,166 crore in the 2022 budget, accounting for 13.3 percent of government spending in 2022-23.
Phone connectivity
At the time of independence, India had more than 80,000 telephone connections.
Seventy-five years later, India’s total telephone subscriber base was 117 crores in May 2022.
However, India’s greater success story is its vast and fast-growing internet connectivity. In January 2022, India’s internet penetration rate was 47 percent, accounting for more than 65.8 crore people.