Recent forecasts indicate that the economy of India is fast progressing towards the fastest growing economy in the world. A number of factors are helping the government achieve this.
The Make In India campaign initiated by the Prime Minister Narendra Modi is one of the important factors. Instead of being a large market of other countries, India is now making its own products to sell in the world and at the same time, creating employment opportunities for the citizen. This employment creation enable the citizen to have more buying power and in turn helping them to take a role in further boosting the economy by making more money circulation.
A number of projects are initiated by the govt.of India to help the citizen stand on their own feet.
In addition, the govt. was able to collect a very big money by tax from the fuel. When the international market was down, the fuel prices in India was high due to the taxes collected by central and state governments. In turn, this money was pumped into infrastructure development. Presently, for example, construction of roads are happening at many many folds greater than what was happening earlier per day.
In the near future, it is expected that the Indian economy will grow at the rate of 7.6 % per year.
