Economic Security

February 15, 2023 

Aditya Kumar | 2201012 | aditya.kumar22b@iiitg.ac.in

What is economics? 

Economics is the study of scarcity and its implications for the use of resources , productions of goods and services , growth of production and welfare over time and a great variety of other complex issues of vital concern to society. 

Who is the father of Indian Economy? 

Father of Indian Economic Planning is Sir M.Vishweshwaraiah. Sir M. Vishweshwariah , popularly known as Sir MV, an engineer , statesman and a scholar. 

History of Indian Economy 

Between 1st and 17th centuries AD, India is estimated to have had the largest economy of the ancient and medieval world, controlling between one third and one fourth of the world's wealth. During the Mughal period (1526–1858 AD) India experienced unprecedeneted prosperity in history. 

Role of Indian Economy in the Human Security in India 

India has made significant progress in terms of economic growth and development in recent years, but there are still significant challenges when it comes to ensuring human security. Human security refers to the protection of people from various threats, including poverty, violence, and environmental degradation, among others. In India, there are several economic factors that impact human security. 

One of the biggest economic challenges facing India is poverty. Although poverty rates have been declining in recent years, India still has a large population living in poverty. According to the World Bank, in 2020, about 60 million people in India were living in extreme poverty, or less than $1.90 per day. Poverty can limit people's access to basic needs like food, water, and healthcare, and can also contribute to other threats to human security, such as crime and violence. 

Another economic factor that impacts human security in India is unemployment. Unemployment rates in India have been high, particularly among young people. This can lead to a sense of hopelessness and can make people more vulnerable to other threats to human security, such as crime and violence. In addition, unemployment can limit people's access to basic needs like food, shelter, and healthcare.

Access to healthcare is another important economic factor that impacts human security in India. While India has made significant progress in improving access to healthcare in recent years, there are still significant challenges. For example, many people in India still do not have access to basic healthcare services, particularly in rural areas. This can make people more vulnerable to health threats, such as infectious diseases and malnutrition. In addition to these economic challenges, there are also environmental factors that impact human security in India. Climate change is a significant threat, particularly in coastal areas where sea levels are rising. This can lead to displacement and other challenges for communities that rely on coastal resources for their livelihoods. Air pollution is another major environmental threat in India, particularly in urban areas. This can contribute to health problems and reduce people's quality of life. Despite these challenges, there are also efforts underway to improve human security in India. For example, the government has implemented a number of social welfare programs aimed at reducing poverty and improving access to healthcare. There are also efforts underway to promote economic growth and create jobs, particularly in the technology and manufacturing sectors. In conclusion, India faces significant economic challenges when it comes to ensuring human security. Poverty, unemployment, and limited access to healthcare are among the key factors that impact human security in India. However, there are also efforts underway to address these challenges, and the country has made significant progress in recent years. Continued investment in economic growth and social welfare programs will be important in ensuring that all people in India have access to the basic needs and opportunities necessary for a secure and fulfilling life. 

Major sectors of Indian Economics 

Historically, India has classified and tracked its economy and GDP in three sectors: agriculture, industry, and services. Agriculture includes crops, horticulture, milk and animal husbandry, aquaculture, fishing, sericulture, aviculture, forestry, and related activities. Industry includes various manufacturing sub-sectors. India's definition of services sector includes its construction, retail, software, IT, communications, hospitality, infrastructure operations, education, healthcare,. 

Indian Economics Today

India has a high public debt with 86% of GDP, while its fiscal deficit stood at 6.7% of GDP. 

... 

Economy of India. 

Statistics 

Population 1,417,173,173 (2nd; 2022 est.) 

GDP $3.469 trillion (nominal; 202 2 est.) $11.665 trillion (PPP; 2022 est.) 

GDP rank 5th (nominal; 2022) 3rd (PPP; 2022)