A Study on the Economic Rights of the People and Corruption in India

Abstract- Prof. Irma Glicman Adelman, an Irish Economist working in California University at Berkely, in her research work on ‘Development Over Two Centuries’, which is published in the Journal of Evolutionary Economics, 1995, has identified and concluded that India, along with China, would be one of the largest economies in this 21 st Century. She has stated that the period 1700-1820 is the period of Netherlands (Holland), the period 1820-1890 is the period of England, the period 1890-2000 is the period of America and this 21 st Century is the century of China and India. World Bank has also identified that India would be a one the leading players of this century after China and USA (third largest economy). India ($ 1.5 trillion) will challenge the Global Economic Order in the next 15 years. India will overtake Italian economy ($ 2.18 trillion) in 2015, England economy ($ 2.29 trillion) in 2020, Japan economy ($5.45 trillion) in 2025 and USA economy ($14.77 trillion) in 2050 (China with $5.88 trillion already overtook Japan economy in 2010 and will overtake USA economy in 2027). India has the following advantages compared with other economies. India is 4 the largest GDP in the world in terms of Purchasing Power. India is third fastest growing economy in the world after China and Vietnam. Service sector contributes around 57 per cent of GDP. The share of agriculture is around 17 per cent and Manufacture is 16 per cent in 2005-06. This is a character of a developed country. Expected GDP growth rate is 10 per cent shortly (It has come down from 9.2 per cent in 2006-07 to 6.2 per cent during 2008-09 due to recession). India has $209 billion as Foreign Exchange Reserve as on today. India had just $1 billion as Foreign Exchange Reserve when it opened its economy in the year 1991.

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