What are the major economic challenges faced by India in the contemporary times

Provide an account of various economic challenges that India is currently facing in different sectors.
India, being one of the fastest-growing economies in the world, has been facing various economic challenges in different sectors. Some of the major challenges are:
  • Unemployment: The current unemployment rate in India is at a 45-year high, which is a serious concern for the government.
  • Low industrial growth: The industrial sector is facing a slowdown due to the lack of investments and the immense competition in the global market.
  • Infrastructure deficiencies: India's infrastructure, including transportation and communication, is still not up to the mark to support a booming economy, which is a major challenge for the country.
  • Limitations in the agricultural sector: Agriculture is an essential sector that employs the majority of India's workforce. But due to small landholdings, lack of technological advancements and low yields, the sector is not growing at its full potential.
  • Corruption and black money: Corruption and black money are two major challenges faced by the Indian economy. They prevent the government from collecting taxes and implementing beneficial policies.
Overall, the Indian economy must address these challenges to achieve sustainable growth and development.
Answered a year ago
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