Since the 1990s, India has begun to reform its economy by prioritizing the private sector, reducing state control over foreign investment and trade, and facilitating investment laws, which has contributed to India’s rapid economic growth. From 1997 to 2017, India’s economic growth was 7% annually. Since 2017, India’s economic growth has slowed slightly and continued to decline in 2018 2019. Due to large labor costs, low labor costs and tensions between the United States and China, India will become a destination for foreign investment.
However, India faces long-standing challenges such as poor quality of education, inadequate agricultural infrastructure, discrimination against women, ineffective governance and decentralization, and poor management of intellectual property law and especially, the payment for social issues to help the poor and vulnerable is high.
In this Corona crisis, India is the least affected country compared to other countries. The Indian government made the right and quick decision to prevent this crisis. This victory was called by the Indian media “Victory in the battle to save lives”. Despite the victory over Corona, India is a poor country with a low standard of living. The decision to reopen the country to quick is also a big risk for India.