Role of Commerce in Economic Development in Indian perspective

Abstract

Economics is a mother of commerce. Today Commerce plays a very important role in economic development. It constitutes a fundamental element in achieving success throughout the economic spectrum. Commerce has gained such importance because activities relating to commerce are also affected when the business cycle is going well. Through commerce exposed to the environment of the business world. It enables the importance of spreading economic ideologies while making business decisions. It makes them conscious of social, economic, and political problems. Commerce plays a vital role in the distribution of goods and services. Production inherently requires consumption. To facilitate this, an effective distribution channel is essential. Commerce fulfils this role by creating a market for surplus products. This has not only expanded global markets but also accelerated the exchange of goods and services within local markets worldwide. It is well-established that robust commercial activity significantly contributes to a nation’s economic growth. In this context this paper concentrates the Role of commerce in Indian economic development. Identical objectives this paper includes. 
To analyse the GDP Growth Rate in India, to discuss about Economic Development strategies in India and to study the Importance and Role of commerce in economic development. This paper based on secondary data sources. This paper found that today commerce plays a significant role in development of Indian economy. India is the world’s 10th-largest importer and the 8th-largest exporter. India has been a member of the World Trade Organization since 1 January 1995. It ranks 63rd on the ease of doing business index and 40th on the Global Competitiveness Index. India’s GDP growth rate since 2000 to 2023 highest in the year 2010 (8.49%) and lowest in the year 2008 (3.08%). Economics and commerce are different disciplines but there is a inter relationship between both. Commerce plays a significant role in Indian economic development.it helps uplifting standard of living of the country’s people, it helps to increasing the employment. It supports to the economy for the increasing of external Business i.e., Import and export. Economic development is vast areas covered and depends on the community live in and social welfare but commerce covered on business profit oriented. Today economic development highly depends on commerce activities.