Economy of India - 2374 Words

November 5, 2005 Economic Growth and Development Economy of India The economy of India has seen an explosive amount of growth during the past few years. India s economy is the fourth largest in the world in terms of purchasing power parity (PPP) followed by a Gross Domestic Product of $3.3 trillion. India also has 8.1% Gross Domestic Product growth rate, which is second in the world (Economy of India 2005). India was the second fastest growing major economy in the world, with a GDP growth rate of 8.1% at the end of the first quarter of 2005Ââ€"06. However, India s huge population results in a relatively low per capita income of $3,100 at PPP (Economy of India 2005). India has an extremely diverse economy which includes many areas†¦show more content†¦The public sector controlled the large industries, telecommunications, and transportation systems of India. During the 1970 s India began to addressee the immense state control of the economy and sought to find ways of reducing government control. In the 1980 s India experience greater than average foreign aid to help funding in numerous development plans throughout the country (Economy of India: Analysis, Character and Structure 2000). As a result, when the price of oil rose sharply in August 1990, the nation faced a balance of payments crisis. The need for emergency loans led the government to make a greater commitment to economic liberalization than it had up to this time. In the early 1990s, India s post-independence development pattern of strong centralized planning, regulation and control of private enterprise, state ownership of many large units of production, trade protectionism, and strict limits on foreign capital was increasingly questioned not only by policy makers but also by most of the intelligentsia (Economy of India: Analysis, Character and Structure 2000). Private and public industry employment in India(2003) No. of persons employed in non-agricultural occupations in Public and Private Sectors. Data source: Economic Survey (2004-05) India s current population has continued to grow at a remarkable rate and is estimated at 1.027 billion people and has an annual growth rate of around 1.93% (1991-2001). This is down somewhatShow MoreRelatedindia economy1252 Words   |  5 PagesEconomics is the social science that studies the production, distribution and consumption of goods and services and in general the economy includes all of the countrys economic system, or any other area, employment, capital, natural resources, industry, trade, distribution, and consumption of goods and services in that region. The economy could also be described as a spatially limited social network where the exchange of goods and services in accordance with supply and demand among participantsRead MoreIndia Infrastructure Economy1876 Words   |  8 PagesINDIA ECONOMY INFRASR+TRUCTURE OVERVIEW India is rich in natural resources and manpower and has made significant economic progress since attaining independence in 1947. Indias economy encompasses traditional village farming, forestry, fishing, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Economy transformed from primarily agriculture, forestry, fishing, and textile manufacturing in 1947 to major heavy industry, transportation, and telecommunicationsRead MoreHow Entrepreneurship Has An Effect On The Economy Of India1557 Words   |  7 Pagesenhance the efficiency and supportability of assistance. 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These words still hold true today as India moves onto the global scene and is making its presence felt asRead MoreThe Problem Of The Internet807 Words   |  4 Pagesmight not work efficiently in India, neither in culture nor technological method. For cultural reason, religion would be the first cause which makes extremely negative effect for expanding internet service in India. Since the Hinduism is a kind of close religion, such as it does not encourage people to travel away from India, the ethic might not encourage people to use new technology such as internet. In addition, education is still a problem in India. The literacy in India is 74.04 percent, whic h isRead MoreMoney And Money For Money1240 Words   |  5 Pagesout more than $50 billions rupees, but the government was initially forced to limit ATM. ATM was limited to give out only 2,500 rupees and banks was limited to give out 24,000 rupees per week. About a third of business India is done with black money and in a heavily regulated economy. Government officials invest much of this money in real estate and not only is the property purchased with black money. The sellers pay less tax than they should because the prices have been understated. So if people justRead MoreEssay about Exposing the Corruption in India1218 Words   |  5 Pagestalked about subject. However, in India there is a problem with corruption, which has run out of control. People subject to poverty in India and considered poor by other nations’ standards are taken for what little cash they have or property they own by someone of a higher authority. What’s worse is those very people also begin doing the same. Corruption is an opportunity to many, and to some their only way to get ahead. This problem is so far reaching in India that one has to question how thingsRead More60 Years of Independence - Indias Achievements1616 Words   |  7 Pages60 years of Independence - Indias achievements Contemporary India with a scientist President and an economist Prime Minister is very successfully treading the fast track of development Starting from an utterly ruined and exploited country under the rule of the haughty Britishers who sponged away the India wealth, the story of Indias success in the last 60 years, is one of the proverbial rise from rags to riches. Indias development within a short span of time, to the level of a country whichRead MoreBehind The Beautiful Forevers By Katherine Boo Essay1560 Words   |  7 Pagesthe Novel Behind the Beautiful Forevers by Katherine Boo, India has entered new age of globalization that is causing growth the Indian people have never experienced before. 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