Free Essay

Life & Economy of India

In: Social Issues

Submitted By onekensethfan
Words 3512
Pages 15
International Trade & Finance life and economy of india

The flag of India has three equal horizontal bands of saffron, white, and green with a blue chakra centered in the white band. The orange in the flag represents courage and sacrifice. The white represents truth, purity, and peace. The green represents faith, fertility, and chivalry. The blue chakra emblem is the Ashoka Chakra which is the Wheel of the Law. India shares borders with Bangladesh, Bhutan, Myanmar (Burma), China, Nepal, and Pakistan. It also is bordered by the sea on the west, south, and east.

India is currently home to about 1.13 billion people, representing a full 17% of the earth’s population. India, being a vast country does not fit into any one zone and occupies a large area of South Asia. It can be divided mainly into four climatic zones namely Alpine, Subtropical, Tropical, and Arid. Though divided into different climatic zones, India seems to be unified by primarily four seasons- winter, summer, advancing monsoon, and retreating monsoon. This cycle of seasons has been disturbed due to uncontrolled industrialization and other developmental activities resulting in drastic changes in climate. This has lead to climatic disasters such as drought, landslides, floods, and global warming. The unchecked cutting down of trees indirectly leads to landslide and drought. Annual floods have become part of life in many regions of India. The diverse climate of India results in large-scale loss of life and property.

Family is important in India, and is what their life is centered around. It is common for several generations to live in the same house as an extended family. Indians respect people who value their family. They will allow family to take priority over work, whenever necessary. When a woman marries, she leaves her birth family, many times without seeing them again, and goes to her husband's village and becomes part of his family. There is significant discrimination toward girls and women. Young girls are expected to help with the women's work such as preparing the meals, cleaning, and caring for animals as well as care for their younger siblings. Boys have it much easier generally only being required to herd goats and other animals to and from the fields, but in general have it much easier than their female counterparts.

This discrimination amongst Indian women doesn't end once they reach adulthood however they are treated with respect in the work place. They feel quite safe and secure in most organizations in India. Foreign women working here will find it easy to adapt to an Indian work environment. However, they need to plan their wardrobe carefully, keeping in mind the conservative dress codes in India. Some of aspects of their workplace and culture are taken very seriously. Humor in the work place is something that some Indians are not used to. Most traditional Indians are vegetarians, so their eating habits need to be respected. Westernized Indians are more outgoing and do socialize and drink.

Aggressiveness can often be interpreted as a sign of disrespect. This may lead to a complete lack of communication and motivation on the part of the Indians. It takes time to get to know them as individuals in order to develop professional trust. Indians are very good hosts and will therefore, invite you to their homes and indulge in personal talk often. All this is very much a part of business. One is expected to accept the invitation gracefully and bring a welcoming gift such as a box of sweets, chocolates, or a simple bouquet of flowers.

Criticism about an individual's ideas or work needs to be done constructively so not to damage one’s self-esteem. Politeness and honesty go a long way in establishing the fact that your intentions are genuine. Indians use a system of hierarchy in the work-place and all senior colleagues are obeyed and respected. In a group discussion, only the senior most people might speak, but that does not mean that the others agree with him. They may maintain silence, without contradicting them out of respect for seniority.

Supervisors are expected to monitor an individual's work and shoulder the responsibility of meeting deadlines whereas here the individual’s shoulder much of the responsibility. Therefore, it is important to double-check quality and have great time management skills. Educated Indians have learned to adapt to the western methods of monitoring one’s own work and completing it on schedule. India is the birthplace for two of the world’s oldest religions – Hinduism and Buddhism. Today, 80% of Indians are Hindu, 12% are Muslims, 2.3% are Christians, 2% are Sikh, .8% is Buddhists, and .5% is Jainism. Jainism is almost exclusive to India and is one of the world’s smallest religions.

There are several languages spoken in India – 30% of population speaks Hindi. There are 16 other official languages are also spoken that include Assamese, Bengali, Gutarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Sindhi, Tamil, Telugu, and Urdu. In addition to these languages it is estimated that more than 1000 other languages and dialects exist in India. English was brought by British rulers and is still used prominently in India for business and international communication and is the official language of the legal profession.

India’s social structure provides the best example of a caste system. In the caste system, status is based on ascribed status, determined at birth, and lasts a lifetime. Strict social norms prohibit members of one caste from marrying, or even associating, with members of a different caste. The four Varna’s of the caste, in descending order of status, were then the Kshatriyas (the king and warriors), the Brahmins (priests), the Vaishyas (who, with the rise of trade and agriculture, became the farmers and merchants), and the Shudras (servants). As the system evolved, new sub-castes or jatis formed with new occupations and incoming groups of peoples were given a suitable sub-cast to fit them into the system, although this did not always prove straight forward.

India falls into the large power distance group because of the vast inequalities that exist in their caste social system. Their people are born into those classes and are not able to move between the classes based on their achievements. For this same reason they are in the large uncertainty avoidance because they have strong beliefs in their systems of rules and procedures in society.

India is a constitutional democracy with a parliamentary system of government. India is the largest democracy in the World. India does hold free elections at regular intervals as per the principles of the Constitution, Electoral Laws and System. The first election was held in 1952. These elections determine the composition of the government, the membership of the two houses of parliament, the state and union territory legislative assemblies, and the presidency and vice-presidency.

The legal system is based in part on English common law. Sources of Muslim personal law as applied in India are Hanafi fiqh along with some resort to other schools, legislation, precedent, and certain juridical texts that are considered authoritative and custom. Muslim personal law is applied by the regular court system. As the majority of Muslims are Hanafi, courts presume that litigants are Hanafi unless the contrary is established. There are four levels of courts in the judiciary. The first are civil courts with jurisdiction over arbitration, marriage and divorce, guardianship, probate, etc. The next level of courts is established in the subdivisions of each state, at the district level. Each district comes under the jurisdiction of a principal district civil court presided over by a district judge. There are State High Courts in each of the 18 states of the federation. The Supreme Court is constituted by one Chief Justice and not more than 17 judges.

India's current economic reforms began in 1985 when the government abolished some of its licensing regulations and other competition-inhibiting controls. Since 1991 more "new economic policies" or reforms have been introduced. Reforms include currency devaluations and making currency partially convertible, reduced quantitative restrictions on imports, reduced import duties on capital goods, decreases in subsidies, liberalized interest rates, abolition of licenses for most industries, the sale of shares in selected public enterprises, and tax reforms. The growing dependence of the economy on imports, greater vulnerability of its balance of payments, reliance on debt, and the consequent susceptibility to outside pressures on economic policy directions caused concern. The increase in consumerism and the display of conspicuous wealth by the elite exacerbated these fears.

The pace of liberalization increased after 1991. By the mid-1990s, the number of sectors reserved for public ownership was slashed and private-sector investment was encouraged in areas such as energy, steel, oil refining and exploration, road building, air transportation, and telecommunications. An area still closed to the private sector in the mid-1990s was defense industry. Foreign-exchange regulations were liberalized, foreign investment was encouraged, and import regulations were simplified. The average import-weighted tariff was reduced from 87% in FY 1991 to 33% in FY 1994. Despite these changes, the economy remained highly regulated by international standards.

India’s growth is credited to the 'India Economic System' reform earnest in July 1991. The new policies included opening for international trade and investment, deregulation, initiation of privatization, tax reforms, and inflation-controlling measures. The overall direction of liberalization has remained the same, irrespective of the ruling party, although no party has yet tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labor laws and reducing agricultural subsidies. This continuing liberalization has moved them toward a market-based economy.

New Delhi, India decided to invite private firms to set up cargo handling facilities at its major ports, setting up a tariff regulator became an essential prerequisite. The Major Port Trusts Act, 1963, which governed these 11 major ports, was amended in 1997 to clear the deck for a regulator, now known as the Tariff Authority for Major Ports (TAMP). Cargo-handling terminals run by government-owned ports themselves as well as private operators at major ports have been required to take clearance from the tariff regulator before fixing and revising tariffs, once in two-three years, for the services rendered at their berths and terminals.

The shipping ministry has been resisting demands from private investors to dismantle TAMP and leave tariff setting to market forces, arguing that competition for cargo handling at major ports has not reached the desired level for this. The purpose of the tariffs are to protect the interests of customers and the trade, then the best bet would be to make investments as attractive as possible at both major as well as non-major ports so that it inspires confidence among private firms to invest in port infrastructure in the world’s second fastest growing major economy. The economy of India is the twelfth largest economy in the world by market exchange rates and the fourth largest by purchasing power parity (PPP) basis.

India achieved 8.5% GDP growth in 2006, 9.0% in 2007, and 7.3% in 2008. Since independence, India has always tried to keep healthy relation with the neighboring countries, especially when trading is concerned. From the following data we can see the zeal of India government to pave the way for free trade with at least the southern countries of Asia. By 2016, India will be trading at zero duty with a dozen countries. Now India already enjoys free trade with Thailand and Srilanka. Very soon India will enjoy the same with China and Singapore. India and Sri Lanka signed a free trade agreement in December 1998 with India agreeing to a phase out of tariffs on a wide range of Sri Lankan goods within 3 years, while Sri Lanka agreed to remove tariffs on Indian goods over eight years. One of its objectives which were stated was to contribute, by the removal of barriers to bilateral trade to the harmonious development and expansion of world trade. India and Thailand signed FTA on October 09, 2003 with four other accords for enhancing cooperation in agriculture, tourism and science.
|Exports, Imports and trade balance 1990-91 to 2008-09 |
|Year to |Exports |Imports |Trade Balance |Rate of Exchange |
| |(including re-exports) | | |Export |Import |
|1990-91 |32553 |43198 |-10645 |17.7 |22.3 |
|1991-92 |44041 |47851 |-3810 |35.3 |10.8 |
|1992-93 |53688 |63375 |-9687 |21.9 |32.4 |
|1993-94 |69751 |73101 |-3350 |29.9 |15.3 |
|1994-95 |82674 |89971 |-7297 |18.5 |23.1 |
|1995-96 |106353 |122678 |-16325 |28.6 |36.4 |
|1996-97 |118817 |138920 |-20103 |11.7 |13.2 |
|1997-98 |130100 |154176 |-24076 |9.5 |11 |
|1998-99(P) |139752 |178332 |-38580 |7.4 |15.7 |
|1999-00 |159561 |215236 |-55675 |14.2 |20.7 |
|2000-01 |203571 |230873 |-27302 |27.6 |7.3 |
|2001-02 |209018 |245200 |-36182 |2.7 |6.2 |
|2002-03 |255137 |297206 |-42069 |22.1 |21.2 |
|2003-04 |293367 |359108 |-65741 |15 |20.8 |
|2004-05 |375340 |501065 |-125725 |27.9 |39.5 |
|2005-06 |456418 |660409 |-203991 |21.6 |31.8 |
|2006-07 |571779 |840506 |-268727 |25.3 |27.3 |
|2007-08 |655864 |1012312 |-356448 |14.7 |20.4 |
|2008-09(P)* |766935 |1305503 |-538568 |16.9 |29 |

India is the biggest producer of castor seed in the world and is the only country which meets majority of the industrial demand of the castor seed oil internationally. India is the biggest producer, consumer, and exporter of chili in the world. India has emerged as the world's second largest cotton producer in 2006-2007, edging past the US, which held the second rank until recently. India is the largest producer of Guar seed in the world accounting for 80% of total production. India is the largest producer, consumer, and exporter of Jeera in the world. India is the largest producer and exporter of menthe oil in the world. Mustard/Rapeseed oil is the third largest edible oil produced in the world after Soy oil and Palm oil. Vietnam dominates global pepper trade by producing nearly 34% of global pepper production. India is the largest consumer and second largest producer of sugar in the world. India is considered the largest producer, consumer, and exporter of turmeric in the world accounting for 78% of total world production. The key features of India’s BoP that emerged in the first half of fiscal 2008-09 included a widening trade deficit ($69.2 billion) led by high imports, a significant increase in invisible surplus ($46.8 billion) led by remittances from overseas Indians and software services exports, a higher current account deficit ($22.3 billion) due to high trade deficit, a volatile and relatively lower net capital inflows ($19.9 billion) than April-September 2007-08 ($50.9 billion), and a decline in reserves (excluding valuation) of $2.5 billion.

The widening trade deficit which is mainly due to higher imports has led to a higher current account balance deficit at $12.5 billion in Q2 of 2008-2009. Reflecting volatile movement of capital flows, the net capital flows were significantly lower at $8.2 billion in Q2 of 2008-09 than that of $33.2 billion in Q2 of 2007-08. Under capital flows (net), foreign direct investments (FDI) witnessed steady growth, while the portfolio investment recorded net outflows. FDI broadly comprise equity, reinvested earnings and inter-corporate loans. The net FDI flows were higher at $5.6 billion in Q2 of 2008-2009 as compared with $2.1 billion in Q2 of 2007-2008.

Mumbai is the important financial center of India followed by Dubai. The currency of India is the Rupee. The Rupee is the only legal tender accepted in the India and is also accepted as legal tender in neighboring Nepal and Bhutan. These countries’ currency value is being held to the Rupee value. India now has its own version of the dollar sign. Until now, the most common notation for the rupee was “Rs.” The problem is that a number of countries – including archrival Pakistan – also have a rupee, leading international traders to rely on the clunky “INR” to distinguish it. The creation of the new symbol represents India’s assertion of importance as a major international market, one whose currency warrants a special moniker. India will join an elite group of countries which have a distinct currency symbol.

The rupee has grown increasingly stable in value. Versus the dollar, it made strong gains until the global flight to the dollar at the height of the worldwide financial crisis. The rupee quickly recovered – it now sits at 46.5 to the dollar – reflecting the Indian economy’s quick rebound. The International Monetary Fund forecasts GDP growth of 9.5% this calendar year while Western nations remain mired in economic doldrums. In 1975, as per the Floating exchange rate system, the value of the rupee was pegged to a basket of currencies and was tightly controlled by the Reserve Bank of India. In recent years its value has depreciated with respect to most currencies with the exception of the US dollar. There is no limit on the amount of foreign currency brought into India however certain amounts will require declarations at the customs entry point. The table below illustrates the fluctuation of the exchange rate for the Rupee against the more common currencies of the world.

India’s double digit inflation: In June, that inflation reached 10.6%, piling on to double digit rates in May (10.2%) and April (11.2%). Street protests have erupted over rising food prices that have burdened some three-quarters of Indians who still live on less than $2. To get a handle on the problem, India’s central bank has raised interest rates three times since March. India uses a different set of metrics to report inflation than the rest of the world. Using metrics common in the US, inflation will come out to around 4.5%. A high inflation rate in Asia’s fastest growing major economy after China is putting pressure on India’s central bank to raise interest rates for a fourth time in five months.

The biggest area of concern for India is for them to determine how to reduce their inflation rate while continuing to grow their economy. This has proven a difficult task for them given the current economic situations facing the world. India offers foreign investors a transparent environment guaranteeing security of their long-term investments similar to that of China. Some of the factors that will deem helpful to India are their free press, a judiciary government, a sophisticated legal and accounting system, and a user-friendly intellectual infrastructure. India's dynamic and highly competitive private sector will continue to the backbone of their economic activity offering considerable possibilities for joint ventures and collaborations. India is well suited to enter into the new emerging markets with a strong and robust financial outlook considering the high inflation rate.

India’s increasing globalization will be driven by the country becoming a source for specialized products and services. There are also huge technology advances that India can put to work to make government more efficient, to make service delivery easier to monitor/track, and to make public financial flows more visible. With India’s strong human capital and cutting-edge innovation, it is clear the knowledge and technology content of India’s exports is going to continue to rise. They will further integrate themselves within global production chains by making products of new value. Expanded access to finances is another area where changes will mean a difference to millions of citizens, allowing them to share in the opportunity of India’s growth.

References:

Brace, Steve. Country Studies: India. Des Plaines, IL: Heinemann Library, 1999.

"Caste." Encarta Online Encyclopedia http://uk.encarta.msn.com/encnet/refpages/RefArtTextonly.aspx?refid=761565041&print=0

Dalal, Anita. Nations of the World: India. Austin: Steck-Vaughn Company, 2002.

"Family Customs in India." AsianInfo.Org 2000 http://www.asianinfo.org/asianinfo/india/family_customs.htm

"India." CIA - The World Factbook 03052009 http://www.cia.gov/library/publications/the-world-factbook/geos/in.html

"India Climate." Maps of India 2008 http://business.mapsofindia.com/india-climate.html

"India Economic System." Maps of India 2008 http://business.mapsofindia.com/india-economy/system.html

"Republic of Inda." EmoryLaw.com Unknown http://www.law.emory.edu/ifl/legal/india.htm#table

Srinivasan, Radhika, and Leslie Jermyn. Cultures of the World: India. 2nd. New York: Benchmark Books, 2002.

"The Role of Government in the Economy." India: A Country Study 1995 http://countrystudies.us/india/94.htm

"Where does India stand on agri commodities?." Commodity Online 09042008 http://www.commodityonline.com/news/Where-does-India-stand-on-agri-commodities-11499-3-1.html

"Will Growth Slow Corruption In India?." Forbes.com 08152007 http://www.forbes.com/2007/08/15/wipro-tata-corruption-ent-law-cx_kw_0814whartonindia.html…...

Similar Documents

Free Essay

Economy of India

...Economy of India The economy of India is the tenth largest in the world by nominal GDP and the third largest by purchasing power parity (PPP).[1] The country is one of the G-20 major economies and a member of BRICS. On a per capita income basis, India ranked 140th by nominal GDP and 129th by GDP (PPP) in 2011, according to the IMF.[13] The independence-era Indian economy (from 1947 to 1991) was based on a mixed economy combining the worst features of capitalism and socialism, resulting in an inward-looking, interventionist policies and import-substituting economy that failed to take advantage of the post-war expansion of trade.[14] This model contributed to widespread inefficiencies and corruption, and the failings of this system were due largely to its poor implementation.[14] In 1991, India adopted liberal and free-market oriented principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V. Narasimha Rao the then Prime Minister who eliminated License Raj a pre- and post-British Era mechanism of strict government control on setting up new industry. Following these strong economic reforms, and a strong focus on developing national infrastructure such as the Golden Quadrilateral project by Atal Bihari Vajpayee, the then Prime Minister, the country's economic growth progressed at a rapid pace with very high rates of growth and large increases in the incomes of......

Words: 6916 - Pages: 28

Premium Essay

Customers’ Perception Towards Service Quality of Life Insurance Corporation of India:

...International Journal of Business and Social Science Vol. 2 No. 18; October 2011 Customers’ Perception towards Service Quality of Life Insurance Corporation of India: A Factor Analytic Approach Dr. H. S. Sandhu Director SAI Technology Campus Amritsar (Punjab) India Ms. Neetu Bala Assistant Professor Maharaja Agrasen College (University of Delhi) Vasundra Enclave Delhi, India Abstract The service quality has become a highly instrumental co-efficient in the aggressive competitive marketing. For success and survival in today’s competitive environment, delivering quality service is of paramount importance for any economic enterprise. Life Insurance Corporation of India, the leading insurance company has set up ‘benchmarks’ in enervating the whole concept of service quality. The present study aims to measure customers’ perception towards life insurance service quality by applying a framework developed by Sureshchandar et al. (2001). An advocated procedure has been used to develop, refine and validate a scale. Data has been collected from 337 customers from the three cities of Punjab (a progressive State of India). The findings of the study demonstrate that five-factor structure as proposed by Sureshchandar et al. (2001) has been refined to sevenfactor construct (consisting of 34 items) representing Proficiency; Media and presentations; Physical and ethical excellence; Service delivery process and purpose; Security and dynamic operations; Credibility; and Functionality.......

Words: 8371 - Pages: 34

Premium Essay

Economy

...Most commentators are of the view that the key for US economic recovery is drastically lowering the number of unemployed Americans. Once more people will be employed, this is going to lift overall spending in the economy and consequently general economic activity will follow suit, so it is held. We suggest that unemployment is not the key issue for economic growth. What matters for individuals is not whether they are employed as such but the purchasing power of their earnings. The key for this is the infrastructure individuals utilize in the production of goods and services. What permits an increase of the production of goods and services and hence raises people’s living standards is an expansion and enhancement of infrastructure. What in turn permits this is an expanding pool of real savings. Contrary to popular thinking, the Fed’s and the government policies that are aiming at lowering unemployment don’t improve people’s living standards, but on the contrary they undermine the process of real wealth generation and thus set in motion an economic impoverishment. In fact the latest government data indicates that many more Americans have fallen below the poverty line in 2009 despite all the massive stimulus packages. For the time being, the latest US economic data remains subdued. Also in China a visible fall in the growth momentum of money supply M1 raises the likelihood of a visible fall ahead in economic activity indicators. Is a reduction in unemployment the key to US......

Words: 2786 - Pages: 12

Premium Essay

Rural Economy in India

...Rural Economy in India Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[3/5]Total Votes [ 10 ] Rate this page: 1 2 3 4 5 The Rural Economy in India is wholly agriculture based and it is of tremendous importance because it has vital supply and demand links with the other Indian industries. Agriculture is the main stay of the Indian economy, as it constitutes the backbone of rural India which inhabitants more than 70% of total Indian population. The fertility of the soil has augmented the success of agriculture in India. Further, Rural Economy in India has been playing an important role towards the overall economic growth and social growth of India. India has been predominantly an agriculture-based country and it was the only source of livelihood in ancient time. During prehistoric time when there was no currency system the India economy system followed barter system for trading i.e. the excess of agricultural produce were exchanged against other items. The agriculture produce and system in India are varied and thus offers a wide agricultural product portfolio. Today, the rural economy in India and its subsequent productivity growth is predicated to a large extent upon the development of its 700-million strong rural population. The agricultural economy of India is drafted according to the needs of rural India since majority of the population lives in about 600,000 small villages. In India, agriculture accounts for almost 19% of......

Words: 558 - Pages: 3

Premium Essay

India Economy Policy

...India economic policy after independence was influenced by socialism. Policy designed and implemented by a central planning body, all major sectors like mining, airlines, telecommunications, insurance, banks, steel, power generation, refineries, electrical/electronic tools and many more were nationalised. Policies were more based on protectionism, added with excessive regulations and licenses to setup businesses. This resulted in low annual growth rate of the economy, state-owned companies made huge losses, infrastructure deteriorated and corruption flourished under license raj. With economic liberalization, India's economy became more market-oriented and there were more private and foreign investments. There is increase in countries GDP, per capita income, household savings, forex reserves, exports etc. With this there rises new income and employment generating sectors like IT, BPO, Telecom and Retail. India has large labour pool and vast amount of natural resources be it minerals or agriculture products, which provides comparative advantage in production of certian goods against other countries. Like textile industry, which need semi and unskilled labour to mass produce many of its items. Being half of working class involved in agriculture, the advantage is enjoyed with large exports of castor-oil, silk, turmeric, cotton-products, vegetable products, rubber etc. With de-regulation and liberalization iron and steel sector gained aided with low-labour cost, free export...

Words: 282 - Pages: 2

Premium Essay

China and India in the World Economy

...China and India in the World Economy What challenges to the world economy do India and China pose? There are many challenges to having the world’s two most populous countries enter the world trading system. Just the sheer size of these two countries is a challenge to other countries that are smaller. More people in China and India means more opportunities (and increased demand) to grow their economies, to increase education, to manufacture more goods, provide more services, use up more of the world’s resources, etc. These are all challenges that other countries face with India and China. India’s service sector has grown tremendously and many people have begun outsourcing service jobs such as information technology and computer jobs to India as well as other service jobs such as call-center customer service jobs. Outsourcing reduces the price of these services and allows businesses to increase profits by having lower costs. This poses as a challenge to the economies that are outsourcing jobs to lower fare countries because it reduces the number of jobs in its own country and leaves more of its own people unemployed or having to look for other type of work. China has emerged as an export platform and a high volume manufacturer of consumer goods. China has very low wages and its manufacturing wages are estimated to be about one-fourth of the amount paid in Brazil and Mexico. But apart from low wages, China has several other sources of comparative advantage which......

Words: 386 - Pages: 2

Free Essay

India an Emerging Economy

...Course Project India an Emerging Economy What proves that India is an emerging country? How did it reach this stage? What is the most active section that helps the emergence of India? Why is India going to dominate the economy? To an outsider, India might look like an entrepreneur’s nightmare, a country with over a billion people riven by paradoxes. The distribution system can be inadequate, the legal system can be intimidating, government often fails to deliver basic services and poverty is a pervasive issue that seems impossible to go away. Nevertheless, India is the perfect example of an emerging economy. Those are tough market conditions, but through innovation in the business sector first steps were made and had served to the up rise of the nation’s economy. As a member of the BRICs, i.e. Brazil, Russia, India and China, it experienced steady growth over the last decade and is now one of the major world economies. It started as a periphery country with little to no prospects and has risen up to be a semi-periphery, and maybe one day might become a core country. A core country is seen as a region were most of the positive characteristics of globalization typically occur: transnational links, modern development (i.e. higher wages, access to healthcare, adequate food/water/shelter), scientific innovation, and increasing economic prosperity. These countries also tend to be highly industrialized and have a rapidly-growing service (tertiary) sector. Generally......

Words: 994 - Pages: 4

Premium Essay

The Need of Entrepreneurs in an Economy Like India

...“Assignment- 2” Q. Justify the need for and the significance of entrepreneurs in an economy like India? A. Entrepreneurship and innovation are critical for the growth of any economy, in an increasingly competitive world. The Industrial Revolution, the rise of the US to its preeminent state ,the recovery of Germany post-World War, and, more recently, Israel’s status of a developed economy have all been driven by entrepreneurship and innovation. Historically, India was considered an innovation driven country, at the forefront of trade, mathematics, astronomy and philosophy. Not surprisingly we accounted for almost 25 % of world GDP barely 300 years ago, arguably the largest in the world. Colonisation and missing the Industrial Revolution brought India down to 2% of global GDP by 1947. By the beginning of 1990’s, with virtual bankruptcy facing the country, India’s share of world GDP was down to 0.2. However, economic liberalisation initiated in 1991 appears to have revived the old DNA. Business and industry rebounded. The stagnant and sluggish early single digit rate of growth zoomed to almost double digits. The last two decades have given us a glimpse of what entrepreneurship can do for the country. In barely 20 years, the Indian IT services industry, driven by first generation, middle class entrepreneurs, has grown from its early stages to around Rs 4.5 lakh crore ($88 billion), creating 117 lakh (11.7 million) jobs- 28 lakh (2.8 million) directly and additional 89 lakh......

Words: 1085 - Pages: 5

Free Essay

The Political Economy of Government Responsive-Ness: Theory and Evi-Dence from India

...research could shed additional light on this topic. For example, it could be analysed whether the theory also holds true in countries other than India. Further, it would be interesting to see whether newspaper circulation also has an impact on other kinds of government support such as education. Overall, the two authors present strong results with respect to the effects of media access on policy and thereby not only impact future policy making but also lay a strong foundation for further research on this topic. 6. References Besley, T., & Burgess, R.S.L. (2002), The Political Economy of Government Responsiveness: Theory and Evidence from India. Quarterly Journal of Economics, 117 (4), 1415-51. Prat, A., & Strömberg, D. (2013). The Political Economy of Mass Media. Advances in Economics and Econometrics. Tenth World Congress, vol. 2. Applied Economics. Cambridge, UK. 135-187. Radhakrishna, R., & Subbarao, K. (1997), India's Public Food Distribution System. World Bank Discussion Paper No. 380, World Bank, Washington, DC. Reinikka, R., & Svensson, J. (2005), Fighting Corruption to Improve Schooling: Evidence from a Newspaper Campaign in Uganda. Journal of the European Economic Association, 3, 259-67. Snyder, J. M., & Strömberg, D. (2010), Press Coverage and Political Accountability. Journal of Political Economy, 118 (2), 355-408 Strömberg, D. (2004), Radio's Impact on Public Spending. Quarterly Journal of Economics, 119(1), 189-221....

Words: 2422 - Pages: 10

Premium Essay

India

...officially the Republic of India (Bhārat Gaṇarājya), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the south-west, and the Bay of Bengal on the south-east, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north-east; and Burma (Myanmar) and Bangladesh to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; in addition, India's Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia. Home to the ancient Indus Valley Civilisation and a region of historic trade routes and vast empires, the Indian subcontinent was identified with its commercial and cultural wealth for much of its long history Four religions—Hinduism, Buddhism, Jainism, and Sikhism—originated here, whereas Zoroastrianism and the Abrahamic religions of Judaism, Christianity, and Islam arrived in the 1st millennium CE and also helped shape the region's diverse culture. Gradually annexed by and brought under the administration of the British East India Company from the early 18th century and administered directly by the United Kingdom after the Indian Rebellion of 1857, India became an independent nation in 1947 after a struggle for independence that was marked by non-violent resistance led by Mahatma Gandhi. The Indian economy is the......

Words: 2854 - Pages: 12

Premium Essay

How Does an Increase in Life Expectancy Effect the Economy

...As the life expectancy of the U.K has increased and peoples career opportunities have increased therefore not many people are having as much children, if any, there is an ageing population in the U.K. The ageing population which the U.K is facing can cause great problems socially, politically and economically. The social problems with an ageing population are that there will be a greater strain on the NHS and also the care available will become limited therefore the quality of the care may decrease. There's a greater strain on NHS as elderly people tend to rely on the services as their health deteriorates therefore recourses become scarce. If the ageing population increases massively then the quality of care provided may deteriorate as more people are requiring the care therefore the staff will have a lot more patients than they would originally have so they cannot spend as much time on one patient. The economical problems with an ageing population are; firstly, less people will be paying NI tax but there will be an increase of people taking from the pot via pensions therefore the government will have to take money from other areas in order to pay the pensions to the elderly causing other areas to lose out on development e.g. Transport etc, therefore there may be ‘pensioner poverty’ which will be a huge problem for those who haven’t saved. Secondly, the more elderly people are the more care they need therefore the government will have to provide care for these people......

Words: 596 - Pages: 3

Premium Essay

India

...India Introduction India is located in southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan. It is the world's seventh largest country and second only to China in terms of population. India has long been a country plagued with poverty, but is now building itself and its economy. It is accomplishing this with new entries into the world market and a different outlook on economics. The future of India is uncertain for the moment, but the opportunity for growth and prosperity is most assuredly present. It will take time for India to emerge as a nation free from its problems, but is plausible with international trade. India’s Culture and Its Economic Implications India is certainly a country that is rich in history and culture. India acquired its independence from Britain on August 15th in 1947. Unlike the American and French revolutions, the Indian revolution was one of peace and temperament. The diversity that now exists within the borders of India is evident in the colorful mix of languages, ethnicity, and religious beliefs. As a throwback to the era of British rule, English is most important language for national, political, and commercial communication. However, Hindi is the national language and primary tongue of 30% of people. There is also a blend of several other languages that are spoken throughout India such as Bengali, Telugu, Marathi, Tamil, Urdu, Gujarati, Malayalam, Kannada, Oriya, Punjabi, Assamese, Kashmiri, Sindhi,...

Words: 2641 - Pages: 11

Premium Essay

India

...India is officially well known as “Bharat Ganarajya” or “Republic of India”. India is a country situated in “South Asia” according to the stats of geographical area India is world’s seventh largest country. India is also known well it’s population, in population India is on second number. India is world’s most populous democracy country. By reweing map of India we cam to know that in south India is bounded by “Indian Ocean”, in the south west area it is bounded by ‘Arabian Sea’ and on the south east India is bounded by “Bay of Bengal” an India’s border Pakistan, Nepal, China, Bangladesh and Barma countries are situated . “Andaman Nicobar Islands” of India’s shares sea border with ‘Indonesia’ and ‘Thailand’. India is a home of ancient ‘Indus valley civilization’ and also having strong routes of its history and culture. India is a world famous for its ancient history and culture. In India world’s four largest religions are present – ‘Hinduism’, ‘Janism’, ‘Sikhism’. Before few times ago the ‘Muslim’ and ‘Christianity’ also took place in India during the 1st millennium. India is a country having the mixture of all religions in its nature known as “Indians”. In the early 18th century India was administrated by ‘British East India Company’ directly for many years and after many movements and struggle India announced Independent country in the year 1947. India economy is world’s 10th largest economic country in many fields such as “Nominal GDP”, “Purchasing Power......

Words: 344 - Pages: 2

Premium Essay

Life Insurance in India : Challenges and Opportunities in the Post-Liberalised Era

...LIFE INSURANCE IN INDIA : CHALLENGES AND OPPORTUNITIES IN THE POST-LIBERALISED ERA BY Dr. S.C. BANSAL Associate Professor Indian Institute of Management Lucknow (India) e-mail: bansal@iiml.ac.in Ph: 0091 522 2736637 & Dr. Y.P.SINGH Professor, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: ypsing@rediffmail.com Ph: 0091 951202456948 & Sneh Lohia1 Research Scholar, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: snehlohia@gmail.com Ph: 0091 011 25219820 1 Corresponding Author ABSTRACT The objective of this paper is to identify the challenges and opportunities in the life insurance sector in India after liberalization of the economy. It fills a research gap: many studies based on secondary data and examining the investment systems, operations, principles and practices of Life Insurance Corporation of India (LICI) have been reported; the works exploring the impact of liberalization on the quality of plans and services offered, and opportunities for growth in this area are limited in number. The data were gathered with the help of a detailed questionnaire from 560 individuals belonging to Delhi, Noida, Gurgaon, Faridabad, Mumbai, Pune, Surat, Kolkota, Chennai, Bangalore, Varanasi, Gorakhpur and other cities in India. It has been observed that the companies have added new features in the life insurance products to meet the...

Words: 5603 - Pages: 23

Premium Essay

Economy of India

...Economy of India From Wikipedia, the free encyclopedia Jump to: navigation, search Economy of The Republic of India | Mumbai, financial center of India | Rank | 10th (nominal) / 3rd (PPP) | Currency | 1 Indian Rupee (INR) () = 100 Paise | Fiscal year | 1 April – 31 March | Trade organizations | WTO, SAFTA, G-20 and others | Statistics | GDP | $1.843 trillion (nominal: 10th; 2011)[1]$4.469 trillion (PPP: 3rd; 2011)[1] | GDP growth | 6.9% (2011-12)[2] | GDP per capita | $1,527 (nominal: 135th; 2011)[1]$3,703 (PPP: 127th; 2011)[1] | GDP by sector | agriculture: 18.1%, industry: 26.3%, services: 55.6% (2011 est.) | Inflation (CPI) | 6.89% (March 2012)[3] | Population below poverty line | 37% (2010) (Note: 42% live less than $1.25 a day)[4] | Gini coefficient | 36.8 (List of countries) | Labour force | 487.6 million (2011 est.) | Labour force by occupation | agriculture: 52%, industry: 14%, services: 34% (2009 est.) | Unemployment | 9.8% (2011 est.)[5] | Average gross salary | $1,330 yearly (2010) | Main industries | telecommunications, textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals | Ease of Doing Business Rank | 132nd[6] (2011) | External | Exports | $303.7 billion (2011 est.) | Export goods | petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel | Main export partners | US 12.6%, UAE 12.2%, China......

Words: 9405 - Pages: 38

Deadpool 2 | Mai-HiME | Batman: The Animated Series