Economy of India

November 5, 2005 Economic Growth and Development Economy of India The parsimony of India has seen an explosive center of growth during the past few years. Indias economy is the fourth largest in the world in terms of purchasing power relation (PPP) followed by a Gross Domestic Product of $3.3 trillion. India in addition 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 2005?06. However, Indias 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 in agriculture, crafts, major industries and legion(predicate) miscellaneous services. The leading economic growth vehicle in India would be its multitude of services, however two-thirds of the workforce in India absorb their income through agriculture. The labor force of India is estimated to be around 482.2 cardinal plenty with 57% in agriculture, 17% in industry, and 23% in other services (Economy of India 2005).

In recent times, India has also capitalised on its large number of highly educated people who are fluent in the English language to conk out a major exporter of software program services, financial services and software engineers (Economy of India 2005). Since Indias independence it has adopted to a socialist g everywherenment which has conduct to government control over all aspects of the economy. This includes strict policies over the private sector, foreign trade as well as direct foreign investment in India. However, India has recently substantial new economic reforms that have limited the governments control on foreign investment and trade. These reforms have allowed the markets to be more reach and accessible for future investors and entrepenuers (Economy of India 2005). The socio-economic problems India faces are a burgeoning... If you want to get a full essay, order it on our website: Ordercustompaper.com

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