UNIT 17 FEATURES OF THE INDIAN
ECONOMY
Structure
1 7.0 Objectives
17.1 Introduction
17.2 Features of the Indian Economy
17.3 Growth and Development
1 7.4 Mixed Economy
1 7.5 Demographic Transition
1 7.6 Sectoral Composition of GDP
1 7.7 Employment Structure
1 7.8 Inter-Governmental Fiscal Relations
17.9 Let Us Sum Up
17.10 Key Words
1 7.1 1 Answers to Check Your Progress Exercises
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17.0 OBJECTIVES
After going through this unit, you will be able to: identify the important features of the Indian economy; distinguish between economic growth and economic development; explain the pattern of demographic transition in India; explain the sectoral composition of the Indian economy; and explain the pattern of employment in India.
17.1
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Even some parts of the country ' do not have provisions for schools, colleges, hospitals, and safe drinking-water supply- Let us discuss some of the above issues in detail. 17.3 GROWTH AND DEVELOPMENT
Economic development is a broader term than economic growth Economic growth usually means the growth in production of an economy. On the other hand, economic development includes other fsctors such as litemcyy health, child mortality rate, equality, regional balance, infbtmchrre, etc.
Country GDP Per Capita GDP Per Capita
(PPP US$) (annual growth rate)
1999 (1 990-99)
United States 3 1,872 2.0
United Kingdom 22,093 2.1
France 22,897 1.1
Mexico - 8,297 1.0 l3mil 7,037 1.5
China 3,617 9.5 *
India 2,242 4.1
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Bangladesh 1,483 3.1
Sri Lanka 3,279 4.0
Nigeria 853 -0.5
Tanzania 501 -0.1
*
The difference between economic growth and economic development is a subtle Features of the one. Let us take the example of a child. As a child grows her weight and height increases. Simultaneously, her capacity to leam, recognize and distinguish between objects develops. Thus growth is not sufficient; we need development also.
Similarly, in the case of the Indian economy economic growth is not enough; we need economic development. We need better health of people, education for all, reduction in inequality among sections of people and regions, reduction in infant mortality rate (IMR), access to drinking water for all, etc. The government has to devise policies and allocate government
Physical growth occurs from 0 to 18 years. This is from the time the baby is born to the time the baby matures. The child will grow according to the individual child and the different parts of its body; this also depends on the rate that the child will grow at throughout the years. The child may experience a ‘growth spurt’, which is when the body tends to grow at a much faster pace than the child’s usual growth rate. Parts of the body also grow quicker than other parts at different times. For example, usually a baby’s head is larger than the rest of the body when born. As the baby grows, the head becomes smaller in proportion to the rest of the body parts.
In the current global order, where the world has become a big village, consumers take a global look at the products and services in terms of price, quality, delivery and after-sale services. This trend has sown the seeds of competition in every sector of economy and banking sector is no exception to this event.
Agriculture: This is the most important area. A special agricultural produce scheme called the Vishesh Krishi Upaj Yojna was set up as an initiative to promote exports in this sector.
In this paper I would like to examine the impact of inflation, interest rate, and the Gross Domestic Product on the economic growth of India. The ability of expanding the production of products and services will be reflected by the economic growth of the country. Economic growth can be defined by the growth in the GDP (Gross Domestic Product) of that country. Inflation factor will be typically balanced by the Nominal Gross Domestic Product (GDP) in order to reflect the real GDP. In macroeconomics interest rate is one of the growth factor. The up and down volatility of the interest rates is directly related with the inflation rates. This study is a contribution to the existing literature on the real growth applied to India’s economy; it will examine the impact of inflation, Interest rate, and Gross Domestic Product on the Economic growth rate (Saymeh & Orabhi, 2013).
Physical Geography, in many ways impact what humans do. Multiple states do things similarly and differently because of the physical environment. China and India and Pakistan similarly have a high population density near rivers and have a higher economy due to their physical location; however, they contrast because India and Pakistan use bodies of water for politics, while China uses bodies of water for economic advantages.
“All the convergent influences of the world run through this society: Hindu,Moslem,Christian,secular;Stanlist,liberal,Maoist, democratic socialist, Gandhian. There is not a thought that is being thought in the West or East that is not active in some Indian mind.” E.P.Thompson
In this factor, a nation would have competitive advantage, in this case climate and skilled labor is being favorable for Cashew plantation in India, Brazil and East Africa, so factor endowments is applicable.
As the world’s 3rd largest economy, India is an important trade and economic partner for the United States(Martin, Akhtar , Kronstadt , Kumar ,Siskin,2014).There are many resources which are traded between India and United States. This trade may be due to differences between in labour productivity, factor abundance or other factors.example of products traded between India and US include precious stones and metals,aircraft and spacecraft parts,machinery,optical instrument and equipment,textiles,mineral fuel and oil and machinery(Singh,Verma,2016).This trade is due to a fact called comparative advantage which means if countries specialise in producing goods where they have a lower opportunity cost then there will be an increase in economic
For the research report, I would like to pick India to analyse their situations in terms of geography, culture, politics and business. The following report will give a clear understanding of geographical image, cultural image, political image and economical image of India.
A moment comes, which comes but rarely in history, when we step out from the old to the new, when an age ends, and when the soul of a nation, long suppressed, finds utterance. 1.1 These are the words of Pandit Jawaharlal Nehru, the first Prime Minister of India, in his speech marking the Independence of India on 14 August 1947. These words still hold true today as India moves onto the global scene and is making its presence felt as an emerging economic power.
For this research report, I want to further the understanding of the Indian attitude, external opportunities and threats of entrepreneurship, and how the International world and India is progressing with entrepreneurs. I have an interest in being in working internationally, after gaining more experience in the corporate/sales area of a company, which is one of the reasons I chose to explore this topic on an international level. This paper will cover some basics of entrepreneurship in India.
India, whose name is derived from the River Indus, is moving forward and away from its traditional agricultural economy which has been undertaken for decades, and with an approximate population of 1.2 billion people, the second-most populated country in the world, is categorized as an emerging economy. The term emerging markets was first put down by economists at the International Finance Corporation in the year 1981, when the group was endorsing their first mutual funds in evolving nations. References to emerging markets have become popular in the media, annual reports, documentation, foreign policies and investment fund prospectuses since then.
Most recent two decades have seen remarkable development in various circles in India and the nation has tremendously created regarding horrible monetary parameters like GDP, National wage, every capita salary and so forth. The nation has by a long shot created an immense pool of white collar class populace inevitably making it one of the alluring markets of the world. There is change all over the place and measurements of business financial matters have changed definitely with the approach of new open economy clearing path for outside organizations to enter the Indian market. Business guidelines need to transform from the prior protectionism to an open business drove economy. The most unique fragment of Indian industry that has seen wonderful change was car industry as it turned into the most favored center point for the worldwide automakers. The Indian market got to be limp with tremendous rivalry from both indigenous and worldwide giants–result is the client turning into the lord. They have more decisions with appealing costs and fluctuated gimmicks that suit singular inclination. Under these circumstances the organizations need to take a client driven concentrate reliably to press a pie from the wildly aggressive piece of the pie (Vavra, 2001). Client relationship administration or CRM has turned into a key strategy that business has embraced as the absolute most survival methodology under today 's surroundings. Given us a chance to see a few
Narendra Modi – a patriot, a true leader with a vision of reshaping Indian economy and accelerating the process of nation building.He showed the trailer of “ache din aane wale hai” to Indians grappling with issues like corruption, unemployment, inflation etc.and they saw a maseeha in him. Not only Indians, the entire world has its eyes set on the way Mr. Narendra Modi leads and governs India. But has he been able to live up to his trailer’s expectations? Let’s take a walk through his trailer – “the election campaign” andjudge for ourselves, “ache din aaengey ya nhi”.
have higher share to GDP such as Thailand, at 40 %, and in China, around 35 %. India is facing the