Indi An Emerging Economy Country

India’s domestic business has seen high levels of corruption; more commonly the fraudulent behaviours and bribery of government officials and civil servants. This creates an unlevel playing field between domestic business and foreign business. Evidently this seemingly small issue of corruption could potentially tarnish India’s position as favoured destination of foreign investment (Mendiolaza, 2012).

“Corruption is the enemy of development, and of good governance. It must be gotten rid of.” (Patil), this quote was said by Pratibha Patil, the president of India from 2007-2012 and the only women that ever held the office. This quote of corruption impeding both development of a country and a strong government can be witnessed in William Shakespeare’s play, Hamlet. In Hamlet many of the most powerful political figures allow their greed and personal agendas lead them to corruption; this started with Claudius’ hunger for power and lust and ended with the death of all primary characters except for the caring Horatio.

The Indian economy following the 1991 crisis swiftly moved away from central planning economy towards market-based economy with the government having less intervention and control. As a result, companies were operating in what is called emerging

In 2015 India was ranked among the highest countries globally in consumer confidence, this comes after the International Monetary Fund estimated an economic growth of up to 7% annually for the next decade in India. But this hasn 't always been the case, in fact, it wasn 't so long ago that India was simply another colonized nation around the world, not to mention it 's usually rare to see this kind of economic growth in such a small period of time. The Effects of globalization, with an emphasis on open trade networks, and the Imperial developments of the late 19th century have led to the emergence and rise of India 's market-based economy. This growth has been affected in a very positive way over a span of centuries by a combination of stronger economic developments brought about by a massive increase in the countries labor force and the emphasis on education and self-governance. An exposure to both the Western economic systems during the imperial age until their independence in 1947 and their subsequent involvement in the Asian, Middle Eastern and African trade routes from the late 15th century placed India in an economic equilibrium where they were able to benefit from both worlds and become one of the fastest growing economies.

India has a major problem with corruption. In the book The White Tiger, we see this problem throughout Balram’s life. The first time we are exposed to corruption is when Balram is just a young boy living in his village that is in the “darkness” of India. His village of Laxmangarh is in the darkness of India and is run by four landlords that use intimidation and scare tactics to collect an unfair amount of money from their tenants.(pg. 21-22) Another place you see corruption in The White Tiger is when Balram is working for Ashok and his family. Their family has to pay the government bribes to keep from being prosecuted for illegally stealing coal, and evading taxes.(pg.233) Imagine if we lived in a country where if you paid the national government

India’s economy is booming! With large decreases in poverty, increases in literacy and GDP, India is continuing to make its way out of the third world and into the first. India is predicted to surpass even China in growth by 2050. A competitive private capital market has instilled Indians with a low cost high quality mentality and has resulted in some of the highest return rates for any country. India has been averaging 6% growth compared to China’s 9.5% with half the investments. India capital efficiency is one of its strongest economic benefits.

As India celebrated its 65th Republic Day in January 2014, President of India Pranab Mukherjee warned the country of corruption "as a cancer...that weakens the foundations of our state" (Mukherjee, 2014) and " If Indians are enraged, it is because they are witnessing corruption and waste of national resources"(Ibid.) Indeed, corruption is an endemic problem in India, with anti-corruption watchdog Transparency International (2013) ranking the country 94th out of 177 countries in the Global Corruption Perception Index. Tens of billions of dollars of taxpayer revenue have been wasted as a result of such corruption, and many fear this is only the tip of the iceberg. Some reports suggest that as much as fifty percent of government money intended for welfare programs and subsidies ends up in the pockets of politicians, bureaucrats, and influential businessmen instead. Such corruption scandals have rocked the entire country, bringing the current coalition government led by Prime Minister Manmohan Singh under serious criticism.

The hubs of the world’s economy have shifted recently and it will continue to change. According to the economist, while 2009 the world’s largest economy (based on the nominal GDP in USD) is still the US, by 2029 the lead will be taken over by China. Another country that should be kept clearly in mind is India. The countries economy is definitely on an upswing with a high demand in the aviation sector. New airlines are founded like king fisher airlines as well as an expansion of already excising local carriers.

Corruption is a complex political, social, and economic anomaly that negatively affects developing and developed countries. It weakens democratic institutions, holds economic development, widening the rich-poor gap and certainly leads to governmental instability. The World Bank definition of corruption states that “…the abuse of public office for private gain”.

In China, corruption is so apparent that often people are disincentivized to owning businesses because permits and consultants cost too much and require bribes. Yet, bribes can cost the economy big money because essentially the corrupt businessmen are taking the money away from public services (111). The issues coming up in the future are that the governments that are corrupt might have negative impacts on other global economies and spread the norm of corruption. Yet, both countries do show the will to “purify the Party” which includes newly implemented rules against gluttony, adultery, and even playing golf under the leadership of Wang Qishan (113). In China a bigger issue is also the fact that the public is becoming increasingly involved in corruption scandals. Officials worry people will get carried away with excessive accusations (115). More issues stem from the type of political system that China has; they employ a nominal legal system that runs at the discretion of the Party leadership so this means that whoever is in power can change the entire political ideals. In India, they are based on a historical British political system with anticorruption laws but these laws are often not enforced. Yet, even when they are enforced, trials in case can last for up to a decade (116). In India, they are making moves to help out their corruption issues. They implemented the Aadhaar program

During the changing of world economy, it is increasingly common to hear the term ‘emerging markets’ and from news and report. In the mid-1980s, the term ‘emerging markets’ was created by the World Bank, and has significant influence on the global business world nowadays (Gwynne, Klak and Shaw 2003). To raise investor’s attention to those developing countries, there are numerous characteristics springing up which are given by researches and economists. However, some of those characteristics are contradictory and it is difficult to give a real definition. This essay discusses the main characteristics of ‘emerging markets’ as defined by the World Bank and economists.

The Indian economy is the 12th largest in the world and the third largest in Asia after China and Japan. Of the one billion residents about 320 million have an income that enables them to purchase consumer goods and 25%

In recent years,there has been a growing concern about the emerging markets,and it is kind of new economic markets in developing countries which likes mature markets but does not meet a criterion of it,and emerging markets is a relevant concept when it comes to the developed countries.While a variety of definitions of the term of emerging markets have been suggested,this essay will use the definition suggested by Arnold and Quelch(1998)who saw it as countries that satisfy two standards,first is a rapid pace of economics increasing,and second is government policies supporting economic liberalisation and the adoption of a free-market system.

New parts of the world that were not long ago considered undeveloped, backwater countries, are now taking center stage in the global economy. Much has been publicized about the ascendance of China's economy, as it has become a major venue for the manufacturing of products sought after by worldwide consumers eager for cheaper goods. However, China's Asian neighbor, India, also has a vigorously growing economy. India's economy is partly being fueled by companies around the world seeking to reduce their costs by outsourcing some of their operations there.

In this essay, I will present an argument against theories that propose that corruption may be beneficial to economic growth by presenting theoretical and empirical evidence that suggest otherwise. I will also discuss policies that will prove effective in eliminating corruption in developing countries.