I believe India is going to be the next economic superpower because of many different factors but not without change to traditional practices. Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Macroeconomics simplifies the analysis of how the country’s total production and level of employment are related to attributes including national, regional, and global economies. India being the largest democracy and very high in many other rankings, including national wealth. “India’s citizens are yet ranked as some of the most impoverished in the whole world.” (Witt, Chapter 11).
The International Monetary Fund released an update…show more content…
India’s service sector has been a primary driver of economic growth over the past few decades, but the industry’s share of value added is stuck at 25%. The share of microenterprises and small businesses in manufacturing employment is 84%, compared with 25% in China. The fact that it has moved from an agricultural economy to a service driven economy with almost no growth in industry is not a virtue, it is the result of policies that have hampered manufacturing and mining.
The main industrial exports of India are textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals and agricultural exports like rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes, livestock, and poultry keep India’s export income one of the highest. With the world’s second highest workforce at a “2014 estimate of 502.2 million people” (US CIA-World Factbook)
The financial sector in India is predominantly a banking sector with commercial banks accounting for more than 60 percent of the total assets held by the financial system. India 's services sector has always served the country 's economy well, accounting for about 57 per cent of the gross domestic product. The financial services sector has been an important contributor to the country gross domestic product (GDP) accounting for nearly 6 percent share in 2014-15. The success of their financial sector is from the