India 's Economic And Political Structure Essay

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India gained its independence in 1947 and its economic and political structure has been thriving ever since. Now, India is a democratic country that continues to mature as it improves its market-based system. Its growth can be seen in industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign aid and investment. Like the US, it has divided powers between the executive, legislative, and judicial branches. The current Prime Minister is Narendra Modi, who leads the Bharatiya Janata Party. India’s economy is made up of agriculture, industries, and services and is the second-largest workforce in the world. Growth slowed in 2011 due to high interest-rates and inflation, but has continued to move forward in other ways. The United States is a representative democracy whose market economy is diverse. Under President Barack Obama, the US is using expansionary fiscal and monetary policy to counteract the Great Recession that began in 2007. There is a trade deficit currently as it imports more than it exports. Services and manufacturing are a major part of the economy. The US has many natural resources and good infrastructure, which are some of the contributing factors that allow the US economy to be one of the largest and most influential economies in the world. Economic system: What works, what doesn’t. India has some problem areas that pertain to its economic growth and development. The lack of functional legal structure allows corruption
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