B. Economy of India


India currently holds the title of 10th largest economy of the world with a gross domestic product of around $4.06 trillion (2010). India has been changing their economy and developing into more of a market economy. India's economy continues to grow at a fast rate and it is expected to be one of the strongest economies of the world. Before they started switching around their economy India restricted the opening of new businesses. They used to not encourage entrepreneurship; however they noticed that this wasn't working for them. India is currently encouraging its highly educated citizens to start business. This is a major contributing factor in India's economy, because the entrepreneurs provide jobs to other citizens. Once they made this changes India's economic continuum percentage started rising. India's current economic continuum percentage is at around 54% and rising.

India's highly educated citizens are able to produce petroleum products, textile goods, gems and jewelry, software, engineering goods, chemicals, and leather manufactures. Their main industries are textiles, telecommunications, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software. However India has been moving away from producing these goods and has focused on providing services to major worldwide companies. Some of the services India offers are animation studios, call centers, technical assistance, and much more. This is a heavy contributing factor in its rising economy. The only problem that India's economy faces is that many of India's elders disapprove of the approach of the youth towards their economy. They believe that they rapid growing economy are changing their cultures and their customs. The current youth is becoming more "American" like. Regardless of the outcome India will soon be one of the most important trading partners even if it's trading services.

 
 
 
 
 
 
CNN video: President Obama hopes to increase the job growth between both countries (India and U.S.)
Quick Summary:
 
  • 10th largest economy of the world
  • 54% more market than command
  • Heavy focus in providing services
  • Highly investment in human capital (education
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    Written by
     
    Member

    Mateo
    Becky
    Grace
    Lorena
    Prit

    Sources:

    Class Discussions/Lectures
    Mr. Parker's Notebook