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. CNN video: President Obama hopes to increase the job growth between both countries (India and U.S.) |
Quick Summary:
Written by ![]() Member
Mateo Becky
Grace
Lorena
Prit Sources: Class Discussions/Lectures
Mr. Parker's Notebook
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Georgia Performance Standard |
SS7E8 The student will analyze different economic systems. c. Compare and contrast the economic systems in China, India, Japan, and North Korea. |