Economy India Essay

6087 words - 24 pages

Introduction - The Profile of IndiaIndia is the seventh largest country in the world with a land mass of total 3,287,590 sq km, which encompass of land: 2,973,190 sq km and water: 314,400 sq km. It is the second most populous country with a population of over 900 million people. India is located in the Southern Asia, bordering the Arabian Sea and the Bay of Bengal, between Burma and Pakistan. (Refer to Appendix 1 for a more detailed outlook on India).The name 'India' was applied to the country by the Greeks. It corresponds to the "Hi(n)du" of the old Persian epigraphs. The spirit of India has fascinated the world with its very mystique. A civilization united by its diversity - India has always been known as a land where history echoes itself with all its wonders in every piece of stone and every particle of dust.India possesses a distinct identity in its geography, history, culture, people, and language as well as in its natural ecosystem. It is blessed with a wide variety of climates and soil types which permits the growing of many unique earthy roots, precious woods, aromatic spices, exotic flowers, balsamic resins and scented grasses. India's botanical treasures have many fascinating worlds to discover throughout the country.A new spirit of economic freedom is now inspiring the country, bringing comprehensive change to its economy. A sequence of determined economic improvement aimed at deregulating the country and stimulating foreign investment has moved India firmly into aposition of the rapidly growing Asia Pacific region and set free the hidden strengths of a complex and fast changing nation.India's economy embraces traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. Unfortunately, overpopulation in the country has severely handicapped the economy and about a quarter of the population is too poor which leads to famine in the country. But the Indian economy has made impressive progress over the 1990s. Its economic growth averaged to 6% a year, led by strong advances in the services sector. Poverty has fallen significantly, from 34% of the population during the nineties to an estimated 26% in 2000, clearly establishing the link between faster growth and poverty reduction.India has large numbers of well-educated people skilled in the English language and IT. India is a major exporter of software services and software workers. The IT industry has proven particularly dynamic and is now of global renown -- and its success proves that India is perfectly capable of competing and succeeding at the top international levels.India is currently running a GDP of just about 10% in 1997-2002. In 2003 the state-owned Indian Bank substantially reduced non-performing loans, attracted new customers, and turned a profit.Today, India is one of the most exciting emerging markets in the world. Skilled managerial and technical manpower that match the best available in the world and a...

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