Essay on India—an Emerging Power in the World
Economic Development in India
Indian Economic Environment
The Economic Growth Of India Essay
Indian Ocean Trade Research Paper
“Role of Fdi & Fii in Indian Economic Growth”
The Economic Growth Of India Essay
Essay on India China Economic Growth
Essay on India China Economic Growth
Impact of Tourism on Indian Economy
Swot Analysis of Indian Economy
India s Development And Growth Essay
Essay On Growth Of India
Indian Investment And Trade : India Essay
Indian Economy After Independence : India
Key Drivers Of India s Economic Growth
Indian Economy
Indian Economic History Essay
1. Essay on India—an Emerging Power in the World
Essay on India–an Emerging Power in the World Rare are the moments in history when a nation
suddenly captures the imagination of the world. For India, those rare moments have arrived. The
country is achieving a high economic growth of over 8 per cent of its GDP annually, on a consistent
basis. In fact, India's economic growth rate is second highest in the world–next only to China. The
developed world has been left behind. The two Asian giants–India and China have today turned the
leaders of growth of the global economy. One can get the measure of India's resurgent economy
from the fact that the world GDP growth is around 4 per cent. For advanced countries, the growth
rate is around 3.5 per cent, while India is maintaining its GDP growth...show more content...
Our exports have almost doubled during the last four years. The foreign exchange reserves have
crossed US $ 200 billion which have given India a great financial strength. Our rupee has become
very strong against the other international currencies– notably dollar, pound and euro. However,
there is poverty amidst plenty in many areas. Millions people live in poverty and destitution.
They do not have even the basic amenities of life, viz. food, clothing and shelter. This is because
of the large size of our population, illiteracy, poor public distribution system and corruption. But,
things are improving fast in India. Centuries of exploitative rule by the British had drained India
of its wealth. After achieving independence, the country had a great task of rebuilding the basic
infrastructure, spread education and bring new technology. The planned growth put the country
back on track. Today, the literacy rate has improved to over 75 per cent, the per capita income has
crossed Rs 25,000, health care facilities are available in every part of the country, and employment
opportunities are growing. The large size of the population is actually a great source which can
lead the country to dizzy heights. Nearly fifty per cent of our population is young which means a
great working potential, which, if properly utilized can increase production and eradicate poverty.
India is the biggest democracy in the world. The governments at the centre as well as at the states
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2. Economic Development in India
ECONOMIC DEVELOPMENT IN INDIA: THE ROLE OF INDIVIDUAL ENTERPRISE (AND
ENTREPRENEURIAL SPIRIT)
Anil K. Lal* and Ronald W. Clement**
The Indian economy provides a revealing contrast between how individuals react under a
government–controlled environment and how they respond to a market–based environment.
Evidence suggests that recent market reforms that encouraged individual enterprise have led to
higher economic growth in that country. India can generate additional economic growth by fostering
entrepreneurial activity within its borders. To pursue further the entrepreneurial approach to
economic growth, India must now provide opportunities for (1) education directed specifically at
entrepreneurial skills, (2) financing of entrepreneurial...show more content...
Based on the successful experience of the former Soviet Union, many economists and policymakers
concluded that, particularly in a poor country, planning was essential for the efficient allocation of an
economy's resources (Panagariya, 1994, p. 194).
1
The history of U.S. business has shown how the pursuit of self–interest by individual economic
agents has led to benefits for the larger society. Consider the well–known example of Henry Ford's
introduction of assembly line production. This technological advancement led to a significant
increase in productivity at Ford Motor Company. Indeed, despite paying higher wages to his
workers, Ford could still produce automobiles at a much lower cost and pass on part of that lower
cost to consumers in terms of lower prices.
82
Asia–Pacific Development Journal
Vol. 12, No. 2, December 2005
The governments in these newly independent nations assumed a significant role in economic
development. They sought to quickly and substantially raise the standard of living through directed
and controlled economic development. Apart from everything else, these developing countries
invested heavily in education to promote literacy and to ensure an adequate supply of technical
manpower to meet their growing needs. Further, these previously colonized nations did not want to
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3. Indian Economic Environment
THE INDIAN ECONOMIC ENVIRONMENT
Companies and their suppliers, marketing intermediaries, customers, competitors, and publics all
operate in a macro environment of forces and trends, increasingly global, which shape opportunities
and pose threats. These forces represent "non–controllables", which the company must monitor and
to which it must respond.
The beginning of the new century brought a series of new challenges: the steep decline of the stock
market, which affected savings, investment, and retirement funds; increasing unemployment;
corporate scandals; and of course, the rise of terrorism. These dramatic events were accompanied by
the continuation of existing trends that have already influenced the global landscape....show more
content...
10,000. Income distribution of households in India has been changing significantly over time.
Households belonging to the lower income segment have been steadily declining over the years, and
the middle income households have been showing an increase. These are the results of economic
growth. The NCAER (_) has classified Indian consumers into five categories ––– destitute (annual
household income of Rs. 16,000; not active participants in market exchange for a wide range of
goods), aspirants (annual household income of Rs. 16,000–22,000; new entrants into the
consumption systems due to increase in their real income), climbers (annual household income of
Rs. 22,000–45,000; have desire and willingness to buy, but have limited cash at hand), consuming
class (annual household income of Rs. 45,000–215,000; households that form the majority of
consumers; have money and are willing to spend), and the rich (those who have money and own a
wide range of products). The patterns of income distribution in urban and rural areas also vary.
SECTORS–
Industry and services Industry accounts for 28% of the GDP and employ 14% of the total
workforce. However, about one–third of the industrial labour force is engaged in simple household
manufacturing only. Economic reforms brought foreign competition, led to privatization of certain
public sector industries, opened up sectors hitherto reserved for the public sector and led to an
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4. The Economic Growth Of India Essay
INTRODUCTION
The economy of India is based on a sound financial system that helps in accelerating production,
capital and economic growth of the country. One of the main objectives of every financial system
of modern economy to accumulate savings and to develop saving habits among the people. It also
helps the saving to allocate into productive usage such as trade and commerce. The efficient
utilization and allocation of the savings helps in increasing the economic growth of the country. A
well organised financial system also helps in the industrial expansion. India is regarded as one of the
big emerging market economies by the WorldBank along with china, Indonesia, Brazil and Russia.
There has been tremendous financial development in India in the year 1990. It is imperative to know
that in what manner the financial development has taken place in India and what initiatives should
be taken by the country to emerge as a country with efficient financial sectors and markets.
HISTORICAL EVOLUTION OF FINANCIAL MARKET The financial system of the country is the
outcome of its own peculiar historical evolution. The continuous interaction between the players of
the financial system and public policy interventions has given birth to the evolution of the financial
system. India began with the Central Bank and Reserve Bank of India and entrusted upon them the
duty of regulating the banking sectors, Ministry of finance were given the responsibilities of
regulating the other financial
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5. Indian Ocean Trade Research Paper
The Indian Ocean has always been a power trading region, a passageway between regions of the
world that enfluenced the spread of languages, religion, and even people along with econmic views
and technology. During the rise and fall of important empires, trade routes have changed and
domination has changed hands plenty of times over history. While the goods traded have stayed
about the same, the traders and the powers behind them changed from 7th to 17th century. The
spread of many things such as culture and religion made its way through various parts of the trade
network. The Persians and the Arabs controlled trade at this time which helped spread their culture
and religion in different parts of the world because their many trade ports that people were required
to pass through. Both the Arabs and Persians were Muslim so they easily spread their Islamic belifes
to people who were willing to listen. While this was going on indain merchants bright Brahmin
priests and Arbic merchants bright scholars to spread knowlage and logic, and although it wasn't as
promnate christans sent out missinaries as well. Merchants spread their cultures to the foreign lands
they...show more content...
China produced silk, porcelain, and tea, while East Africa sent out ivory, gold, and slaves.
Merchants found new economic practices such as using credit and the uses bills of to exchange.
The Chinese were first to use this practice, then it spread to many reigons of the world. Many port
cities became important trade centers, such as cities of Indian, Southeast Asia, and, several European
cities created the Hanseatic League to counter Italian control of sea trade. Trade became much more
important in the economy of the empires and cities in the Indian Ocean Trade and even changing
many economic practices because of strong dependents for foreign
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6. “Role of Fdi & Fii in Indian Economic Growth”
A PROJECT REPORT ON "Role of FDI & FII in Indian Economic Growth" SUBMITTED
TOWARDS PARTIAL FULFILLMENT OF POST GRADUADTE DIPLOMA IN MANGEMENT
(Approved by AICTE, Govt. of India) (Equivalent to MBA) ACADEMIC SESSION 2008– 2010
[pic] Under the guidance of : Submitted By: Dr. Tapan Kumar Nayak Gagan (61) Associate
professorKarun Dev (73) IMS Ghaziabad Kush Dixit (77)...show more content...
Apart from helping create additional economic activity and generating employment, foreign
investment also facilitates flow of technology into the country and helps the industry to become
more competitive. The FDI & FII mantra is considered an all–purpose panacea for the ills of the
Indian economy and society. It has become routine for our finance ministers to "showcase" India in
various international forums and exhort the global captains of industry and commerce to come to
India. We here want to know about the far–reaching implications of FDI in our economy and,
particularly, how it can stifle economic growth. Fortunately India's economic growth over the last
decade and a half has primarily been driven by savings in the economy, especially by households.
Housewives from middle–class homes should be given due credit for this. If we want to grow at 10
per cent and if our capital–output ratio is 3.5, we need investment at 35 per cent and, if our savings
rate is 28 per cent, then the gap has to be met by the investment. This is, to start with, spurious since
the measurement of the capital–output ratio is not reliable and definitely not applicable to our
service sector, which makes up nearly 60 per cent of the economy
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7. The Economic Growth Of India Essay
Introduction
India has experienced lopsided growth across its major sectors especially after the reform process
have been initiated in the early 1990s. Studies show that if the pre–reform period is compared with
the post–reform period, economic growth has definitely picked up in India. Given the structure of
the economy and the state of human capital availability reforms have led to the increase in share of
the services sector at the expense of industrial and agricultural sectors. On the other hand number of
people living below the poverty–line has also come down during the post–reforms period. Problem is
most of the studies showed inequality in income distribution have actually increased in the
post–reforms period.
West Bengal, with its broad customer base, rich mineral resources and large talent pool, could
emerge as one of the leading states to drive the next phase of industrialization in the country. The
state is a gateway to East and North East, the region that produce 18.38% of India's GDP. Being
strategically positioned for bilateral trade with Bangladesh, Nepal, Bhutan, Myanmar and ready
access to South East Asian countries, over and above the domestic market, West Bengal enjoys a
broader market for its products. A strong industrial base would also, in a way, help the state
economy to make a natural transition in its development quest from being primarily agrarian to
industry driven, moderating the influence of lopsided growth towards services on income
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8. Essay on India China Economic Growth
ESSAY ON CRITICALLY EVALUATE THE MAIN CATALYSTS TO GROWTH IN CHINA AND
INDIA.
India with about 1.2 million populations and china with about 1.3 billon population are two big
demographic and emerging countries in the world .Over a past few decade India’s
combination into the economic has been accompanied by remarkable economic growth (World Bank
2011¬).India is having the 3th position on the economy in purchasing power parity (PPP) terms
(The Economic Times, 2012). India’s total GDP (gross Domestic Product) growth was 5.5%
in 2012 and inflation rate is was .........(The Economist, 2012) .According to government of India
poverty has been decline from 37.2% in 2004 to 29.8% in 2010 (world bank 2011).The major
economic growth sectors...show more content...
China’s domestic savings went from around 23 per cent of GDP in 1960 to 43 per cent in
2002. Both countries open the door and increased their shares of trade (Chakrabarti,
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9. Essay on India China Economic Growth
ESSAY ON CRITICALLY EVALUATE THE MAIN CATALYSTS TO GROWTH IN CHINA
AND INDIA. India with about 1.2 million populations and china with about 1.3 billon population
are two big demographic and emerging countries in the world .Over a past few decade India's
combination into the economic has been accompanied by remarkable economic growth (World
Bank 2011В¬).India is having the 3th position on the economy in purchasing power parity (PPP)
terms (The Economic Times, 2012). India's total GDP (gross Domestic Product) growth was 5.5%
in 2012 and inflation rate is was .........(The Economist, 2012) .According to government of India
poverty has been decline from 37.2% in 2004 to 29.8% in 2010 (world bank 2011).The major
economic growth sectors...show more content...
But decline started in the 19th century instead of that they managed to lead the world economy
since last three decades. Since 1980 the GDP (gross domestic product) of India and china increased
at annual rate by 6% and 10 % (Enrico & Marcello, 2011). There are the lots of factors which are
playing hidden role on the economic development in china and India. According to World Investment
Report UNCTAD, 1994 following reasons are playing role on development in both countries Capital
investment. , advanced technologies, highly skilled labour , transportation, communication and
infrastructure development, low tax rate ,stable and supportive political and social institutions
favourable regulatory environment. However, China's current growth miracle is increasing by total
factor productivity (TFP), Capital accumulation etc.India's growth miracle is in the race of
development because private business is increasing rapidly. There are lots of private forms like Tata,
reliance industries, Aditya Birla, Essar and many more (Goldman Sachs,2011).However, China's and
India's economic growth history starts after economic reform in both countries. Economic
Liberalization is the key component which helped both countries to develop economy. China's
evolution of economy growth began with socio – political, economic and cultural reform in 1978
under the leadership of Mao Zedong and Deng Xiaoping, It was mainly focused on enterprises
development, private business, foreign
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10. Introduction Indian economy had experienced major policy changes in early 1990s. The new
economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG
model) aimed at making the Indian economy as fastest growing economy and globally
competitive. The series of reforms undertaken with respect to industrial sector, trade as well as
financial sector aimed at making the economy more efficient. With the onset of reforms to
liberalize the Indian economy in July of 1991, a new chapter has dawned for India and her billion
plus population. This period of economic transition has had a tremendous impact on the overall
economic development of almost all major sectors of the economy, and its effects over the last decade
...show more content...
The Department has also strengthened investment facilitation measures through Foreign Investment
Implementation Authority (FIIA). Non Resident Indian Scheme the general policy and facilities
for foreign direct investment as available to foreign investors/ Companies are fully applicable to
NRIs as well. In addition, Government has extended some concessions especially for NRIs and
overseas corporate bodies having more than 60% stake by NRIs Throwing Open Industries
Reserved For The Public Sector to Private Participation. Now there are only three industries
reserved for the public sector Abolition of the (MRTP) Act, which necessitated prior approval for
capacity expansion The removal of quantitative restrictions on imports. The reduction of the peak
customs tariff from over 300 per cent prior to the 30 per cent rate that applies now.пЂ
Wide–ranging financial sector reforms in the banking, capital
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11. Impact of Tourism on Indian Economy
Market Survey
By: Dr C. VETHIrAJAN
IMPACT OF TOURISM ON INDIAN ECONOMY
Tourism can generate maximum employment opportunity because of a large number of subsidiary
industries.
September 2008 and a 3.3 per cent growth in passenger traffic through September. The negative
trend intensified during 2009, exacerbated in some countries due to the outbreak of the AH1N1
influenza virus, resulting in a worldwide decline of 4 per cent in 2009 to 880 million international
tourist arrivals, and an estimated 6 per cent decline in international tourism receipts.
Definition of tourism
Tourism is travel for recreational, leisure or business purposes. The World Tourism Organisation
defines tourists as people who "travel to and stay in places outside their...show more content...
Impact of India's economic growth on tourism
India is currently enjoying an economic boost and a successful financial system in place in our
country has helped to build the image of brand India. Some economists credit success of the Indian
financial system to the income generated by the tourism segment, movements across the crosssection
of rising business opportunities, opening up of agricultural and educational sectors, and novel and
attractive packaging for brandbuilding of India, which, in turn, have benefited the travel industry as
well. Besides this, strategic planning of excursion packages, eco–tourism, sports events that bring the
spotlight on India and greater patronage by greater number of MNCs heading to our shores have
contributed to the growth of the Indian economy and thereby Indian tourism. The World Tourism
Organisation reports that as many as 698 million people traveled to a foreign country in 2000,
spending over $478 billion while on tour. If India too had a share in these results, then surely the
impact of the Indian economy as a contributor to the rising world economy and on tourism cannot be
ignored. More of free spending of disposable incomes, opening up of markets and better scope for
industrialisation and earning opportunities have led the way for India's economy to successfully
launch the enhanced tourism sector.
JUne 2010
Growth of tourism in India
In recent years, tourism in India has
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12. Swot Analysis of Indian Economy
SWOT Analysis of various sectors of Indian Economy.
The India economy, which is the 9th largest in the world in terms of nominal GDP, can be broadly
classified into three sectors: 1) Primary Sector or Agriculture Sector, which contributes about 15%
to the GDP and employs around 57% of the total workforce. 2) Secondary Sector or Industry sector,
which contributes about 28% to the DP and employs around 14% of the workforce. 3) Tertiary
Sector or Service Sector, which contributes the maximum of 57% to the GDP and employs around
29% of the workforce.
SWOT analysis of Agriculture Sector:
Strengths : – * The favourable Climate and terrain of the Indian sub–continent makes it suitable for
producing a variety of crops. *...show more content...
Threats:– * More and more of the agricultural land is being taken up to meet with the demands of the
housing and industrial sector, thereby reducing land under cultivation. * With the increase in the
purchasing power of the Indians, the packaged food industry is gaining importance in the Indian
market, especially in the cities and among the youth. * Some of the government policies like
MGNREGA, is diverting the farm labour to other employment avenues, which could affect the
agriculture adversely as it depends heavily on manual labour. * Stiff competition from the
international markets, if India opens up the trade barriers in the agriculture sector.
SWOT analysis of Industrial Sector:
Strengths:–
* With over half a billion population in the age group of 25–60 years, the industrial sector enjoys a
competitive labour market. * Availability of natural resources, skilled and cheap manpower, liberal
national policies provide the environment for industries to thrive.
Weaknesses:–
* Due to India being a democratic country and a mixed economy, the industry has to adhere too
many of the protectionist policies of the government, which affects the industry adversely. * The
complex labour laws and other political barriers, prevents the industries to work at the best of their
efficiency, thus effecting productivity.
Opportunities:– * With the rise in the incomes of the Indians, especially the Indian middle
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13. India 's Development And Growth Essay
Background: India is one of the most popular countries in the world. Geographically, India is
located at the south of the Asian continent. India's development and growth has been one of the
most significant accomplishments in recent times. India neighboring countries include Pakistan,
Nepal, Bangladesh, Sri Lanka, Myanmar, and Bhutan. The size of the population in India is
1,266,883,598 and the Territorial size of the country is 3, 287, 263 sq. km (The World Factbook,
2016). The prime minister of India is known as Narendra Modi who is the leader of the majority
party in Lok Sabha and is currently the head of the Council of ministers in India. India's political
party that is in power right now is Bharatiya Janata Party. The Bharatiya Janata Party, was first
founded by Shyama Mukherjee in 1953 with the main purpose of safeguarding the Hindu interests
in India (The World Factbook, 2016). India is becoming more of an open market economy. While
most emerging nations were have struggled mightily against the strong U.S. dollar and falling
commodity prices, India continues to lead. The view for India's long–term growth is positive due to
the staggering young population and corresponding low dependency ratio (World Factbook, 2016).
For example healthy savings, investment rates, and increasing integration play a role in the global
economy. India being the 4th largest economy in the world, India has bought about a landmark
agricultural revolution that has changed the country
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14. Essay On Growth Of India
spirations of its young population. India is one of the youngest nations in the world where the ratio
of youth is higher in its population, with more than 54% of the entire population under 25 years of
age and over 62% of the population inside the working age group (15–59) in According to the census
2011India}. The country's population pyramid is anticipated to bulge across the 15–59 age groups
over the next decade. This demographic advantage is predicted to last only until 2040. A World
Bank report states that India is one of the few countries where working population continues to
grow till 2050 [7]. With an annual addition of 9.25 million jobs per year, over 37 million jobs are
expected to be created from 2012–13 through 2016–17 [8]....show more content...
There have been efforts on the part of the state and Centre government through Ministry of Rural
improvement to skill and train youths under diverse government schemes. However, most of those
schemes are restrained to the youths beneath Poverty Line (BPL). There should be equal
opportunities for all the people residing in rural areas. Every job aspirant should be given equal
importance and would be given training in soft skills to lead a proper and decent life. For the
Balanced growth in all the sectors the Goal of national policy and programs on skill improvement
have has to diversification of economic activities, minimizing the dependence of rural households on
agriculture and bringing approximately a sizable increase in the share in both output and
employment of allied activities, rural industries, business and provider components of the
agricultural economic system.
To bring about a fast and sustainable economic development thru diverse reforms, the rural
development initiatives should sharply cognizance on human's participation and rural corporations
as the key attributes for their success followed through equally important elements, idea of integrated
development, growth center technique, planning process technique, communication system to
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15. Indian Investment And Trade : India Essay
Indian investment and trade
India is the second–most populous country with over 1.2 billion people which located in South Asia.
India is the world's seventh–largest economy based on nominal GDP and is the third–largest
purchasing power parity. Following market–based economic reforms in 1991, India became one of
the fastest–growing economies country and began to implement export–oriented foreign trade policy.
However, before the reform due to the long–time of the implementation of Inward–looking import
economic development strategy, the domestic market is highly protected in India which lead to the
slow development of India 's import and export trade and stay in the trade deficit situation for a
long time. As well as the contribution of foreign trade to GDP is low, ultimately affect the Indian
economy development speed. Now, it is one of the most attractive country of the BRIC markets,
which also includes Brazil, China and Russia. Sino–India trade relationship began in 1951 and start
rapid growth in the 90s, now India has become the biggest trading partner of China in the area of
South Asia. In recent years, Indian foreign trade growth is slow which influenced by the factors such
as the world economic situation, the depreciation of the rupee. However, due to the import growth
rate is higher than the exports has led India's trade deficit increase. According to the Indian Business
Information and Statistics Department of the Ministry of Commerce of India, the trade of goods
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16. Indian Economy After Independence : India
India is rich in natural resources and labor which has helped India progress after attaining
independence from British rule in 1947. The purpose of this research paper is to trace the Indian
economy after independence. India is the largest democracy in the world with a stable democratic
government. Recently, India has elected a new prime minister, Narendra Modi who took office in
the year 2014. (India Today). The new government in India is credited with reviving the economy
and strengthening India's foreign policy. Corruption, poor infrastructure, and economic shortages are
a drag on development, but with lower global oil prices, the economy has been sustaining a growth
rate of about 7 percent. (Finance. Yahoo) furthermore, Modi has opened the defense and insurance
sectors to private investment as well making the government forces stronger and advancer. India's
growth is below potential because of the corruption in the government. India is set to emerge as the
world's fastest–growing major economy by 2025 ahead of China, as per the recent report by The
World Bank. However, the inconsistent policies make it harder for the nation to progress
economically as well as politically. This paper will analyze the current growth in the economy of
India and the outlook for the nation in the longer term.
The Indian economy has been a journey of evolution starting form agriculture and farming to heavy
industrialization and transportation. Central government planning's led to more
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17. Key Drivers Of India 's Economic Growth
II.Problem Statement
SMEs (Small and Medium enterprises) are one of the key drivers of India's economic growth. Over
the years a large number of small and medium size companies have grown in the market. Small and
Medium Enterprises (SMEs) have been contributing so much towards the GDP of India. With their
emergence and huge potential, the government of India launched regulated trading platforms for the
SMEs, which allows them to get listed without bringing an IPO. The stock exchanges for these
enterprises were introduced so that these firms can do better in financing activities for
themselves. Of course, there is an option of adding debt, which also helps improve the overall
return on equity, but the cost of raising debt for SMEs is relatively higher. High interest expense
does not look very good on the profit and loss statement of a growing company. Thus, in order to
fund the next stage of growth without excessive interest cost burden, companies look to access
equity funds via capital markets. This is where listing on an exchange comes into the picture. The
research would include the implications of the introduction of the BSE and NSE SME stock
exchanges how well they are performing. Also, what is the response from the SME sector.
III.Relevance of the Study
Indian economy is largely dependent on its tertiary sector and the manufacturing sectors are
struggling with a meagre share in country's GDP, it is essential to provide support to the
manufacturing sector and thus the
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18. Indian Economy
INDIAN ECONOMY
India is today one of the six fastest growing economies of the world. The country ranked fourth in
terms of Purchasing Power Parity (PPP) in 2001. The business and regulatory environment is
evolving and moving towards constant –improvement. A highly talented, skilled and
English–speaking human resource base forms its backbone.
The Indian economy has transformed into a vibrant, rapidly growing consumer market, comprising
over 300 million strong middle class with increasing purchasing power. India provides a large market
for consumer goods on the one hand and imports capital goods and technology to modernize its
manufacturing base on the other.
An abundant and diversified natural resource base, sound economic, industrial and...show more
content...
It is the Central Bank of India. It was nationalist on January 1, 1949. Again on July 19, 1969
fourteen big commerce banks were nationalised.
Export–Import Bank (Exim Bank) was established in 1982 to provide funds to exporters and
importers. The one rupee note bears signature of the Secretary, Ministry of Finance Govt, of
India, whereas the remaining notes bear the signature of the Governor of the Reserve Bank of
India (RBI). The main function of Reserve Bank of India is to control the monetary policy of the
country and exchange rate of Indian currency. Awadh Commercial Bank was the first wholly
nutritional standards of daily caloric intake of 2400 calories. Timercial bank which was established
in 1880. The Punjab National in rural e a 2100 calories per person in urban areas are said to H bank
was established in 1894. Indian Life Insurance Corporation was living below the poverty line.
Taxes–
Taxes can be levied either directly or indirectly.
Direct Taxes–
Income tax and corporation tax are two main direct taxes.
Indirect Taxes–
Central excise duty and customs duty are two I main indirect taxes.
Bank Rate–
It is the rate of interest charged by the Reserve bank of India for lending money to commercial banks.
Deflation–
A state of decrease in money circulation resulting ir Prices and unemployment.
Black Money–
It means unaccounted money, concealed income undisclosed wealth. In order to evade taxes some
people falsify their accounts
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19. The Impact of Economic Reforms on Industry in India: A Case Study of the Software Industry
N. R. Narayana Murthy
The Indian economy, in the last decade, transitioned from an inward looking, closed economy, to a
liberalized,export–oriented one. The software sector witnessed unprecedented growth, with exports
growing at a compounded annual growth rate (CAGR) of around 45 percent and domestic software
sales at around 35 percent. In fact, before 1991, the Indian software sector was adversely affected
by the restrictive economic policies. Thus, this sector provides an appropriate case study on how
liberalization of the economy reduced friction to business and accelerated growth.
Growth of the Indian Software Services Industry The...show more content...
In fact, the number of overseas offices of Indian information technology (IT) companies increased
from 167 in 1995 to around 750 today. Infosys's overseas offices increased from 2 in 1992 to 31 in
2002.
Subsequent to the reforms, multinational companies were allowed 100 percent ownership of
subsidiaries in India. This eased their entry; IBM, ORACLE, SAP, Microsoft, and Sun have since
established presence in India. This created intense competition for talent. Indian software companies,
under competitive pressure, adopted world–class quality processes, tools, and methodologies.
Further, they invested in infrastructure and data communication facilities.
Duties and tariffs were reduced, and the tax structure was simplified and rationalized. Average
tariffs fell by 70 percent between 1991 and 2000. Wealth tax is now 1 percent, and estate tax is
abolished. The corporate tax rate was reduced from 45 percent in 1992 to 36.75 percent in 2002.
Further, import procedures were simplified, and most items were brought under the Open General
License Scheme. This facilitated their free import. In addition, duty on software was reduced to zero.
1.3 Post–1991: The Reform Process Continues
The reform process in India has thus benefited the nation tremendously and is now irreversible.
Successive governments have continued this process, irrespective of their political affiliations. Some
of the steps, which carried the reforms further, are discussed later.
1.3.1
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20. Indian Economic History Essay
ECON345
The Dragon and the Elephant: India and China in the Asian Century
1
Essay Topic No 1
"It is the context and circumstances prevalent in any nation that should determine its policies and
strategies of growth" (Mahtaney, 2010, p. 159). Illustrate the truth or falsehood of this statement
with reference to either India or China
_____________________________________________________________________
"An ounce of practice is worth more than tons of preaching"
(Mahatma Gandhi, 1946).
Economic thought is an ever–adapting philosophy, which has been 'preached' by many differing
schools of thought throughout the centuries. In this current global economic context, the majority of
worldwide economic strategies and polices...show more content...
For example, it is among the most industrialised nations of today which leads the world in the
Information and
Technology industry (IT), with their 350,000 IT and engineering graduates each year, and yet the
majority of it's Gross Domestic Product (GDP) is comprised from the agricultural sector where in
1991 it equated to 30% of all GDP (Rudolph, 1987, Table
One, p. 5). The rural sector of India remains vital today as 70% of the total Indian population dwell
in either small rural villages or farms (World Hunger and Poverty
Facts, 2013). India has therefore managed to combine its impressive economic achievements, which
can match that of the developed world, whilst continually facing humanitarian issues present in
developing nations. This conclusion suggests that economic development does not necessarily have
a correlation with human development. Until recently, a common view of development referred to
rising income levels and overall economic growth of a country. However, in recent years a shift
towards focusing upon humanity issues and circumstances rather than monetary concerns reflects
the new definition of a nation's development, which can be measured by the Human Development
Indicator (HDI) produced by the United Nation
Development Programme in 1990. Discussions on the 'goals of development' now involve
emphasizing the reduction of poverty, rather than raising the average levels of income per capita
(Anand & Ravallion, 1993, p. 133).
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