India, a land of rich culture, is the second most populous country of the world. And area wise, it is the seventh largest nation. Our Indian economy has undergone a tremendous change, with the implementation of a series of economic reforms.
These reforms focused attention on deregulating the country and inducing foreign investments. Eventually, it paved way for India occupying a position among the top countries in the fast growing Asia Pacific region. Read on to explore further information about the economic conditions in India. India has the largest democracy in the world and has experienced stability, since its. India's political institutions have encouraged the growth of an open society, where people can express themselves freely. It is truly an example of a free economy.
When the talk is about the economy of India, it can be undoubtedly said that it provides a complete security to its foreign investors. It promotes a transparent environment that includes a free press and a proper legal and accounting system. India has a competitive and dynamic private sector that forms the backbone of India's economic activities. It also accounts for more than 75% of India's Gross Domestic Product. It has a lot of scope for joint ventures and mergers.
India has established itself as one of the most aggressively emerging markets of the world, by harnessing the talent and skills of its managerial and technical manpower. India's abundant workforce provides it a competitive edge in the global market.
India's economy is vast and varied and consists of traditional village farming, modern agriculture, handicrafts, a wide distinctive range of modern industries, and a large number of support services. Government has become more liberal and has reduced its control on foreign trade and investment and is heading its way towards privatizing the domestic sector.
Since 1990, the economy of India has witnessed a decent growth rate of 6% and has been successful in overcoming poverty by about 10%. The strength of India lies in its vast pool of educated and skilled citizens. But, the weakness of India is the continuing public-sector budget deficit, which is nearly 10% of GDP.
Read about Indian/India economy and the economic conditions in India.
Travel to India: India Travel Tips: Economy of India
