Economy in India
India’s GDP is rated as the fourth in the world and considered among the first two fastest growing economies worldwide.
This is measured on a purchasing power parity basis, as the economy is rated as being the twelfth in the world market exchange rates.
For a whole generation that fell around 1950 to around 1980, policies that governed the country were more of socialist based and this led to the economy being characterized by protectionism, public ownership and extensive regulation.
Due to this characters, slow growth was experienced which was an aftermath of pervasive corruption. However, liberalization has helped the economy move towards a market based system which includes a controlled participation of the private sector, foreign investment and foreign trade since 1991.
For a significant change to be seen driving the economy, the country had to ensure that its labor force was effective and efficient and various sectors in the government had enlisted a certain percentage of labor into these sectors. Some of the key sectors that relied on this labor aspect were service that constituted 23% service, 17% industry, with and agriculture which constituted 60% of the total labor force of 496.4 million.
In the recent past, the country has made sure that it has educated a large number of its population, not just with basic education, but with very important skills that are useful technologically. Since English is the country’s business language, the skilled persons are often marketable globally since they are seen to be to be working at a lower pay scheme compared to their counterparts in the western worlds.
Most global companies throughout the world employ the country’s skilled population who serve in the big corporate such as the financials, the software and hardware developers as well as technical supporters.
In the agricultural industry, India is a large producer of rice and tea. Other produce that the country prides in are cotton, sugarcane, potatoes, oilseed and wheat. Livestock farming is also a major practice in the country. Goats, sheep, cattle, poultry and water buffalo are some of the livestock that are kept both at small and large scale farms.
In recent years, the country has produced the best software developers in the IT industry and other technical experts in the same industry. We see countries such as the US, UK and the UAE and China preferring Indian expatriates in the industry rather than their own citizens.