India 's Economy : India Essay

India 's Economy : India Essay

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India’s economy, as an upcoming power, ranks 3rd in the world in terms of Purchasing Power Parity (PPP) and 7th in the world in terms of nominal GDP. India’s nominal GDP, at $2.4 trillion, ranks much higher than Canada’s GDP at $1.6 trillion (11th globally). Similarly, India’s PPP at $8.8 trillion ranks much higher than Canada’s PPP, also approximately $1.6 trillion as well, ranked 15th globally. Despite India’s large GDP both nominally and regarding PPP, India’s GDP per capita is amongst the poorest nations in the world (Central Intelligence Agency, 2016). At $1820, India’s GDP per capita ranks 138th globally, behind that of even Laos, Swaziland, and Libya (World Bank, 2016).
However, India’s GDP, and with that GDP/capita, has increased steadily since economic liberalisation in the early 1990’s. India’s GDP growth rate stands at 7.5%, and according the World Bank India’s GDP per capita has increased by hundreds of dollars in the past quarter century alone (GDP/capita was $1160 in 1990), despite a huge population boom.
India’s GDP is heavily reliant on its service sector (Central Intelligence Agency, 2016). While India is diversified in all sectors and industries of commerce, the service industry, accounting for 57% of India’s total GDP, runs India’s economy. However, India’s agriculture and industry sectors, which account for 17% and 26% respectively, are integral parts in India’s recent economic growth. Interestingly, India’s labour force differs greatly from what makes up its GDP. Approximately 49% of India’s workforce works in the agricultural sector, while 20% and 31% work in industry and services, respectively, yet only 17% of India’s GDP comes from agriculture. However, India’s large population and growing poverty rates...


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...lways. This is especially a problem when 56% of rural households don’t have electricity, and over 400 million Indian do not have access to a proper toilet, or even clean water in most cases. Education in India is only slightly better. While school is free and compulsory from ages 6 to 14 (Government of India), school is not enforced and many children do not attend in order to make money for their families. Secondary and post-secondary school is rare for the average Indian youth too, and most universities in India are privately run, prone to poor management and little regulation (World Bank).
It is clear that if India truly wants to become a developed nation then it must focus more attention and resources on developing its social infrastructure (as well as economic infrastructure) in order for all sectors of Indian life, culture, and business, to eventually prosper.

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India 's Economy : India Essay

- India’s economy, as an upcoming power, ranks 3rd in the world in terms of Purchasing Power Parity (PPP) and 7th in the world in terms of nominal GDP. India’s nominal GDP, at $2.4 trillion, ranks much higher than Canada’s GDP at $1.6 trillion (11th globally). Similarly, India’s PPP at $8.8 trillion ranks much higher than Canada’s PPP, also approximately $1.6 trillion as well, ranked 15th globally. Despite India’s large GDP both nominally and regarding PPP, India’s GDP per capita is amongst the poorest nations in the world (Central Intelligence Agency, 2016)....   [tags: Inflation, Tax, Value added tax, India]

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