Essay About Economic Growth Of India And Indias Economy

India Ecomony
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The Economic Growth of India from the year 1990 to the Present”
Indias economy has grown tremendously over the last sixteen years.
Indias economy is ranked number four compared to other countries in
regards to purchasing power and averaged a Gross Domestic Product of 3.3
trillion dollars. India also has an 8.1 % Gross Domestic expansion rate that is
ranked second within the nation. (Economy of India: Analysis, Character
and Structure, 2000).
The leading economic growth of India has stemmed from its vast
ventures such as: agriculture, crafts, major industries, and miscellaneous
resources. The dominant economic growth factor in India is agriculture
which provides employment for more than two-thirds of its people. Indias
workforce contributes most of its income from agriculture, but the remaining
percentages are divided 57% in agriculture, 17% in various industries, and
23% in other services. (Economy of India: Analysis, Character and
Structure, 2000). In modern times, India has benefited from its great number
of educated people who are diverse in many languages including English,
aiding India to become one of the major exporting countries of software
services, financial services, and software engineers. (Economy of India:
Analysis, Character and Structure, 2000).
Due to adverse economic calamity India has developed a series of
during the year 1991. These reforms were designed to help aid the foreign
exchange that devoured Indias economy. (Economy of India: Analysis, and
Character Structure, 2000). Those reforms have liberalized foreign
investment and exchange regimes, significant reductions in tariffs and other
trade barriers, reform and modernization of the financial sector, and
significant adjustments in government monetary and fiscal policies
(Economy of India: Analysis, and Character Structure, 2000).
Many of the reforms were founded due to corruption throughout
India. Numerous bribes, tax evasion, and exchange controls have caused the
economy to grow less rapidly since independence. Several sources have
agreed that India ranked the lowest quartile among other nations when
conducting business. Thus, aiding in slow economic growth with vast length
times to start businesses as well, invoking bankruptcy. These reasons
substantially are proof that corruption existed in the economical standing of
India. (India 2005). By implementing the reforms in 1991 Indias economy
has shown dramatic change in its growth rates, an increase in foreign
investments, and lower inflation. This also had an effect on India trade
relationships; The United States of America is Indias largest partner in
trade. (Economy of India: Analysis and Character Structure, 2000).
Standard exports to India to are aircrafts along with their parts, highly
developed machinery, fertilizers, ferrous waste, scrap metal, and mainly
computer hardware. Chief imports to the Unites States include textiles,
ready made garments, jewelry, leather products and chemicals (Economy of
India: Analysis and Character Structure, 2000). Indias drastic economic
changes since the sixteen years have basically stemmed from its ever
growing population. India population accounts for 17% of the worlds
maximum population, and is expected surpass China in total population.
Indias