BUSA India - Background on current economy and its major...

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Background on current economy and its major export and import The world has seen India’s gradual economic growth over several years. The market is continually to expand, and many foreign companies are entering India to set up their businesses. India trades with few countries, which improves its interaction in its global affairs. India’s improving economy and development of stronger trading relations are allowing its emerging economy continuing to expand. India’s economy grew into an emerging economy and to improving despite the recession worldwide. India is the twelvth largest economy in the world. Apart from China, it is also the second fastest growing economy globally. India’s economy consists of farming, modern agriculture, modern industries, and services. Agriculture is the dominant industry and services is the major factor in India’s economic growth. Government reduced control on foreign direct investment. They placed high tariffs in industries that could easily be beaten by other international competitors (Central Intelligence Agency). As more people are using credit cards, there is an increasing amount of banks are opening in India, adding ATM’s and incoporationg internet banking ( Kannan). India established a firmer ground for its economy and helped decrease poverty through business opportunities. According to Central Intelligence Agency, as of 2008, the economy slowed down compared to previous years. The average economic growth rate has been decreasing since 2006 due to global economic crisis. In 2008, the growth rate was 6.6%. The GDP of 2008 was $3.304 trillion. Last year, the unemployment rate was 9.1%, which was higher compared to 2007. India economic growth decreased last year and could possible continue to go down by the end of this year.
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This note was uploaded on 03/17/2011 for the course BUSA 3000 taught by Professor Beach during the Fall '08 term at Georgia State University, Atlanta.

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BUSA India - Background on current economy and its major...

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