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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Why India is Among The Fastest Growing Economies
India has shown tremendous progress and a rapid growth in the past decade. As of now, it holds the sixth position among the world’s top 10 economies with a GDP of $2.45 trillion and a population of 1.34 billion, which accounts for 18% of the entire world population.
Many predict that India will soon be the #2 economy in the world, dethroning other nations that have been ruling the chart for years. This all changed in the last few years as the country changed its core concepts and started to work more aggressively on different sectors.
India is one of the few countries that do not rely on a single sector. Its agriculture sector accounts for 17% of the total GDP and the industry sector accounts for 26%, but there are other sectors too, including tourism which has grown by leaps and bounds.
India can be a case study for many people as it has shown not only tremendous growth but also great consistency.
Let's have a look at/ why India is among the fastest growing economies:
Domestic And Foreign Investments
In the recent years, we have seen India investing in both domestic and foreign sectors. Its domestic investment alone is noteworthy as it accounts for a large part of the country’s economy.
Moreover, with an increase from 26% to 49% in FDI (Foreign Direct Investment), teh country is attracting foreign investors as well, including Indians that live abroad.
Talented Workforce
India’s workforce is huge thanks to its population. While a large part of the country’s workforce is uneducated, the government is working hard on education people and raising awareness.
With a literary rate of 74% in cities, India is home to some of the most talented minds. Today, a lot of Indians are seen in the limelight, may it be Ambani or Google’s CEO Sundar Pichai, India is a force to be reckoned with when it comes to having talented workforce in the business sector.
Healthy Foreign Policy
India has a friendly foreign policy that attracts investors and makes it easy for businesses to grow. A good example of this is the country’s relation with neighbor China.
The two countries have been on bad terms in the past, but this has hardly affected their trade. India imports machines from China, and now China has started to export Indian movies, helping the country make billions.
Increase In Agricultural Production
Another peaceful weapon in India’s arsenal is its agricultural production. Thanks to the favorable monsoon seasons in both 2016 and 2017, farmers were able to produce much more than they did previously. Hence, increasing the economy of the country.
With better technology, this may turn out to be a permanent thing, which would only help the country grow even more.
The Verdict
It won’t be wrong to say that India can secure the first spot in the coming years if it continues to take things at the same speed. We are a powerful nation and we just need to show that power to the world in the right manner.
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