One of the most talked about economies of the world is the Indian economy. It has survived one of the worst financial sector depressions recently. All eyeballs are on India as it hosts the Common Wealth Games later in this year.
In the past, trade in India was limited to commodities like cotton, spices, indigo and others. Indian weavers and artists were admired by the west. It was looked up mainly for textile merchandises and spices only.
Trade and business has never been the same after the economic liberalisation of 1990s. Without a shadow of doubt, the pace at which the Indian economy is growing, it is posed to grab a lead in the world economics. This phenomenal growth has had been accelerated by both indigenous players and international investors.
You may be curious to know what is so peculiar about the growth of the Indian economy. The answer to this is optimum utilisation of its demography. Unlike most other developing countries that gives majority of its attention to industrial sector; India strategically uplifted the service sector. With a pool of young, enthusiastic and excellent language skills Indian economy’s growth is much attributed to due allocation of available human resource.
This resulted in the most cost effective and quality labour across the globe. From outsourcing services like BPO and KPO to audit outsourcing, India is a favoured destination when it comes to business of outsourcing services.
Indian business honchos have always had overwhelming revenues from medical tourism and tourism for pleasure. The rich heritage that India is blessed with has attracted big players of hospitality like Marriott, Le Méridien Hotels & Resorts and many others.
Pharmaceutical industry has flourished in India. Again by making cost effective medicines and working up to the desired standards, India has made a niche for itself in this segment globally.
For the Indian economy the next big leap was the auto mobile industry. In the past two decades, India has not only attracted giants from the automobile industry but also has been successful in introducing a range of cars, auto-rickshaws and many other automobiles. Nano by the Tata motors has truly been ground breaking for cost effective car segment.
However there are some impediments in the path of growth of Indian economy towards becoming a superpower. India has often been in news due to scandals related to corruption and red tapism. The ‘babudom’ needs to come to an end for Indian economy to flourish.
Security matters have always been a cause of concern for Multi National Companies to establish their business in India. Terrorism, numerous theft cases, insecure public transportation makes international business think twice before choosing Indian markets as their business destination.
Tags: Business, Economy, Indian