India Case Study

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Register to read the introduction… India is known for its dramatic economic growth with Gross Domestic Product (GDP) of 8.8% and 1.2 trillion dollar GDP size. The per capita income is almost 1.02 trillion dollar. India also known for its vast acreage of land for it is 72 acres, it is the largest in the country .With regards economic growth again India is averaging 5.9% annually at the cusp of the millennium which had roused to around 8% by 2007, and which is further set to increase by 10% in the next five years. It is the fourth largest in regard to purchasing power parity and with the introduction of market based economic reforms in1991; it is the fastest growing major economics in the …show more content…
Most industrialisedcountries have taken this path in the past (however, it is worth noting that there isalso a group of major OECD countries in which exports of raw materials stilldominate, including Australia, Canada and Norway). Among the emergingeconomies, this category includes a very heterogeneous group, including a spectrumranging from basic industrialisation (simple manufacturing industry, based on low-wage labour) to very advanced industrialisation (knowledge-based, high value addedinnovative industry). In this group, we selected China, Costa Rica, Malaysia,Mexico and the Republic of Korea for investigation.

The economic development in India followed socialist-inspired policies for most of its independent history, including state-ownership of many sectors; India's per capita income increased at only around 1% annualized rate in the three decades after Independence.[1] Since the mid-1980s, India has slowly opened up its markets through economic liberalization. After more fundamental reforms since 1991 and their renewal in the 2000s, India has progressed towards a free market

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