Importance of India to the World Economy Essay Example
Importance of India to the World Economy
India’s staggering population, entrepreneurial spirit, and consumer-led demand for products has placed it among the emerging market nations known as the BRIC (Brazil, Russia, India, and China) countries. These nations are widely believed to be the next financial juggernauts that will become key players in the global economic framework. In the past several decades, India has undertaken massive reform to its financial policies. These policies have opened the door to increases in consumption of Indian goods abroad. Once an insular country, India has become more open to direct foreign investment, increasing real estate profits and acquisitions of businesses, and it has undergone a technology boom that challenges even leading nations in the economic circle. However, India has challenges, including a hesitance to fully open trade channels, rising inflation, and a strong caste system which impacts its ability to operate in the same vein as other democratic nations. It will remain to be seen whether India can sustain its emerging growth potential.
What are the current economic indicators for the assigned country that clearly demonstrate that this country is on a consistent growth path and that this will play an important role in the 21st century world economy?
The economic recession that has plagued the United States for the past several years has impacted the world economy as well, and India has not escaped the ramifications of the financial meltdown. However, even with the declines that have plagued growth around the world, recent reports indicate a slow, but steady upward pattern for the nation – encouraging news.
In December 2011, the Organisation for Economic Co-Operation and Development, a membership-based organization headquartered in Paris, France, released the results of its bi-annual economic survey, aimed to identify and track the development and growth of industrialized nations, including those within the emerging
India’s staggering population, entrepreneurial spirit, and consumer-led demand for products has placed it among the emerging market nations known as the BRIC (Brazil, Russia, India, and China) countries. These nations are widely believed to be the next financial juggernauts that will become key players in the global economic framework. In the past several decades, India has undertaken massive reform to its financial policies. These policies have opened the door to increases in consumption of Indian goods abroad. Once an insular country, India has become more open to direct foreign investment, increasing real estate profits and acquisitions of businesses, and it has undergone a technology boom that challenges even leading nations in the economic circle. However, India has challenges, including a hesitance to fully open trade channels, rising inflation, and a strong caste system which impacts its ability to operate in the same vein as other democratic nations. It will remain to be seen whether India can sustain its emerging growth potential.
What are the current economic indicators for the assigned country that clearly demonstrate that this country is on a consistent growth path and that this will play an important role in the 21st century world economy?
The economic recession that has plagued the United States for the past several years has impacted the world economy as well, and India has not escaped the ramifications of the financial meltdown. However, even with the declines that have plagued growth around the world, recent reports indicate a slow, but steady upward pattern for the nation – encouraging news.
In December 2011, the Organisation for Economic Co-Operation and Development, a membership-based organization headquartered in Paris, France, released the results of its bi-annual economic survey, aimed to identify and track the development and growth of industrialized nations, including those within the emerging