Indias Economic Success

The economic success of India has cultural and social differences in every part of the world, and these differences make the country stand out. Everyone has a future economic, social, and political perspective to decide people's lifestyle. These infinite arrays are emerging even in various parts of every country, including one of the most diverse Indians in the world. India is divided into 25 states and 7 regions, with 16 major languages ​​and 1000 intermediate languages ​​and dialects. Due to lack of solidarity, the diversity of this language constitutes a sort of obstacle for India to become one of the most important leaders in the world.

The economic success of India as a country completely depends on independence of India. However, like developing countries, India has social problems. Since the Indian economy is expanding at the speed of creativity in the coming years, this revision should be solved, but the social situation is still lagging behind other countries.

India is now listed as one of the bigger economies. In fact, India is the fourth highest growth rate after Japan. You should not consider economic success of India, but the roads and models they choose are noteworthy. India does not depend on the usual method of exporting low-priced products to the west, but depends on the local market. India is paying more attention to the service and high-tech industries, which is key to their economic success.

China and India are the two largest economies in Asia and are now considered "success stories" of large-scale economic development in the past 20 years. On the road to economic growth, they have more differences in similarities. The most common of these covers a large number of ancient civilizations, population, geographical areas and the developing economies of the world. They clearly benefit from globalization and excellent macroeconomic policy. On the other hand, they have different socio-economic and political circumstances, and they follow different development strategies. Since the beginning China has been following the socialist model and India has adopted a "mixed economy" to promote economic growth. In this article I would like to discuss how China overtook India with economic growth despite the fact that the two have started traveling at the same time.

The biggest economic challenge facing India is not only employment growth but also income growth. Indian per capita income is $ 1,900 per year, which is only 15% of the world average. There is a simple reason for this. Indian labor productivity - economic output of working hourly - accounts for only 12% of the US level. Unless India can significantly improve productivity, it is impossible to ensure a reasonable living standard for everyone. Technology is key to improving productivity. In fact, according to the economic survey, 90% of per capita income growth is due to technological innovation. Therefore, unless India employs innovation in every part of the economy, including the transport sector, Gadocalli can be confident that descendants of India are entrusted to low-wage jobs and other countries of the world. level