India Calling – Advantage India
India is regarded as the seventh largest country in the world. The economic freedom has stirred the country in the recent past leading to a drastic development of the country. Stimulation of foreign investment has led India among the important names of the fast growing Asia Pacific region. The economic strategies have been capable enough to unleash the hidden strengths of a changing nation.
The economy of India is diverse. It encompasses the handicrafts, agriculture, textile, manufacturing industry and a lot more. About two-thirds of the Indian workforce depends upon agriculture directly or indirectly for the purpose of livelihood. India has emerged as the major “back office” destination for the offshore outsourcing of technical support as well as customer services. This has been possible due to the large number of educated populace who are fluent in English. India can boast of highly-skilled workers, software professionals as well as financial experts.
The process of economic reform of India is dependent upon the political consensus that spans the several political parties. There are generally no fundamental conflict between the economic and the political systems. The political institutions of India have promoted an open society with the environment that is supportive of free economic endeavor.
India has a well developed infrastructure. It is strategically connected to the different parts of the country by several modes of transportation. Road transport sector is being given a lot of priority. The Monopoly and Restrictive Trade Practices Act (MRTP Act) was passed so that a large industry must be enthusiastic to enter the road sector.
The National Highways Act has been modified in order to aid the reduction of tolls on the different national motorways, tunnels and bridges. Calcutta’s Howrah Bridge is considered to be the world’s busiest. It has a daily flow of 57,000 vehicles and countless pedestrians. Private participation in energy sector is also being encouraged with the reduction of the import duties. Another strategy is the five-year tax exemption for the latest energy projects along with the 16% return on equity.
A new telecommunications policy is also being followed by the government. The prime intention is for the development of quality to a worldwide standard. India might be benefited by becoming a major exporter and producer of the telecommunication systems. Private and foreign participation are encouraged for this policy.
India faces a growing population every year. It also faces the challenge of reducing the social inequality as well as the economic problems.
