india's economy is most advanced in what economic activity? course hero

Why is India's economy so attractive to investors?

Since the 1990s, India has deregulated several industries. It's privatized many state-owned enterprises, and opened doors to foreign direct investment. India is an attractive country for outsourcing and a cheap source of imports. Its economy has these five comparative advantages:

What is the economy like in India?

India is the world's fourth-largest economy. It produced $9.4 trillion in goods and services in 2017. 1  But it has a long way to go to beat the top three: China, with a production worth $23.2 trillion, the European Union with $20.9 trillion, and the United States with $19.4 trillion. India had rapid growth despite the Great Recession.

What are the comparative advantages of India's economy?

India is an attractive country for outsourcing and a cheap source of imports. Its economy has these five comparative advantages: The cost of living is lower than in the United States.

What is driving India's economic growth?

It will continue to drive India's consumer spending and economic growth. In addition to FDI, India has seen more than 100 initial public offerings in the last 18 months. Private equity funding grew in 2012 and 2013, a trend that is expected to continue. Energy, health care, industry, and materials have been the top four sectors.

Which economic activity is the greatest in India?

It also has one of the world's fastest growing e-commerce markets. India has the world's fourth-largest natural resources, with the mining sector contributing 11% of the country's industrial GDP and 2.5% of total GDP....Economy of India.StatisticsInflation (CPI)6.95% (March 2022) 4.9% (2020)Base borrowing rate4.00% (18 March 2022)41 more rows

Which is the most advanced state economically in India?

Maharashtra has the highest GSDP among 33 Indian States and Union Territories. As of the FY 2018-19, Maharashtra contributes 13.88% of India's GDP at current prices, followed by Tamil Nadu (8.59%) and the most populous state Uttar Pradesh (8.35%). Other states in top 5 are Gujarat (7.92%) andKarnataka (7.87%).

What type of economy is India's economy?

mixed economyToday, India is considered a mixed economy: the private and public sectors co-exist and the country leverages international trade.

Is India an advanced economy?

Today, India is considered as the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity. According to several studies, India's growth rate should stabilise at 8% during the next decades, ranking the country as the world's fastest-growing economy.

Which is the most developed state in India and why?

Maharashtra. As the state that is home to the city of Mumbai, widely recognised as the financial capital of the country, Maharashtra is certainly the most developed state in India as far as economic parameters are concerned.

What is the most developed part of India?

Top 10 Most Developed States in India 2021Haryana.Uttar Pradesh.Rajasthan.Andhra Pradesh.Karnataka.Maharashtra.Kerala.Tamil Nadu.More items...•

How India is a developing economy?

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture based economy and lower rate of capital formation, tagged it as a developing economy in the world.

Which kind of economy prevails in India?

Capitalist economy: In a capitalist system, the products manufactured are divided among people, not according to what they want but on the basis of purchasing power, which is the ability to buy products and services.

Which type of economic system does India have explain the major features of the same?

From 1947 to 1991, the India Economic System was based on social democratic-based policies. The policies feature protectionism, extensive regulation and public ownership which led to slow growth and corruption. But the economy has moved to a market-based system with economic liberalization starting in 1991.

Why has India developed so quickly?

The government said the growth was driven by a fleet of structural reforms, among them: the privatisation of parts of the economy, the introduction of a new 'goods and services tax' and the easing of restrictions of foreign investment.

Why India is an emerging economy?

Among all the emerging markets, it is India's robust growth in manufacturing, business friendly reforms, infrastructural development and political stability that makes the country the most prominent emerging market to invest in for investors.

Is India really developing?

India is an emerging and developing country (EDC) found in southern Asia. It is the world's largest democracy , and one of the world's fastest growing economies. In 2013 India was the seventh richest country in the world.

What Type of Economy Is India?

India has a mixed economy . Half of India's workers rely on agriculture, the signature of a traditional economy. 10  One-third of its workers are employed by the services industry, which contributes two-thirds of India's output. The productivity of this segment is made possible by India's shift toward a market economy. Since the 1990s, India has deregulated several industries. It's privatized many state-owned enterprises, and opened doors to foreign direct investment.

How is socioeconomic status determined in India?

Socioeconomic status is largely determined by geography. India’s three main regions each have distinct class and education divisions. Many people leave the rural areas to live in the cities. 20 Most of them are young and educated. They seek a higher quality of life. The level of urbanization reached 34% in 2018. 21.

What are the countries that Modi has promoted?

Modi has promoted closer ties between China and India, two of the world’s largest and fastest growing economies. 59 Because of their tight economic partnership, the countries are often called Chindia. 60 61 China and India have complementary economies. 62 63 India has raw materials while China has manufacturing. 64 China has high-tech while India has the businesses and consumers to use them.

What are the challenges of Prime Minister Modi?

Many blame him for the violence against Muslims while he was governor of India's Western region of Gujarat. 24. Modi is up against India's bloated government bureaucracy. 25 That makes the execution of any fiscal or monetary policy difficult.

How many people are in the middle class in India?

The Indian middle class is almost 250 million people, bigger than the U.S. middle class. It will continue to drive India's consumer spending and economic growth. In addition to FDI, India has seen more than 100 initial public offerings in the last 18 months.

What countries want India to be a nuclear power?

India wants to be treated like the official five nuclear powers: United States , Russia, Britain, France and China. The United States wanted India to cap its production of fissile material, which consists of highly enriched uranium and plutonium. 53 But India has refused and continues to build its arsenal. 54 Although it has not released official figures, experts estimate that they currently have 130 to 140. 55

How much did India produce in 2017?

It produced $9.4 trillion in goods and services in 2017. 1 But it has a long way to go to beat the top three: China, with a production worth $23.2 trillion, the European Union with $20.9 trillion, and the United States with $19.4 trillion. India had rapid growth despite the Great Recession of 2008.