Question

prepare an overview of economic development of [INDIA]and discuss how the economic development create opportunities for doing business in [INDIA].

provide me the references as well. Thank you

Answer 1

Economic Development of India

The economic development of India largely depends on some decisive factors. According to World Bank, India needs to give priorities on infrastucture, pubiic sector reforms, Agriculture, Rural development, etc.. for better economic development.

Following are some important points regarding economic development of India:

1. India has a sustained growth of GDP leading to an increase in per capita income.

2. India's per capita income the 1/120th of UK.

3.India has one third of all the people in the world living below the global poverty line.

4. The per capita income placing India inside the middle income country category.

5. India is suffering from persistent trade and fisca deficits due to high inflaion.

6. Due to high inflation, India's growth rate has slowed.

7. Indian Enterpreneurs lack their confidence about the home country due to the investments by Indian businessmen abroad have overtaken FDI.

Following are some factors supporting Indian Economic Development:

1. A fast growing population of working age (In 2020, the average age of Indian is 29 year.)

2. Low wage system in India

3. Strong legal system and educated and English language speakers

4. Presence of business Hubs in India (Eg: Bangalore,Delhi)

Obstacles to India's Economic Development

1. Poor inrastructure including transportation

2. Low productivity because of the Indian youth working under only in small buinesses.

3. High rate of inflation

4. Relatively closed economy beacuse of India is a net importer of primary products

5. Persistent trade and fiscal deficit

Opportunities for starting a business

The volume of foreign investments is an indicator of the promising future of Indian Economy. Following are the Opportunities for starting a business in India.

1.Business friendly laws : The business-friendly laws make it easy for the enterpreneurs to start business.

2. Presence of a startup ecosystem :  Indian market is open to accepting new business ideas.

3. Scope for Sustainable business: Indian economy always encourage and ensure sustainable business.

4.Organised Employability: The increasing employabiity because of increased number of youth in the popuation.

5.Economical Operational costs: Costs are much affordable as compared to other countries.