India Ecomony

The Economic Growth of India from the year 1990 to the Present"

India's economy has grown tremendously over the last sixteen years.

India's economy is ranked number four compared to other countries in

regards to purchasing power and averaged a Gross Domestic Product of 3.3

trillion dollars. India also has an 8.1 % Gross Domestic expansion rate that is

ranked second within the nation. (Economy of India: Analysis, Character

and Structure, 2000).

The leading economic growth of India has stemmed from its vast

ventures such as: agriculture, crafts, major industries, and miscellaneous

resources. The dominant economic growth factor in India is agriculture

which provides employment for more than two-thirds of its people. India's

workforce contributes most of its income from agriculture, but the remaining

percentages are divided 57% in agriculture, 17% in various industries, and

23% in other services. (Economy of India: Analysis, Character and

Structure, 2000). In modern times, India has benefited from its great number

of educated people who are diverse in many languages including English,

aiding India to become one of the major exporting countries of software

services, financial services, and software engineers. (Economy of India:

Analysis, Character and Structure, 2000).

Due to adverse economic calamity India has developed a series of

during the year 1991. These reforms were designed to help aid the foreign

exchange that devoured India's economy. (Economy of India: Analysis, and

Character Structure, 2000). Those reforms have liberalized foreign

investment and exchange regimes, significant reductions in tariffs and other

trade barriers, reform and modernization of the financial sector, and

significant adjustments in government monetary and fiscal policies

(Economy of India: Analysis, and Character Structure, 2000).

Many of the reforms were founded due to corruption throughout

India. Numerous bribes, tax evasion, and exchange controls have caused the

economy to grow less rapidly since independence. Several sources have

agreed that India ranked the lowest quartile among other nations when

conducting business. Thus, aiding in slow economic growth with vast length

times to start businesses as well, invoking bankruptcy. These reasons

substantially are proof that corruption existed in the economical standing of

India. (India 2005). By implementing the reforms in 1991 India's economy

has shown dramatic change in its growth rates, an increase in foreign

investments, and lower inflation. This also had an effect on India' trade

relationships; The United States of America is India's largest partner in

trade. (Economy of India: Analysis and Character Structure, 2000).

Standard exports to India to are aircrafts along with their parts, highly

developed machinery, fertilizers, ferrous waste, scrap metal, and mainly

computer hardware. Chief imports to the Unites States include textiles,

ready made garments, jewelry, leather products and chemicals (Economy of

India: Analysis and Character Structure, 2000). India's drastic economic

changes since the sixteen years have basically stemmed from its ever

growing population. India population accounts for 17% of the world's

maximum population, and is expected surpass China in total population.

India's