250 words essay on india an emerging power in the world
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In fact, India’s economic growth rate is second highest in the world-next only to China. The developed world has been left behind. The two Asian giants-India and China have today turned the leaders of growth of the global economy.
One can get the measure of India’s resurgent economy from the fact that the world GDP growth is around 4 per cent. For advanced countries, the growth rate is around 3.5 per cent, while India is maintaining its GDP growth around 8.5 per cent of its GDp
The industrial production has been achieving high growth- in the vicinity of 15 per cent year-on-year. The production has covered large-scale medium, small-scale and tiny industries.
There has been a balance in various types of industries like mining and quarrying, steel and cement, primary industries as well as secondary industries. The range of production has been very vast including electronics, textile, transportation, pharmaceuticals, power generation, electricals, various types of consumer durables, etc. As a result of high production, the local business in these items has flourished leading to increased corporate profits, a high rate of saving and investment and hence, capital formation.
The revenue that the government earns in the shape of taxes-direct as well as indirect has increased many-fold. With this increase in revenue the government has been able to set up new projects for development, and complete already started projects. Many sick industrial units have either been merged with other healthy units or have been rehabilitated with additional grants. Development in the industrial sector has given new opportunities in trade and employment to millions of people.
Our computer software and Information Technology have progressed by leaps and bounds during the last decade. Many computer software parks and IT-enabled services parks have been set up in different cities such as Bangalore, Chennai, Gurgaon, Hyderabad, Noida and elsewhere.
The number of companies doing such business has increased more than 100 per cent during the last ten years. India has become an expert in computer technology. Several companies from Europe and America are outsourcing their business through India. Our major IT companies like Infosys, TCS, Wipro, Satyam Computers, Tech Mahindra and HCL are generating profit of millions of rupees every year. A number of call centres have come up in major cities to cater to the needs of outsourcing business.
Our exports have almost doubled during the last four years. The foreign exchange reserves have crossed US $ 200 billion which have given India a great financial strength. Our rupee has become very strong against the other international currencies- notably dollar, pound and euro.
However, there is poverty amidst plenty in many areas. Millions people live in poverty and destitution. They do not have even the basic amenities of life, viz. food, clothing and shelter. This is because of the large size of our population, illiteracy, poor public distribution system and corruption. But, things are improving fast in India. Centuries of exploitative rule by the British had drained India of its wealth. After achieving independence, the country had a great task of rebuilding the basic infrastructure, spread education and bring new technology.
The planned growth put the country back on track. Today, the literacy rate has improved to over 75 per cent, the per capita income has crossed Rs 25,000, health care facilities are available in every part of the country, and employment opportunities are growing. The large size of the population is actually a great source which can lead the country to dizzy heights. Nearly fifty per cent of our population is young which means a great working potential, which, if properly utilized can increase production and eradicate poverty.
Answer:
Essay on india an emerging power in the world
The second-fastest growing major economy in the world is India. India has the third-largest economy in the world by Purchasing Power Parity.
Its GDP is $3.666 trillion in US dollars. Goldman Sachs economists predicted in 2003 that the economies of the BRIC (Brazil, Russia, India, and China) countries will surpass those of the US and Japan in terms of wealth creation. Additionally, they would generate 40% of global GDP. If these forecasts come true, India's economy will overtake all others as the greatest in the world. India has an open culture, a trained labour force with a computer and English language proficiency, and public higher education, among other factors that make this possible.
Given that India was just colonised sixty years ago, its growth can only be described as amazing. In the past, India was perceived by Westerners as a place of snake charmers and bullock carts. India had an instantaneous transformation due to the IT boom. IT behemoths like Infosys, Wipro, Satyam, etc. contributed to the globalisation of India.
The middle class in India grew as a result of the growth, and as they did, they started to buy more goods and services, which led to an economic boom. With Tata acquiring Corus, Land Rover, and Jaguar, which was mostly unprecedented in the history of Indian corporate dominance, Indian businesses started to buy international assets. The investment firm Nomura Group concluded that Indian companies are among the healthiest in the world a few months after the world economy collapsed.
Along with Thailand and South Africa, India currently holds the No. 2 spot on the list of the healthiest countries. India has fewer toxic assets, which explains this. Financial assets that have experienced a sharp decline in value are toxic assets. Because there is no longer a market for them, it is difficult to dispose of them. India is one of the top countries with the least hazardous debt.
India's soft power was enhanced by Indian movies and culture. India's rise to prominence on the world stage was the consequence of numerous reasons. Her pluralist, secular democracy has allowed marginalised castes and ethnic groups room to flourish. Additionally, economic deregulation made way for enormous investment flows.
India is the world's largest exporter of software services and workers and has a sizable reservoir of trained labour and natural resources. It was a boost to sign the historic nuclear agreement with the US. In India, more than 50% of the population is under the age of 25, which is a significant advantage over Japan, where the ratio of old to young people signals doom for that nation's economic production.
The transportation industry has undergone a transformation because to excellent roads, rail systems, and air connectivity. A significant space power is India. India's development is the ideal illustration of the potent synergies produced by a sound democracy, an open society, and a strong economy.
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