Question

Two similarities and two differences between the economies of India and Singapore. Make sure you use examples to support your response

Answer 1

Two similarities and two differences between the economies of India and Singapore

Explanation:

Differences

1. Singapore has the advanced free market economy that is highly successful. It is especially transparent and corrupt-free, has steady markets, and its per capita GDP is higher than in most industrialized countries. India has become an free market economy, but remnants of its previous autarkic policies exist. In the early 1990s, initiatives for economic liberalisation, including market reform, privatization of public undertakings and lower foreign exchange and investment restrictions started and contributed to accelerate growth in the nation.
2. The Singapore economy is heavily dependent on exports, especially in consumer electronics, IT, pharmaceuticals and a rapidly growing financial services sector. The diverse economy in India comprises traditional rural agriculture, modern agriculture, handicrafts, a number of contemporary manufacturing and various services. Little more than half the workforce is in agriculture, but services are the biggest driver of economic development, accounting for nearly of 2/3rd India's output, with less than 1/3rd of its labour force.

Similarities

1. As one of the world's most fast-growing economies, India offers a massive market and a wealth of investment opportunities with its recent economic reforms. Singapore continues to preserve its reputation as an established capital market in Asia and a leading, trusted international financial center in the world
2. In the world of diplomacy, India and Singapore are similar. The Westminster model of government in both countries specifically divides the three branches. Both nations have democratic elections