write down the financial Capita/ of India.
Answers
Explanation:
Delhi has became the economic capital of India.
According to data released by Oxford Economics, Delhi has replaced Mumbai as the economic capital of India. The report states that Mumbai, which ranked 31st among 50 top metropolitan economic entities in 2015, lost its position to Delhi, which has now climbed up to claim the 30th rank.
According to Times Of India , when both the regions were compared, Mumbai's 2015 GDP amounted to US $368 billion (in terms of purchasing power parity, PPP) while that of Delhi was $370 billion.
The comparison was taken between Mumbai's extended urban agglomeration (EUA) that consisted Mumbai, Thane, Vasai-Virar, Bhiwandi, Panvel and Navi Mumbai. On the other hand, the data for Delhi comprised the Delhi NCR region, Noida, Faridabad and Ghaziabad.
This transition from Mumbai to Delhi is because business is attracted towards the national capital, reason being a close proximity with the government while the other factor is the availability of infrastructural facilities. The high-cost economy of Mumbai puts it at a disadvantage when it comes to business. Notably, GDP per capita is a better indicator of economic performance and herein, it was Mumbai that led Delhi.
Answer:
Explanation:
he economy of India is characterised as a middle income developing market economy.[43] It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).[44] According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122th by GDP (PPP).[45] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and economic regulation, which is characterised as dirigism, in the form of the License Raj.[46][47] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India.[48][49] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[43] and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China.[50][51] Historically, India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.[52][53][54]
The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings, and investment rates, increasing globalisation in India and integration into the global economy.[12] The economy slowed in 2017, due to shocks of "demonetisation" in 2016 and the introduction of the Goods and Services Tax in 2017.[12] Nearly 60% of India's GDP is driven by domestic private consumption[55] and continues to remain the world's sixth-largest consumer market.[56] Apart from private consumption, India's GDP is also fueled by government spending, investment, and exports.[57] In 2019, India was the world's ninth-largest importer and the twelfth-largest exporter.[58] India has been a member of the World Trade Organization since 1 January 1995.[59] It ranks 63rd on the Ease of doing business index and 68th on the Global Competitiveness Report.[60] With 500 million workers, the Indian labour force is the world's second-largest as of 2019. India has one of the world's highest number of billionaires and extreme income inequality.[61][62] Since India has a vast informal economy, barely 2% of Indians pay income taxes.[63] During the 2008 global financial crisis the economy faced a mild slowdown, India undertook stimulus measures (both fiscal and monetary) to boost growth and generate demand; in subsequent years economic growth revived.[64] According to the 2017 PricewaterhouseCoopers (PwC) report, India's GDP at purchasing power parity could overtake that of the United States by 2050.[65] According to World Bank, to achieve sustainable economic development India must focus on public sector reform, infrastructure, agricultural and rural development, removal of land and labour regulations, financial inclusion, spur private investment and exports, education, and public health.[66]