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Economy of India
The economy of India is the tenth-largest in the world by nominal GDP and the thirdlargest by purchasing power parity (PPP). India is the 19th-largest exporter and the 10th-largest importer in the world. Economic growth rate slowed to around ~5.5% for the 201213 fiscal year compared with 6.2% in the previous fiscal.
An aerial view of Calcutta Port taken in 1945. Calcutta, which was the economic hub of British India, saw increased industrial activity during World War II.
Company rule in India brought a major change in the taxation and agricultural policies Establishment of Railways & Telegraphs The 1872 census revealed that 91.3% of the population of the region constituting presentday India resided in villages
Then PM of India, P V Narsimha Rao Knew that It was time for Some Bold Decision.
After the start of the economic liberalization, India started getting huge capital inflows and it has emerged as the 2nd fastest growing country in the world.
Arrival of New Technology or Development of Technology. Development of Infrastructure. Identity at World Level. Increase Our Currency Value (INR).
GDP Growth.
Increase Consumption and Adaptation of New Lifestyle. Increment of Competition. Increment in Foreign Investor.
Advantages of liberalization
Development of economy without capital investment. Increase the foreign investment.
Disadvantages of Liberalization
Privatization
Privatization means transfer of ownership and/or management of an enterprise from the public sector to the private sector . Privatization is opening up of an industry that has been reserved for public sector to the private sector. Privatization means replacing government monopolies with the competitive pressures of the marketplace to encourage efficiency, quality and innovation in the delivery of goods and services.
Globalization
It Means that opening up of the economy for foreign direct investment by liberalizing the rules and regulations and by creating favorable socio-economic and political climate for global business.
Opening and planning to expand business throughout the world. Buying and selling goods and services from/to any countries in the world.
MACROECONOMIC OUTLOOK
Faltering growth
Global output growth is slowing and risks for a double-dip recession have heightened Developing country growth remains strong, but is decelerating because of the economic problems in developed countries
Key assumptions for the United Nations baseline forecast for 2012 and 2013
The forecast presented in the text is based on estimates calculated using the United Nations World Economic Forecasting Model (WEFM) and is informed by countryspecific economic outlooks provided by participants in Project LINK, a network of institutions and researchers supported by the Department of Economic and Social Affairs of the United Nations.