India remains one of the leading markets in the world today (Gentimir & Gentimir, 2015). Choi and Baek (2017) indicate that the country’s purchasing power parity (PPP) has increased significantly within the past decade. These facts show that India’s leaders have been keen to build a thriving economy. This has been the case due to a number of initiatives that have been implemented. The first one is that the government has formulated adequate policies to support entrepreneurs. For instance, business people and investors receive tax benefits and subsidies.
We will write a custom Essay on The Success of India’s Economy specifically for you
301 certified writers online
Powerful programs have also been put in place to meet the needs of different citizens. Secondly, the leaders have established strong business ties with other developing and developed countries. Thirdly, India’s improved educational system makes it possible for different learners to develop evidence-based competencies and skills. This argument explains why the country has a large number of qualified engineers, computer experts, health professionals, and programmers. Additionally, India is associated with reduced labor costs. This is the reason why its software industry has expanded significantly within the past two decades. Gentimir and Gentimir (2015) believe that the use of these approaches will continue to support the country’s economic objectives.
The success of India’s economy is attributable to a number of advantages or superiorities that are pursued by the national government. For instance, the state has implemented meaningful economic reforms to support various segments and industries. Such changes have resulted in inappropriate regulations and laws that make it easier for investors to achieve their potential. The needs of different consumers are also taken into consideration. Every ministry is usually encouraged to develop adequate programs that can result in a modernized economy. This initiative explains why different sectors such as health, tourism, transport, and technology have improved significantly. Another approach focuses on the issue of foreign direct investment (FDI). Every leader embraces appropriate incentives and ideas that can encourage different people and corporations to do business in India (Choi & Baek, 2017). Grants are also available to young entrepreneurs in the country. These advantages explain why India is identified as one of the fastest-growing economies in the world today. There is a need for different sectors, departments, and ministries to collaborate in an attempt to support the country’s objectives and meet the needs of every citizen.
Despite the above strengths and attributes, there are specific disadvantages that many entrepreneurs and investors in India face. The first one is that the country lacks appropriate infrastructure. This challenge discourages many individuals from undertaking various economic activities. Secondly, India is one of the developing countries with many citizens living below the poverty line (Bhattacharya et al., 2015). This challenge makes it hard for these individuals to achieve most of their goals. The obstacle also explains why many professionals have decided to look for jobs in other countries. Consequently, India has continued to lose its programmers, doctors, and engineers. This challenge explains why this country has not been able to achieve most of its economic goals. Additionally, India’s electrical grid and telecommunication systems are overburdened. Such an obstacle forces many companies to identify other sources of sustainable or reliable energy (Bhattacharya et al., 2015). This problem also disorients the performance and effectiveness of many Indian programmers and computer experts. According to Choi and Baek (2017), the government should analyze these challenges carefully and develop adequate solutions if the country is to remain competitive in the global market.
Bhattacharya, S., Sharma, V. K., Dubey, R. K., Bhasin, T. M., Bhattacharya, D., Mulukutla, R. D.,…Aysola, U. (2015). Some key issues and challenges facing India: Perspectives on policies and action. The Journal for Decision Makers, 40(2), 209-241. Web.
Choi, Y. J., & Baek, J. (2017). Does FDI really matter to economic growth in India? Economies, 5(2), 20-28. Web.
Gentimir, I., & Gentimir, R. (2015). International competitiveness, growth and socio-economic development in India. Procedia – Economics and Finance, 20, 252-258. Web.