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Economy of India



As the third-largest economy in the world in PPP terms, India is a preferred destination for foreign direct investments (FDI)[citation needed]; India has strengths in information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jewellery. India has always held promise for global investors[citation needed], but its rigid FDI policies were a significant hindrance in this regard. However, as a result of a series of ambitious and positive economic reforms aimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of the front-runners of the rapidly growing Asia Pacific Region. India has a large pool of skilled managerial and technical expertise. The size of the middle-class population at 300 million exceeds the population of both the US and the EU, and represents a powerful consumer market.[87]

India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the government amended the rules to allow 100 per cent FDI in the construction business.[88] This automatic route has been permitted in townships, housing, built-up infrastructure and construction development projects including housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.

A number of changes were approved on the FDI policy to remove the caps in most sectors. Restrictions will be relaxed in sectors as diverse as civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (April-March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year. Between April 2007 and September 2007, FDI inflows were US$8.2bn.[89]

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See also

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Notes

India Portal
  1. ^ Economic Times India
  2. ^ "[http://online.wsj.com/article/SB121213639165032371.html?mod=googlenews_wsj India Defies Turmoil With Growth of 8.8%]", MarketWatch, May 31, 2007. 
  3. ^ IMF - World Economic Outlook Database. CIA (2007-10-15). Retrieved on 2007-10-24.
  4. ^ a b c d e f CIA - The World Factbook - India. CIA (2007-09-20). Retrieved on 2007-10-02.
  5. ^ India climbs up the income ladder
  6. ^ World Bank Country Classification Groups, (July 2006 data)
  7. ^ Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1. 
  8. ^ Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin Books, 519. 
  9. ^ Datt, Ruddar & Sundharam, K.P.M. (2005). "2", Indian Economy. S.Chand, 15–16. ISBN 81-219-0298-3. 
  10. ^ Sankaran, S (1994). "3", Indian Economy: Problems, Policies and Development. Margham Publications, 50. ISBN. 
  11. ^ Kumar, Dharma (Ed.). "4", The Cambridge Economic History of India (Volume 2), 422. 
  12. ^ Datt, Ruddar & Sundharam, K.P.M.. "2", Indian Economy, 16. 
  13. ^ "Economy of Mughal Empire", Bombay Times, Times of India, 2004-08-17. 
  14. ^ Kumar, Dharma (Ed.). "1", The Cambridge Economic History of India (Volume 2), 32–35. 
  15. ^ a b Williamson, John and Zagha, Roberto (2002). "From the Hindu Rate of Growth to the Hindu Rate of Reform". Working Paper No. 144. . Center for research on economic development and policy reform
  16. ^ Roy, Tirthankar (2000). "1", The Economic History of India. Oxford University Press, 1. ISBN 0-19-565154-5. 
  17. ^ "Of Oxford, economics, empire, and freedom", The Hindu, October 2, 2005. 
  18. ^ Roy, Tirthankar (2000). "10", The Economic History of India. Oxford University Press, 304. ISBN 0-19-565154-5. 
  19. ^ Roy, Tirthankar (2000). "preface", The Economic History of India. Oxford University Press. ISBN 0-19-565154-5. 
  20. ^ a b Kelegama, Saman and Parikh, Kirit (2000). "Political Economy of Growth and Reforms in South Asia". Second Draft.
  21. ^ Cameron, John and Ndhlovu, P Tidings (2001). "Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism".
  22. ^ Milton Friedman on the Nehru/Mahalanobis Plan. Retrieved on 2005-07-16.
  23. ^ Ghosh, Arunabha (2004-06-01). "India's pathway trough economic crisis". . Global Economic Governance Programme GEG Working Paper 2004/06 Retrieved on 2007-10-02.
  24. ^ Panagariya, Arvind (2004). "India in the 1980s and 1990s: A Triumph of Reforms".
  25. ^ "That old Gandhi magic", The Economist, November 27, 1997. 
  26. ^ "S&P raises India's credit rating.
  27. ^ "India's sovereign credit upgraded".
  28. ^ Wilson, Dominic; Purushothaman, Roopa (2003-10-01). DreamingWith BRICs: The Path to 2050. Global economics paper No. 99. Goldman Sachs. Retrieved on 2007-10-04.
  29. ^ Grammaticas, Damian. "Indian economy 'to overtake UK'". BBC News. Retrieved on 2007-01-26.
  30. ^ History of the Planning Commission. Retrieved on 2005-07-22.
  31. ^ a b c d e f g Economic Survey 2004–2005. Retrieved on 2006-07-15.
  32. ^ Public expenditure was classified as plan and non-plan expenditure in the 1987–1988 union budget. It is now referred to as development and non-development expenditure, but the definition remains the same. Development expenditure is a capital expenditure.
  33. ^ Datt, Ruddar & Sundharam, K.P.M.. "55", Indian Economy, 943. 
  34. ^ a b Datt, Ruddar & Sundharam, K.P.M.. "55", Indian Economy, 943–945. 
  35. ^ Service tax and expenditure tax are not levied in Jammu and Kashmir; Intra-state sale happens when goods or the title of goods move from one state to another.
  36. ^ a b Bernardi, Luigi and Fraschini, Angela (2005). "Tax System And Tax Reforms In India". Working paper n. 51.
  37. ^ Tax revenue was 88% of total union government revenue in 1950–51 and has come down to 73% in 2003–04, as a result of increase in non-tax revenue. Tax revenues were 70% of total state government revenues in 2002 to 2003. Indirect taxes were 84% of the union governments total tax revenue and have come down to 62% in 2003–04, mostly due to cuts in import duties and rationalisation. The states share in union government's tax revenue is 28.0% for the period 2000 to 2005 as per the recommendations of the eleventh finance commission. In addition, states that do not levy sales tax on sugar, textiles and tobacco, are entitled to 1.5% of the proceeds.Datt, Ruddar & Sundharam, K.P.M. (2005). Indian Economy. S.Chand, 938, 942, 946. ISBN 81-219-0298-3. 
  38. ^ "Indif_real_GDP_per_capitaa says 21 of 29 states to launch new tax", Daily Times, March 25, 2005. 
  39. ^ Union Budget & Economic Survey. Retrieved on 2006-07-29.
  40. ^ Revenue surge boosts fiscal health.
  41. ^ U.S. Dollar to Indian Rupee Exchange Rate - Yahoo! Finance India
  42. ^ RBI
  43. ^ Datt, Mihir Bhojani & Vivek Sundharam, K.P.M.. "7", Indian Economy, 90,97,98,100. 
  44. ^ Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN. 
  45. ^ Infrastructure the missing link. Retrieved on 2005-08-14.
  46. ^ Infrastructure in India: Requirements and favorable climate for foreign investment. Retrieved on 2005-08-14.
  47. ^ India's Economic Growth Unexpectedly Quickens to 9.2%
  48. ^ Infrastructure Rankings.
  49. ^ Regional stock exchanges—Bulldozed by the Big Two. Retrieved on 2005-08-10.
  50. ^ Datt, Ruddar & Sundharam, K.P.M.. "28", Indian Economy, 485–491. 
  51. ^ Multiple authors (2004). "Agricultural Statistics at a Glance 2004".
  52. ^ Sankaran, S. "28", Indian Economy: Problems, Policies and Development, 492–493. 
  53. ^ Data for Bangladesh is not available for 1950.
  54. ^ "Economic structure", The Economist, October 6, 2003. 
  55. ^ "Indian manufacturers learn to compete", The Economist, 12 February 2004. 
  56. ^ Forbes Global 2000 (Ger-Ind). Retrieved on March, 2008.
  57. ^ Gordon, Jim and Gupta, Poonam (2003). "Understanding India's Services Revolution". November 12, 2003.
  58. ^ Old private banks are private banks existing prior to opening up of the banking sector.
  59. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 847–850. 
  60. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 850–851. 
  61. ^ Ghosh, Jayati. Bank Nationalisation: The Record. Macroscan. Retrieved on 2005-08-05.
  62. ^ Datt, Ruddar & Sundharam, K.P.M.. "50", Indian Economy, 865–867. 
  63. ^ Income classes:India's income distribution widens
  64. ^ This figure is extremely sensitive to the surveying methodology used. The Uniform Recall Period (URP) gives 27.5%. The Mixed Recall Period (MRP) gives a figure of 21.8%
  65. ^ Planning commission of India. Poverty estimates for 2004-2005 [1]
  66. ^ NCEUS Report
  67. ^ "Nearly 80 Percent of India Lives On Half Dollar A Day", Reuters, August 10, 2007. 
  68. ^ Datt, Ruddar & Sundharam, K.P.M.. "22", Indian Economy, 367,369,370. 
  69. ^ Jawahar gram samriddhi yojana. Retrieved on 2005-07-09.
  70. ^ a b Transparency International India. India Corruption Study 2005. Centre for Media Studies. Retrieved on 2008-03-14.
  71. ^ 2007 Corruption Perceptions Index reinforces link between poverty and corruption. Transparency International. Retrieved on 2008-03-15.
  72. ^ CPI Table. Transparency International. Retrieved on 2008-03-15.
  73. ^ Datt, Ruddar & Sundharam, K.P.M.. "24", Indian Economy, 403–405. 
  74. ^ Datt, Ruddar & Sundharam, K.P.M.. "27", Indian Economy, 471–472. 
  75. ^ Bharadwaj, Krishna (1991). "Regional differentiation in India", in Sathyamurthy, T.V. (ed.): Industry & agriculture in India since independence. Oxford University Press, pp. 189–199. ISBN 0-19-564394-1. 
  76. ^ Sachs, D. Jeffrey; Bajpai, Nirupam and Ramiah, Ananthi (2002). "Understanding Regional Economic Growth in India". Working paper 88.
  77. ^ Kurian, N.J.. Regional disparities in india. Retrieved on 2005-08-06.
  78. ^ FDI in India Statistics. Retrieved on 2008-02-12.
  79. ^ Much of India's FDI is routed through Mauritius, because both countries have an agreement to avoid double taxation. India to sign free trade agreement with Mauritius. Retrieved on 2005-08-15.
  80. ^ http://www.wto.org/english/tratop_e/tpr_e/tp195_e.htm India's Trade policy review by the wto
  81. ^ Srinivasan, T.N. (2002). "Economic Reforms and Global Integration". 17 January 2002.
  82. ^ Datt, Ruddar & Sundharam, K.P.M.. "46", Indian Economy, 767,772–76. 
  83. ^ INDIA’S FOREIGN TRADE: APRIL-DECEMBER, 2007
  84. ^ India & the World Trade Organization. Retrieved on 2005-07-09.
  85. ^ India`s external debt rises to US$190.5bn
  86. ^ External Commercial Borrowings
  87. ^ Middle class in India has arrived
  88. ^ The Hinduonline
  89. ^ The Economist Freeing of Foreign Investment in India

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References

Prose contains specific citations in source text which may be viewed in edit mode.

Books
  • Nehru, Jawaharlal (1946). Discovery of India. Penguin Books. ISBN 0-14-303103-1. 
  • Kumar, Dharma (Ed.) (1982). The Cambridge Economic History of India (Volume 2) c. 1757 - c. 1970. Penguin Books. 
  • Sankaran, S (1994). Indian Economy: Problems, Policies and Development. Margham Publications. ISBN. 
  • Roy, Tirthankar (2000). The Economic History of India. Oxford University Press. ISBN 0-19-565154-5. 
  • Bharadwaj, Krishna (1991). "Regional differentiation in India", in Sathyamurthy, T.V. (ed.): Industry & agriculture in India since independence. Oxford University Press, pp. 189–199. ISBN 0-19-564394-1. 
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