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Economy of India
The Economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purch
31. Industrial output
India is tenth in the world in factory output. Manufacturing sector in addition to mining, quarrying, electricity and gas together account for 27.6 Percent of the GDP and employ 17 Percent of the total workforce. Economic reforms introduced after 1991 brought foreign competition, led to privatisation of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to an expansion in the production of fast moving consumer goods. In recent years, Indian cities have continued to liberalise, but excessive and burdensome business regulations remain a problem in some cities, like Kochi and Kolkata.
Post liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and required political connections to prosper was faced with foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on designing new products and relying on low labour costs and technology.
India consumes the second largest amount of oil in the Asia Pacific region behind China. The combination of rising oil consumption and fairly unwavering production levels leaves India highly dependent on imports to meet the consumption needs.
33. Natural gas
As per the Oil and Gas Journal, India had 38 trillion cubic feet 1.1?1012 m3 of confirmed natural gas reserves as of January 2007. A huge mass of India s natural gas production comes from the western offshore regions, particularly the Mumbai High complex. The onshore fields in Assam, Andhra Pradesh, and Gujarat states are also major producers of natural gas. As per EIA data, India produced 996 billion cubic feet 2.82?1010 m3 of natural gas in 2004.
India imports small amounts of natural gas. In 2004, India consumed about 1,089?109 cu ft 3.08?1010 m3 of natural gas, the first year in which the country showed net natural gas imports. During 2004, India imported 93?109 cu ft 2.6?109 m3 of liquefied natural gas LNG from Qatar.
34. Market size
Indian markets grew by 19 per cent in the first half of FY15, the best performance by any market during this period, globally. The rise was primarily due to strong inflows from foreign institutional investors FIIs . As of September 26, FIIs had invested Rs 61,024 crore US$ 9.86 billion this financial year, while mutual funds had put in Rs 15,298 crore US$ 2.47 billion during the same period, according to Securities and Exchange Board of India SEBI data.
Foreign exchange Forex reserves increased by US$ 60.5 million to reach US$ 319 billion in the week ended August 29, 2014, according to data released by the Reserve Bank of India RBI . Also, foreign currency assets rose by US$ 75 million to touch US$ 291.39 billion.
India has contributed 10.25 per cent of the overall 3.9 per cent rise in the global market capitalisation market cap this year, which has made it the second highest contributor in the world. The valuation of Indian equities remains attractive, with a market cap to gross domestic product long period average of 72 per cent.
Indian employees are expected to see a salary hike of 10.8 per cent in 2015, according to the Towers Watson 2014 15 Asia Pacific Salary Budget Planning Report. The report indicated that due to increased economic growth, Indian employees at both ends of the hierarchy top management and blue collar staff are likely to see the highest comparative pay increase in 2015.
35. Challenges before Indian economy
Population explosionThe rising population is eating into the success of India. According to 2011 census of India, the population of India has crossed one billion and isgrowing at a rate of 2.11 Percent approx. Such a vast population puts lots of stress on economic infrastructure of the nation. Thus India has to control its burgeoning population.
PovertyAs per records of National Planning Commission, 36 crore people are living below the poverty line in India in 2012.
UnemploymentThe increasing population is pressing hard on economic resources as well as job opportunities. Indian government has started various schemes such as Jawahar Rozgar Yojna, and Self Employment Scheme for Educated Unemployed Youth SEEUY . But these are proving to be a drop in an ocean.
Rural Urban DivideIt is said that India lies in villages, even today when there is lots of talk going about migration to cities, 70 Percent of the Indian population still lives in villages. There is a very stark difference in pace of rural and urban growth. Unless there isn t a balanced development Indian economy cannot grow.
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