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| INDIA'S
ECONOMIC SIGNIFICANCE |
India
is one of the most exciting emerging markets
in the world. Skilled managerial and technical
manpower that match the best available in
the world and a middle class whose size
exceeds the population of the USA or the
European Union, provide India with a distinct
cutting edge in global competition. |
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The
growth in the Indian economy with reforms
spreading and being based on a national
consensus has produced significant advantages
that India can offer on top of the geographical
and political advantages. |
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With
the opening up of India's economy, there
is considerable focus on the size ofthe
Indian consumer market and the potential
it holds for International business. The
second most populous nation on earth, India's
population is approximately 1 billion and
growing at an annual rate of 2 percent. |
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| Major
advantages that India offers : |
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geographically
strategically located; |
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largest
democracy with stable political system; |
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private
sector is the backbone of the economy,
accounting for 75 percent of GDP; |
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measured
in terms of the dollar at purchasing
power parity, India's GDP is the fifth
largest after USA, China, Japan and
Germany; |
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rapidly
growing consumer market with 250 million
strong middle class; |
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sound
legal system; |
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widespread
usage of English for official and business
communications; |
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second
largest English speaking scientific
base in the world with over 200 universities
and 2000 research institutes; |
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a
member of World Trade Organisation (WTO); |
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vast
reservoir of natural resources and large
pool of technically skilled, relatively
inexpensive manpower |
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