What is the economical status of india in asia?

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maha

Economics experts and various studies conducted across the globe envisage India and China to rule the world in the 21st century. For over a century the United States has been the largest economy in the world but major developments have taken place in the world economy since then, leading to the shift of focus from the US and the rich countries of Europe to the two Asian giants - India and China.

The rich countries of Europe have seen the greatest decline in global GDP share by 4.9 percentage points, followed by the US and Japan with a decline of about 1 percentage point each. Within Asia, the rising share of China and India has more than made up the declining global share of Japan since 1990. During the seventies and the eighties, ASEAN countries and during the eighties South Korea, along with China and India, contributed to the rising share of Asia in world GDP.

India is slated to become the third largest economy with a share of 14.3 per cent of global economy by 2015 and graduate to become the "third pole" and growth driver by 2035.

As the share of USA in World GDP falls from 21 to 18 per cent and that of India rises from 6 to 11 per cent in 2025, the latter emerges as third pole in the global economy, according to ADB India Economic Bulletin.

India, which is now the fourth largest economy in terms of purchasing power parity, will overtake Japan and become third major economic power within 10 years.

A growth rate of above 8% was achieved by the Indian economy during the year 2003-04 and in the advanced estimates for 2004-05, Indian economy has been predicted to grow at a level of 6.9 %. Growth in the Indian economy has steadily increased since 1979, averaging 5.7% per year in the 23-year growth record. Many factors are behind this robust performance of the Indian economy in 2004-05. High growth rates in Industry & service sector and a benign world economic environment provided a backdrop conducive to the Indian economy. Another positive feature was that the growth was accompanied by continued maintenance of relative stability of prices. There is a paramount need to move Indian agriculture beyond its centuries old dependency on monsoon. This can be achieved by bringing more area under irrigation and by better water management.

In spite of measures taken to attract Foreign Direct Investment (FDI), the inflow was below expectations in the last five years. A significant achievement of the economy in the external sector has been the steady and sustained improvement in the balance of payment position. Another notable development was the decline in the inflation rate during the five years.

Value-Added Tax (VAT), one of the most radical reforms to be proposed for the Indian economy, has been approved by 21 Indian States. Over 120 countries worldwide have introduced VAT over the past three decades and India is amongst the last few to introduce

sushobhan

try these links
http://en.wikipedia.org/wiki/Economy_of_Asia
http://encarta.msn.com/encnet/refpages/search.aspx?q=india+economy+asia
http://en.wikipedia.org/wiki/List_of_Asian_countries_by_GDP_PPP
http://en.wikipedia.org/wiki/India_as_an_emerging_superpower

keral

both china and india are the economical powers in the world

energyconscious

The rich few people living in a multistorey tower and shopping in the groundfloor malls, Opposite the tower is a slum-where a huge population of the poor live without electricity, without water, without clothes and perhaps without food. -this is the current economical status of India. A couple of decades back there was a distinct working middle class-but now that is transforming either to the rich or to the poor and the gap between the two is widening as usual and the population seems to grow big and bigger.

Murali j

West Bengal

skymztr

India started it's economic reforms program in 1991 having seen tremendous growth acheived by China , Thailand , Malaysia , Singapore , in the region making them self sufficient . as far as the status is considered a lot needs to be done on fiscal front by managing subsidies mainly in order to acheive sustainable growth and attract FDI.

Rot

After Japan, India & China are economically most forward in Asia

Obedient

I hope that our status is not bad in Asia......

Stone

India's econ, is groing extremely quickly.
Though figures show that China and Vietnam are ever faster groing economies in Asia.

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