Place Credit Reports India Order
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Economy Overview:
India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Services are the major source of economic growth,
accounting for half of India's output with less than one quarter of its
labor force. About three-fifths of the work-force is in agriculture,
leading the UPA government to articulate an economic reform program that
includes developing basic infrastructure to improve the lives of the
rural poor and boost economic performance. Government controls on
foreign trade and investment have been reduced in some areas, but high
tariffs (averaging 20% on non-agricultural items in 2004) and limits on
foreign direct investment are still in place. The government in 2005
liberalized investment in the civil aviation, telecom, and construction
sectors. Privatization of government-owned industries essentially came
to a halt in 2005, and continues to generate political debate; continued
social, political, and economic rigidities hold back needed initiatives.
The economy has posted an average growth rate of more than 7% in the
decade since 1994, reducing poverty by about 10 percentage points. India
achieved 7.6% GDP growth in 2005, significantly expanding manufacturing.
India is capitalizing on its large numbers of well-educated people
skilled in the English language to become a major exporter of software
services and software workers. Despite strong growth, the World Bank and
others worry about the combined state and federal budget deficit,
running at approximately 9% of GDP; government borrowing has kept
interest rates high. Economic deregulation would help attract additional
foreign capital and lower interest rates. The huge and growing
population is the fundamental social, economic, and environmental
problem.
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