India
Key Points:-
- India is one of the oldest civilizations in the world, with a multicolored diversity and rich cultural heritage. Along with this, it has also been molding itself with the changing times.
- India has made multi-faceted social and economic progress since independence.
- Talking about the present time, India has become self-sufficient in agriculture and now it is also counted in the category of most industrialized countries of the world.
Geographical Location of India:-
- As the seventh largest country in the world, India stands out from the rest of Asia, characterized by mountains and seas, which give it a unique geographical identity.
- Surrounded by the great Himalayas in the north, it becomes narrower beyond the Tropic of Cancer .
- The Bay of Bengal in the east, the Arabian Sea in the west and the Hind in the south . The ocean determines its boundary.
- India of the 21st century is being seen as a 'rising global power' . The world is experiencing the power and rise of India from a multidimensional perspective.
- The economic, political, and cultural condition of this country with a population of about 135 crores is very strong.
- From an economic perspective, India's ancient inclusive culture with the goal of a US$ 5 trillion economy , a vastly competitive trade hub, and 200 million Indian diaspora across the globe makes India a distinct force in the 21st century as a new center of power. meaning and importance.
- From a strategic point of view, India's military might, along with nuclear technology, makes it self-reliant. The 'Make in India' scheme in science and technology can make the Indian economy self-reliant. All these changes make India an important center of power in the present world.
World Trade and India:-
India is a land which has the power of democracy, demography, leadership, talent , which culminates in the "power of opportunity".
At present India needs to attract more FDI .
India needs to carve out its own niche for manufacturing exports and if there are tariff and non-tariff barriers, they need to be removed. There is a need for reforms like better infrastructure, land-labour reforms and less regulations .
Other important factors to attract FDI would be labor issues, power supply issues and electricity rates, logistics, infrastructure scenario and India's large domestic market .
Foreign direct investment in manufacturing in India is not high, it is mainly concentrated in the services and e-commerce sector.
Some more domestic reforms are needed to promote foreign direct investment in manufacturing before it can compete against countries like Vietnam, Thailand, Malaysia etc.
Economy, ecology, technology, society, geopolitics and industry . These factors are intertwined and India needs to take advantage of this.
Focus on exports: About 40% of the world's GDP is contributed by the US and China . The simple formula for increasing a country's GDP is consumption growth, private investment, plus government spending, plus exports, minus imports .
For India to grow rapidly and achieve the objective of a $5 trillion economy , it needs to increase exports and get a bigger share in the world's exports.
Government Incentives: Whatever India can get will depend on various incentives being offered by the government, especially the recent reduction in corporate tax.
India has slipped to 63rd position out of 190 countries in the World Bank's easing of business rankings .
