When we talk about diversified economy we come up with an example of nations who have seen various ups and downs in their economies giving them strength to face crises and letting them know about how to change threats into opportunities. India, a nation with a population of more than one billion, is basically a service oriented economy with a presence of strong manufacturing and agricultural sector which is growing substantially.
India's Manufacturing Industry
India around the globe has made his mark about the growing investment scenario, as India is attracting huge amount of foreign direct investment and becoming a global manufacturing hub. Cheap manpower, Special economic zones, various incentives and globalization of the economy has brought hand full of opportunities to India.
India's manufacturing sector is gaining momentum and has been ranked fourth in terms of textiles, tenth in leather and leather products etc. Government of India, to promote exports and make India a manufacturing hub has taken various initiatives including the development of Special Economic Zones. Major global companies have already invested in India to name a few like Samsung, LG, Suzuki, Skoda Auto, Philips are among the some who have already invested and most of the global giants have already stated the process to enter in India.
India's Services Sector
The sector is dominating the economy with more than 50% contribution in India's GDP. In India the sector covers various areas like Hotels and Restaurants, Railways, Communication (Post, Telecom), Banking, Insurance etc. With a large population, the list of service providers in increasing very rapidly, the young population has played a crucial role in the development of the sector and made India a global services hub. Economic reforms initiated by India in the year 1991contributed significantly in increasing exports of services from India. Focusing on the major contributor in this sector which is the IT/ ITES enabled services offered by India. The phenomenal growth in the industry and huge pool of talented young engineers with proficiency in English made the industry to reach a remarkable position in a short span of time. India right now is offering especially in the services sector the facilities like Business Process Outsourcing, Market Research, Legal Process Outsourcing, Medical Transcription etc.
Due to large amount of investments coming in Indias real estate, retail are some of the sectors which are going under a drastic change of growth and prosperity. After the change in the policies of the Insurance sector allowing participation of private insurance companies has brought worlds famous companies to India like Max New York Life, TATA AIG, Bajaj Allianz etc.
Indian Agricultural Sector
Agriculture plays a significant role in the development of India, as it is the mean of living for two-third of the employing class in India. It covers about 43 percent of Indias geographical area. There was a time when Indian economy was largely dependent on food import, however, with initiatives like green revolution which led to the rise in production of wheat, rice etc. and setting up of an exclusive ministry of food processing industries has put a spurt in the development of the sector. Although, it cannot be denied also that due to rapid industrialization, and dependency of agricultural sector on monsoon which is affected a lot due to global warming the growth is this sector has not widened as expected.
Government is taking various initiatives to once again bring the momentum back with investing in research facilities and various incentives being offered to the farmers. Also, increases in the growth rate and irrigation area, improved water management, improving the soil quality are some of the factors which government is seriously working on to improve the conditions.
India's relations with the World
The second fastest growing economy has various strengths and offer ample amount of opportunities, however, not to forget the relations that India has maintained across the globe. Since from the day of Independence and before that also Indian was very much clear with its foreign policy various leaders and Prime Ministers have played a proactive role in the development of the Indias foreign trade policy.
The policy which is a policy of nonalignment has always helped India to put its candidature at various fronts and received admirable support from various nations in the world. Pragmatic security, economic considerations and various other factors has made India a country to work, travel and live in.