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India : Country Profile
Encouraged by the technological boom and regulatory reforms taking
place in India, all global business enterprises saw a great investment
potential and started operations in India.
India is the 7th largest country in the world and the second largest
in Asia with a land mass of 3.29 million square Km, and a population
of over 900 million. The second largest populous country, India is the
home of 16 per cent of world's population and accounts for 2.42 per
cent of the total world area. It possesses a richness and diversity
in culture, people, language, geographic and climatic conditions and
natural resources that are matched by few other countries in the world.
A new spirit of economic freedom is stirring in India, bringing in sweeping
changes in its wake. A series of ambitious economic reforms aimed at
deregulating the economy and stimulating foreign investment, has moved
India firmly into the front rank of the rapidly growing Asia Pacific
region and unleashed the latent strengths of a complex and fast changing
nation. India's time tested institutions offer foreign investors a transparent
environment for the safety of, and reasonable return on, their long
term investments. These include a free and vibrant press, a judiciary
which can and does overrule the Government, a sophisticated legal and
accounting system and a user friendly intellectual infrastructure including
a large pool of scientific personnel and trained manpower, most evident
in the widespread use of English as the principal language of commerce,
administration and higher education.
Services have proved India's most dynamic sector in recent years, registering
rapid growth in telecoms and information technology (IT). Services accounted
for over 48% of GDP in 2000, including airlines, banks, construction
and small-scale private traders, as well as the public sector.
India's dynamic and highly competitive private sector has long been
the backbone of its economic activity. It accounts for over 75 per cent
of its Gross Domestic Product (G.D.P.) and offers considerable scope
for joint ventures and collaborations. Similarly, certain Public Sector
Undertakings (PSUs) have been functioning effectively and competitively
in the present day atmosphere of liberalised economy. India's process
of economic reform is firmly rooted in a political consensus that spans
its diverse political parties. Its democracy is a known and stable factor
which has taken deep roots over nearly half a century. Importantly,
India has no fundamental conflict between its political and economic
systems.
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India - Offshore Advantage
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