India Getting Better

Abstract

This paper focuses on the impact of India's economic reforms on economic structure In less than 15 years, India has transformed itself from a near basket case to the hottest emerging market and even being preferred by many over China for investment. Goldman Sach's BRIC (Brazil, Russia, India and China) report places India in the third rank which is ahead of Japan in the global pecking order of economies by 2050. The significance of US slowdown stands reduced, thanks to growth in countries like India, China and Japan. India has shown that the boundaries separating nations into the first, second and third worlds can easily be transgressed. Partly luck but mainly savvy policies and proactive corporate sector have made India destined for economic greatness. The most important factor is that among the BRIC countries, India has the highest percentage of people in the working class. . As per the results of Census of India 2001, about 39.1% of the total population was in the workforce, of which male workforce was about 51.7% and female workforce 25.6%. Female workforce in rural areas was 30.8% as compared to female work force of only 11.9% in urban areas. Male work force in rural areas was 52.1% whereas the same in urban areas was 50.6%.Further, India's weaknesses like inadequate infrastructure, poor coastal development and untapped rural markets etc. are itself potential areas of opportunity for investors. In other words, currently, India is riding on the crest of high growth due to a number of economic engines working simultaneously. Apart from the fact that these engines are at their initial working and there is a long way to enjoy the fruits of these engines of growth, but there are still a number of engines that are lying unexplored. As a result, practically all countries are showing immense interest in strengthening economic and commercial tries with India. India is equally interested in going global and developing economic relations with the target countries.