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Economy of India

India is turning itself into an open-market economy though there remains some diminishing influence of its previous self-sufficient economic policies. Since early 1990s, measures like Economic liberalization, privatization of state-owned enterprises, and a more market-oriented and flexible control over on foreign trade and investment have successfully accelerate the country's growth, which boasts averaged more than 7% per year growth since 1997.

India's diverse economy encompasses traditional village farming, modern agriculture, and about half of the work force is in agriculture

India's diverse economy also include handicraft manufacture industries, a wide array of modern industries, and a wide range of services, which is the major source of economic growth, accounting for more than 50 per cent of India's output, with only 33 per cent of its labor force.

India has great advantage in its large educated English-speaking population and India is a major exporter of information technology services and software engineers. In 2010, the Indian economy recovered quickly from the global financial crisis, partly because of its strong domestic demand. more attention are paid to cope with problem of increasing food prices and inflation which is slightly lower than 10 percent 2010

The Indian government seeks to reduce its deficit to 5.5% of GDP in the fiscal year of 2010-11. India's need improvement it dealing with issues like fighting against poverty, improving physical and social infrastructure, creating more non-agricultural employment opportunities, better access to quality education at various levels, and more scientific urban, city, and town planning that integrates land use planning and transportation planning to cope with growing rural-to-urban migration.

BRICS

About the BRICS

In economics, BRICS refers to a group of countries, namely, Brazil, Russia, India and China, four countries with massive potential. They features a similar stage of newly advanced economic development.

The BRIC Leaders