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The Republic of India

The Republic of India

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The Republic of India

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  1. The Republic of India Presented by: Team 3 James Draper Brandon Patch Marcus Robinson Shawn Stanford Debesh Shrestha

  2. India • Background • Economic Situation • International Aspects • Special Problems • The Future

  3. Demographics • Located in South East Asia • Shares boarder with: • Afghanistan and Pakistan (West) • China, Nepal, and Bhutan (North East) and • Bangladesh and Myanmar (East)

  4. Demographics • 7th largest country of the world • Area covered (3.3 million sq. km) • 2nd highest population of the world - Population (1.1 billion) • Density (329 per sq. km)

  5. History • First civilization – Indus River Valley (3300 BC) • India = ‘Indus’ • Successor – Vedic civilization

  6. History • Small kingdoms – ‘Mahajanapadas’ • Unification – Emperor Ashoka the Great • Formed base of the Indian Culture and heritage

  7. History • British as traders • East India Company • British took over India • Rebellion • Mahatma Gandhi “Be the change you want see in the world.”

  8. Politics • Largest among democratic countries • Three branches of governance: - Legislature - Executive - Judiciary • President head of state • Prime Minister head of government

  9. Culture • Rich cultural heritage • Influenced by Islam – Taj Mahal • Music – Carnatic and Hindustani • Cuisine – Spicy and sweets (Bombay House)

  10. More Information • Capital – New Delhi • Currency – Indian Rupees • Official Language – Hindi • Main Religion – Hinduism • Nation animal – Lion

  11. India • Background • Economic Situation • International Aspects • Special Problems • The Future

  12. India Is Tiger In Cage Before the last decade India was probably on the short list of the countries with the worst economic systems of almost every economist outside of India.

  13. 1947 History • Its annual per capita income was only $50 for its 350 million people • Life expectancy was only 32 years of age • Literacy rate was 17%

  14. India’s growth from 1960 to 1992 could have been much more substantial given India’s human, institutional, and natural capital at hand. Jagdish Bhagwati and other economists attribute this failure to “nearly three decades of illiberal and autarkic policies.”

  15. Indian Growth Miracle One cannot help but wonder what sparked this amazing growth in India’s economy over the last 15 years. According to Atanu Dey, “Some observers have called the change from an inward-looking autarkic economy to an open, market-driven economy as the Indian Growth Miracle. The neo-liberal economic reforms propelled India to become one of the fastest-growing economies in the world.”

  16. India’s Quasi-Socialist Economic System • Strict government control over • Private sector participation • Foreign trade • Foreign direct investment • The average size of tariff for India is 22%, more than double the average in Asia's developing countries.

  17. India’s GDP growth rate is 8.9% making India the second fastest growing major economy in the world.

  18. India • Background • Economic Situation • International Aspects • Special Problems • The Future

  19. Exports • Gems and Jewelry • Ready-made Garments • Leather • Leather Products • Agricultural Products • Engineering Products • Minerals

  20. Imports • Machinery • Transportation Equipment • Mineral Fuels

  21. Trade Partners • United States • Former Soviet Union • European Community • Japan

  22. Trade Improvements • Simplified Tariff • Less Import Restrictions - Eliminated Quantitative Restrictions -Removal of all import restrictions maintained for balance-of-payments reasons • Reduced Export Restrictions

  23. BBC NewsOct. 27, 2006 India says it has agreed to meet US trade officials next month in a bid to hammer out differences in achieving a global trade agreement • “Indian trade minister Kamal Nath said he wanted the stalled Doha negotiations to resume as soon as possible.” • Nath said, ‘India could not open its markets to subsidized agricultural products from the US.’

  24. Investment “Despite further liberalization of the FDI regime, India’s record in attracting investment remains disappointing, with FDI accounting for some 1% of GDP. The government has also taken various steps to improve enforcement of intellectual property rights which should help to attract FDI.” - India: June 2002, WTO.org

  25. India • Background • Economic Situation • International Aspects • Special Problems • The Future

  26. Special Problems • Poverty 2. Corruption

  27. POVERTY The major causes for poverty have been: • high population growth rate • high illiteracy (about 35% of population) • unemployment and under-employment • protectionist policies pursued till 1991 that prevented high foreign investment

  28. NSSO Poverty Rate

  29. Outlook for Poverty Alleviation • The Eradication of poverty in India can only be a long-term goal. But, good progress is being made.

  30. CORRUPTION • “The chief economic consequences of corruption in India are the loss to the exchequer (revenue collector), an unhealthy climate for investment and an increase in the cost of government-subsidized services.” • Forms of Corruption • Bribes • Extortion • Embezzlement • Kickbacks

  31. Areas of corruption in Indian States • Study done by Transparency International • Darker regions more corrupt, meaning less transparency in government actions.

  32. CORRUPTION • The RIGHT TO INFORMATION ACT (2005) • “any citizen of India may request a department of the Central Government, State Government or Public Sector company or bank for information on almost any question related to the department or company's functioning.”

  33. Other Important Economic Factors • Unemployment • Uneven distribution of wealth

  34. India • Background • Economic Situation • International Aspects • Special Problems • The Future

  35. India’s Promising Future • Infrastructure • Growth • Services • Education

  36. Infrastructure Development • $15 Billion Development • Shops in Bangalore, Mumbai, and Delphi • An Unusual Proposal • Infrastructure Vs. Internal Earnings • Water Dependent

  37. Growth • Smart Growth • Advantages: Promote Inner-city Development Preserve Natural Resources Reduce Sprawl Save Taxpayers Money Integrate Needs

  38. Growth • Further Initiatives still needed • Water Systems, Ports, Civil Aviation, Telecom, Roads • Foreign Investment Triggers Technology Efficiency of Resources Enterprise Development Contribution to Trade

  39. Service Sector • More than ½ of GDP • Fundamentals of a Developed Country • CAUTION! Could Distort Growth • But, FDI has risen from $671.4 M to $2 B

  40. Service Sector • Liberal Industry Policy • Will Keep Industry and Services Balanced • Evidence of Increasing Growth Already showing results: Auto Industry 16.49 Percent Growth within last year

  41. Education • Challenge: Acquiring Global Workplace Skills • Population: ½ Billion under age of 25 • Goal: Turn Youth into an Asset • Encourage the Brightest from Taking Their Expertise Elsewhere • Youth to Yield many Long-term Dividends

  42. Vision • An “Inclusive, Prosperous, Democratic, and Equitable India.” • Manmohan Singh (India’s Prime Minister)

  43. Questions ?