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The population of India is estimated at over 1 billion, and continues to grow every year. It has the third largest economy in Asia, and has plenty of industries that help push the growth. There have been reforms put into place over the last twenty years, which have helped the country to become more prominent in importing and exporting, and other forms of overseas business.
More than 10% of those employed work in industrial fields, and these include manufacturing and production of textiles. This industry was part of the reform, which was altered by reducing costs of the factories in order to sell the materials at a lower cost and stay competitive with the materials produced in China and other nearby countries. Another sector of business in which India’s economy has grown drastically over the years is process outsourcing for large companies which are often located in the United States. Since many residents of India are fluent in English, they are able to telecommute and answer calls for customer service, tech support, and other similar service industries. In fact, seven of the large firms located in India make up almost half of the top fifteen outsourcing companies across the globe. India also produces a good amount of agriculture, including logging, fishing, and forestry. Investment is increasing as banks become more stable and secure, which was also part of the economic reform.
India’s growth rate is approximately 7% on average, and has greatly reduced the amount of poverty among its residents over the years. The main industries continue to grow, which has given more individuals the opportunity to have stable employment and provide for their families.