India is believed to have one of the best economies in this century. There are many factors that go into why India has such a great economy. Here is a look at those factors and how they play a role in the economy.
Population. India’s population is growing at an alarming rate. It is believed that there will be 310 million people by 2030. This is a huge amount of growth and a large portion of why the economy is growing.
Savings Rates. India has a high personal savings record. In fact, 36% of the population saves a large portion of their money. This leads to banks being able to do very well. However, it causes a problem as personal spending can be stalled.
Poverty. There is a lot of poverty in India. A research showed that over 40% live in poverty conditions. This can lead to a down side of the economy in the country.
Corruption of Officials. There is a large mistrust of officials in India. Many people believe that they can personally bribe government or state officials. In fact over 25% of India believes that this happens on a regular daily basis.
Debts. India has taken a lot of personal debts from other countries to help them get to where they are. In fact the debt has reached a high by raising 6.8% in one year. Many Indians are fearful that their country will be lead into poverty and debt that they could never successful get out of.