Looking at Tourism in India

July 28, 2011 By Leave a Comment
Lotus Temple, New Dehli, India

Image by sonjalind via Flickr

Every year, travellers set out on holidays and vacations, breathing new life into the economy of the places they visit. In India, the largest service industry is tourism. More than five million foreign visitors make their way to India annually to experience the rich culture of one of the economical giants of the world.

The impact of tourism on India’s national gross domestic product is estimated at US$275.5 billion by 2018. In fact, the World Travel and Tourism Council declares India as a travel hotspot from now until 2018.  People are not only drawn to India for cultural history, but they also travel for business, medical purposes, and sports such as the 2010 Commonwealth Games.

Medical tourism is on the rise in India. Travellers can receive high-quality treatments at a fraction of the prices they expect. Surgery costs average thirty percent lower than other well-known medical tourism destinations such as Thailand. Procedures people come to undergo include bone marrow transplants, cardiac surgery, orthopedic surgeries and liver transplants. India is best known for heart surgery. Access to leading medical technology at alluring rates is not the only place tourists spend their money on. Many people come seeking a taste of the unique culture and history India possesses.

India’s 5,000 year old history promises to deliver an unmatched travel experience to tourists.  The Taj Mahal is one of the most familiar sights of India. Millions of travellers visit the historical site each year. Other sites that draw people in include the Mahabodi Temple, skiing in Shimla, and the stunning Lotus Temple in Dehli.

Filed Under: Economic Growth, Imports & Exports Tagged With: , ,

Investing in India Worth Looking At

July 5, 2011 By Leave a Comment
Bombay Stock Exchange

Image via Wikipedia

It is no secret that India grows quickly each year. This country, with the second highest population globally, possesses a thriving world economy that is on the increase.  As India expands in the world market, windows for foreign investment open wider to those who would step inside. Here is why you should look into investing in India.

In March of this year, investment icon Warren Buffett stated he was looking to invest in economic powerhouses like India. Asian Development Bank reports that the equity market in India ranks third in the world. With about US$600 billion in market capitalization, it sits right behind China and Japan as one of the major equity markets in the Asian region. India is expected to boost economic growth by at least nine percent annually within the next ten years. India’s economy offers investors a variety of opportunities. India’s service sector forms fifty percent of its economy. Other industries include pharmaceuticals, energy and consumer goods.

Domestic industry is on the rise in India. Last July, New Delhi opened a 3 billion dollar addition to the Indira Gandhi International Airport. Terminal 3 (T3) took 37 months to complete. Prime Minister Manmohan Singh, who dedicated the new terminal, stated its creation was a global benchmark for India. India’s government has worked to strengthen its country’s infrastructure.

The Bombay Stock Exchange is the fourth largest stock exchange in Asia. It’s also the second oldest in the world, with a history dating back to the 1850′s. With a youthful demographic and a solid work ethic, the global economy will see more from India in years to come.

Filed Under: Economic Growth, Imports & Exports Tagged With: , ,

Industries and Investment in the Economy in India

June 8, 2011 By Leave a Comment
India

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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.

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Issues and Trends in the Indian Economy

June 6, 2011 By Leave a Comment
Kamal Nath - World Economic Forum Annual Meeti...

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In the past 15-20 years, India has seen some excellent growth and progression in its economic situation. Current affairs point to continued growth, and has been the second fastest rising large economy. However, there have been a few changes in the past few months that could lead to a dip and cause a struggle for those employed in this country.

It isn’t too big of a surprise that importing/exporting and automobile sales have been on the decline, since the economy worldwide is struggling and many individuals are choosing to buy locally to support their economies. Inflation in India has increased more rapidly than it has in years past, making it more difficult for families to be able to afford groceries, clothing, and other necessities. The Prime Minister of India is trying to take matters into his own hands, especially after suffering backlash from scandal, corruption among the government agencies, and contentment with the current situation. Many residents of India are frustrated with their government, who seems unwilling to make the necessary reforms in an attempt to boost the economy. Such reforms have been seen in the United States, such as tax credits for homebuyers and those who were employed for the whole year, and helped increase the amount of money received on many tax returns. However, without sufficient funds to pay for such programs, it can be difficult to upswing an economy that is spiraling downward.

There is hope that the Indian economy is simply encountering a speed bump in its growth. Some predict that it will turn around, but only time can show what the future holds for those living and working in India.

Filed Under: Economic Growth Tagged With: , ,

Current Affairs – India

June 2, 2011 By Leave a Comment
topographic map of India

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India’s economy has gone through some ups and downs throughout the past few years, as it has grown to the third largest in Asia. There are beautiful buildings and hotels within its cities, appealing to tourists and visitors, as well as fancy car dealerships and high rise office buildings lining the streets. However, there is a great divide among the very rich and very poor in India, which makes it difficult to have a society that is on equal footing.

It is interesting to note the stark differences among those residing in India; in 2010, it was estimated that the economy grew more than 8%, but the investment rate dropped by over 30%. The restrictions on business make it very difficult to start a company; certain cities require as many as 37 licenses obtained over seven months in order to open a warehouse. Even once it has been properly built, it can be difficult for trucks and workers to get to the doors due to rough and crowded roads, limited water, and power outages. While on the other hand, businesspeople are hopeful that it will rise to be one of the strongest economies within the next twenty years. Before this can happen, however, India will need to find some level ground among its residents. This may require assistance from the government, but the political scene has been writhe with scandal and corruption.

Once India is able to strengthen its monetary system, those who are returning to the country and investing in local businesses can help increase the stability of the economy. This might mean a very promising future for those residing in the beautiful country.

Filed Under: Industries Tagged With: , ,

New Auto Plant in India

May 15, 2011 By Leave a Comment

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New Auto Plant in India

In an effort to increase the competition between BMW, Daimler and Audi, Jaquar Land Rover opened their first plant today in India. This plant is opened in Pune and will start to build Freelander 2 sport utility vehicles from the ground up from kits shipped to them from the Liverpool plant. This is great news for both India and for Jaquar Land Rover as it will open up new business in both. The company will be afforded the ability to put together more vehicles, quickly and at a decent price keeping the prices of the vehicles affordable in comparison to the competitors.

This will also bring great employment opportunity to the area of Pune and will give them a boost economically that they are much in need of. Taking this step is great for all involved on several levels and offers the company the chance to keep on producing the quality vehicles they have always built. These steps for the community will produce additional employment and will also cause an increase in other economic areas within the community. The future for the company and the area look bright with the prospect of turning out large numbers of vehicles. Barring an unexpected issues they are well on their way to creating a great income with the help of India. The next year will bring signs of the success or demise of this plan for the auto manufacturer and the area. Through great efforts they will do the best to create a new advantage to the competitors.

Filed Under: Workforce Tagged With: , ,

Overview of Economic Factors

March 28, 2011 By Leave a Comment

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.

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Changing Foreign Relations – The 1983 Cricket World Cup

March 16, 2011 By Leave a Comment

The Cricket world cup competition was first started in 1975, it began with eight nations who were dived into two groups. The first competition was held in England and then continued three times there until 1983. The first two world cups were won by the West Indies, however it was the third world cup which changed the world cricket scenario. During that time, the West Indies were the team to beat. It was during this competition that India came through on the heels of their young captain, Kapil Dev.

It was a tournament during which everyone thought that the West Indian team would complete their hat trick without any serious competition. However, India defeated the West Indies in the round robin stage. India really had to struggle against the other teams in the group, namely Australia and Zimbabwe. In fact in one of the matches against Zimbabwe, the BBC was on a strike but during that match Kapil Dev struck his only ODI century, a rambunctious 175 of 134 balls. It is considered one of the best ODI innings ever played and that was the match which put the Indian team on a winning note and also helped them make the semifinals.

India breezed past England in the Semifinals and faced the West Indies in the final at Lords on June 25, 1983. They batted first and scored a measly 183 runs and even then the West Indies were on route to win handsomely. However destiny had other plans and the Indians bowled out the incumbent champions for 140 runs and won the final by 43 runs. It changed the face of Indian cricket and gave a sense of pride to Indians who finally ascended to the pantheon of greats in the history of the game.

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Understanding the Issues With Kashmir

March 9, 2011 By Leave a Comment

Many people in the western world often associate the word Kashmir with the famous song by Led Zeppelin. However for more than 1.3 billion people in the Indian subcontinent, it’s a place which gives visions of paradise and also pits two nations against each other.

Kashmir is the land which is nestled between the mountainous regions of Ladakh to the east and the western mountainous ranges and passes of the HinduKush range. It is a region which has been described by many as “Heaven on Earth”. However it is also one of the most terror-ridden regions on this planet.

Kashmir is also known as Jammu and it has been a disputed state between India and Pakistan for nearly 60 plus years. However, the problem just didn’t start then it was an issue even before the British conquered the region.

To understand the basis of the issue one must perhaps look at the past history. The word Kashmir is supposedly derived from the name “Kashyap”, the reason being that it was the abode of Saint Kashyap, one of Hindu mythology’s most venerated saints. Till the early 13th century when Islam first came into the valleys of Kashmir, Buddhism and Hinduism were the main religions co-existing. Slowly and surely the population began converting to Islam and by the late 19th century, the Hindus and the Buddhists were a minority in this region. There were local skirmishes amidst the population but the lingering anger never went away. What compounded the problem was the ruler of Kashmir was a Hindu and majority of his population were Muslims.

The straw that broke the camel’s back was during the 1947 partition, both countries wanted Jammu and Kashmir to join them but the king didn’t want to. Sadly, Pakistan took his reluctance as a no and attacked using tribal forces. This forced the King to annex to India.

Filed Under: Business Culture Tagged With: , ,

Understanding Indian Economics: A Look at Vegetarianism

March 7, 2011 By Leave a Comment

Being vegetarian is an option most people have however most people all over the world have at one point or the other have eaten some form of meat. However, in order to understand India’s economics you need to understand that a wide portion of the country practices vegetarianism, and use it as a way of life. Understanding this will help you develop an economic sense in the country.

Amongst all the various countries wherein vegetarianism is active, India stands out like an active symbol. India or Bharat as it was called in ancient times has had vegetarianism engrained amongst the various ways of life. Since the advent of Buddhism in India, vegetarianism was given as an ethical and healthy choice of life.

Amidst the various religious outlooks present in India, most eastern oriented ones like Jainism, Buddhism and Hinduism actively take a vegetarian outlook. In fact it would be safe to assume that India would probably be the only country wherein the vegetarian number is much more so than the non- vegetarian counterparts. There has been hardly been any census poll for such a definitive answer, but if you travel through India then you are definitely reminded of this point wherein vegetarian restaurants definitely outnumber the mixed or purely non-vegetarian restaurants. Plus in India, beef and pork are even harder to find as both meat products are very much frowned upon by most Indians.

Looking back the amount of options available for vegetarians is amazing as the food products range from dry items to gravy items, from breads to wheat-flour products, from a mixture of various vegetable to just a single vegetable. Indian cuisine especially the vegetarian counterpart is something to be proud of and one which feeds the one billion plus population of India very competently and also gives the non-vegetarian eaters an option which they can exercise if they get tired of meat every once in a while.

Filed Under: Economic Growth Tagged With: , ,
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