India has the tenth largest economy in the world and the annual rate of its economic growth is about 6%. India belongs to developing countries and its most important sectors of economy are agriculture and industry. India extracts oil, mines gold, produces fertilizers, manufactures automobiles, produces cloth, food products, etc. India possesses one of the longest railway chain in the world and this fact enables the country to be one of the most serious competitors on the market of transportation.
Moreover, India has leading positions in telecommunication and banking services. Furthermore, India is famous for its large international airports and seaports.
Its most profitable industries are textile, chemical, food processing, steel, transport, cement, mining, petroleum and machine building. This country is also an active member on the international arena and the percentage of its import and export indicators are very high.
Obviously, India has made a long way from a backward agrarian country to a rapidly developing industrial country. Its economic growth started just after World War 2 when India gained its independence. India has always had potential for economic growth due to excess of cheap workforce and high standards of work. Therefore, it is easy to involve a great number of people into the process of production. Due to foreign investors, India develops various important branches of its economy that are highly praised nowadays, for example IT and space technologies. Finally, India is a nuclear state, so it produces nuclear weapon and provides itself with nuclear energy that can be more effective than the energy produced from oil and coal.
Indian economy is a good topic for research if one wants to investigate economy of the definite country. Students should focus on the research of this problem in order to learn something about the peculiarities of Indian economy and prepare a good term paper that will be accepted by their professor. It is reasonable to read about the sectors of Indian economy, its primary industries and its place on the international level, its strong and weak sides and future perspectives. Students should compare Indian economy with other economies of developed and developing countries in order to be able to evaluate this problem objectively.
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