India wants to help other countries’ and their own economy
grow. The Finance Minister Arun Jaitley says that everyone just relies on
China, but India could give a push to growth rates, too. The India growth rate has increased, which
Arun Jaitley claims they can do a little better. To other countries, one problem of credibility
though is their taxation issues. India
is trying to fix the aggressive taxation by bringing it to 25 per cent flat
corporate tax by a judicial process.
Arun Jaitley also points out that inflation is broadly under control and
India is on track to meet their fiscal deficit goal. He believes if India has their own
fundamental aspects of their economy under control, more countries will want to
make deals with them, such as the U.S. India has now realized that they can't be so isolated as they were in the past and they have to start getting involved with the other countries for their own economy to grow.
http://www.firstpost.com/business/economy/more-indians-believe-normal-growth-can-be-9-plus-fm-arun-jaitley-2456886.html
This is interesting because India is known for being one the emerging economies in the world and with a sizable growing population. With the proper economic structures put in place to make sure that this growing population is sustained and used effectively to improve growth in the economy, India will become a key player in helping other countries and their economies.
ReplyDeleteI agree with Qasim. India is emerging as a huge player in a lot of different industries and they have become prominent in manufacturing and exports. I think this post really shows how the globalization of markets is drastically affecting the growth rates in the economies of developing countries.
ReplyDeleteI definitely agree with the two comments above. With the world globalizing more and more every day, it's ideal that India is getting more involved with the rest of the world. This article points out that for growing economies, such as India, expanding and growing exports is important, as well as growing trades with multiple countries to sustain and continue growth in their own countries.
ReplyDeleteIndia like China has seen outstanding economic growth within the last decade but there are concerns that India's growth has been too stratified. Large sprawling urban areas have seen improvements while the rest of India remains relatively untouched. In order for India to continue its outstanding economic climb it seems that it must alleviate the wealth disparities between the upper class and the middle and lower class or it will not be able to maintain its newfound economic height.
ReplyDeleteAs India's growth rate continues to rise and China's lowers I wonder if India will become the production capital of the world within the century. Furthermore, I have read that China has made strides to become more of a service based economy that is similar to that of the United States.
ReplyDeleteAs India's growth rate continues to rise and China's lowers I wonder if India will become the production capital of the world within the century. Furthermore, I have read that China has made strides to become more of a service based economy that is similar to that of the United States.
ReplyDeleteI think it might be a little premature for India to be wanting to shoulder more responsibility in boosting the world's economy considering that India has its own set of very specific and pressing domestic economic issues to manage, including high rates of poverty, income inequality and others.
ReplyDeleteI realize that globalization and comparative advantages are important and that's how the free-market economy works, but national interest is always first and foremost and trying to be a bigger player inn international economics without having the economic structures and institutions to handle economic issues domestically seems a little too ambitious.