India Last 60 Years of Change

Topics: Household income in the United States, Retailing, India Pages: 6 (1981 words) Published: August 4, 2011
India-incredible India which is known for its diversity in cultural, religion, traditions, values and ethics, is the seventh largest country in South Asia in regards to geographical area and second most populous country in regard to its population( a whopping 1.18 billion people approx) and most famous democracy in the world. India is known for its dramatic economic growth with Gross Domestic Product (GDP) of 8.8% and 1.2 trillion dollar GDP size. The per capita income is almost 1.02 trillion dollar. India also known for its vast acreage of land for it is 72 acres, it is the largest in the country .With regards economic growth again India is averaging 5.9% annually at the cusp of the millennium which had roused to around 8% by 2007, and which is further set to increase by 10% in the next five years. It is the fourth largest in regard to purchasing power parity and with the introduction of market based economic reforms in1991; it is the fastest growing major economics in the country. India is known for a vast land of agricultural (which was the main occupation before independence and still plays an important part in our lives) is occupies about 18-20% of total occupancy level wherein services occupy around 60 to 34% .There are around 675000 villages with 29 states and 7 union territories which consist of 6275000 approx districts. Gradually annexed by the British East India Company from the early eighteenth century and colonised by the United Kingdom from the mid-nineteenth century, India became an independent nation in 1947 after a struggle for independence that was marked by widespread non-violent resistance led by Mahatma Gandhi, its a federal constitutional republic with a parliamentary democracy where people have right to vote freely.  A pluralistic multilingual and multiethnic society, India is also home to a diverse flora and fauna wherein Peacock is the national bird and Bengal Tiger is the national animal of India. If we see from the view point of constitution of India, its only democratic constitution - the longest and the most exhaustive among constitutions of independent nations in the world, came into force on 26 January 1950. India has a bicameral parliament operating under a Westminster-style parliamentary system. Its form of government was traditionally described as being 'quasi-federal' with a strong centre and weaker states, but it has grown increasingly federal since the late 1990s as a result of political, economic and social changes. India is operated by multi party system from its history. India is the fourth largest in economic growth for about US$3561 trillion if PPP is taken into account and the world’s largest second labour force with 467 billion people. Its share in trade is about 1.68% as in 2009 and its counts its position as the world’s fifteenth largest importer and eighteen largest exporter. Surprisingly worlds seven top technology outsourcing companies are based in India and the country is viewed as the second most favourable outsourcing destination after the US. India is known for its largest telecommunication services, adding 10million subscribers in 2008-2009 and second largest manufacturer of automobiles industry with domestic sales increasing by 26% during 2009-2010. In spite India's impressive economic growth over recent decades, it still contains the largest concentration of poor people in the world. The percentage of people living below the World Bank's international poverty line is $1.25 a day. INDIA AND ITS CONSUMER MARKET

Consumer Market is well defined as the market where individual consumer purchases the household products for its personal consumption. Consumer Market especially of India is experiencing rapid changes and is flooded with new opportunities and new challenges .The significant changes in the consumers’ buying behaviour, urbanized lifestyle and growth of service sector are the main reasons behind the changed scenario in the consumer...
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