India: the Jewel in the Crown

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India: The Jewel in the Crown

India is officially known as Republic of India. It is a country located in South Asia. It is the seventh largest and second-most populous country in the world. New Delhi is the capital India. The Indian economy is the world’s tenth-largest in nominal GDP and third-largest in purchasing power parity. India became one of the fastest-growing major economies in the world. It is considered as a newly industrialized country. Lewis Theory of Development is a structural-change theory. It explains the changing structure of underdeveloped economics from subsistence agriculture to more modern industrial sector. During 1960s and early 1970s, the model became the general theory about labor surplus. The theory has two sectors: the traditional and the modern. Traditional sector is the overpopulated rural subsistence sector. Modern is the high-productivity urban industrial sector. India’s industrial sector and agricultural sector comprises more than half of country’s GDP which is amounted to 51.16% in the year 1998-1999. Industries in India have multiplied by large amount in the last few years. India’s economy had grown by 5.4 percent in the year 2001-2002. It includes a growth rate of 3.3 percent in India’s Industrial sector. IT industry sector is the most striking force in India’s industrial sector. India’s software industry has grown a massive rate from US$ 150 million in the year 1991-1992 to US$ 5.7 billion in the year 1999-2000. IT industry is a great help for India’s economy. The 2001 Census of India indicates that agriculture in India is very small scale. 80 percent of farms are less than two acres in size and 95 percent are less than five acres in terms of owned holdings. In India, most of rural youths migrate to urban cities and industrial cities wherein they can find more employment opportunities and better standard of living. Most of the migrants are illiterate or semi-illiterate and unskilled peasants. Since, there are limited...
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