Abstract: The fruits of the economic liberalization process initiated in India in 1991 are just being borne after a period of one and a half decades. Today the economy is not only robust but also on a definitive growth path. In recent years the average annual growth of the Indian economy has been 6-8% despite the very low growth of around 2% in the agricultural sector. The manufacturing sector has been growing at over 12% and the services sector even at a higher rate. The expectations are that during the next two years the average annual growth would reach 10%, equivalent to that of China and one of the highest of all countries.
There are over 50 million people in India whose purchasing power is equivalent to that of Taiwan, a developed country. Over 200 million people are engaged in non-agricultural industrial activity and there are over 12 million registered businesses and 230,000 companies. India has the third largest scientific and technical manpower in the world, the largest pool of software professionals, the largest number of publicly funded R&D institutions and very importantly, one of the most developed communication networks, English being the language of science and business. |
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