Economic Reforms of India and Australia

             India has a total area of 3,287,590 sq km. It has a population of 1,049,700,118 people. Its natural resources include coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land, and much more. India is a federal republic.
             India's purchasing power parity (PPP) is a staggering $2.664 trillion. India has the 5th highest PPP in the world, whereas Australia ranks 17th. The PPPs of these two countries indicate that India has a much stronger economy and is more well off as a nation. India's GDP real growth rate is 4.3%; this is a significant annual increase from an economic perspective. This has been achieved through the success of traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. India's GDP per capita is $2600; this is much lower than the Australian GDP per capita. India has a much lower GDP per capita than Australia because it has a huge population of over one billion people. India has a GNP of 1.254 trillion US dollars; in comparison to the Australian GNP of 284 billion US dollars, it is much stronger. The economy has posted an excellent average growth rate of 6% since 1990, reducing poverty by about 10 percentage points. India has large numbers of well-educated people skilled in the English language; India is a major exporter of software services and software workers; the information technology sector leads the strong growth pattern. Yet deep-rooted problems still remain, notably conflicts among political and cultural groups.
             India has a labor force of 406 million people, ranking it second in the world. The Indian labor force exceeds the Australian labor force by far, as Australia only has a labor force of 9.2 million people. It should be realized that India's enormous population accounts for the size of its labor force. In India 60% of the labor for...

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Economic Reforms of India and Australia. (1969, December 31). In MegaEssays.com. Retrieved 21:09, April 18, 2024, from https://www.megaessays.com/viewpaper/20378.html