The Growth of India's Economy (Essay Sample)

Global Business-BRIC Country (India) Overview
The chosen country for this economic overview is India. The country is found in the southern region of Asia with neighbouring countries like China, Nepal and Pakistan. The geography of India is a divergent one, with an upland plain that is known as the Deccan plateau found on the southern side of the country. Famous rivers like the Ganges are found in India, with a desert on the western side of the country. India is headed by the president as the head of state and the prime minister as the head of the government. In business, the prices of commodities, goods and services are determined by a free market system. India started emerging as a growing global economic force in the global economy in 2015. The main reason for this economic growth and development is because India government had put in place a program that implemented economic reforms such as encouraging consumption of services and goods produced locally. This paper seeks to look at the economy of India and provide an overview of the general market system.
India is a member of some of the common regional trade blocs in Asian countries, such as the South Asian Association for Regional Cooperation (SAARC) and the Asia-Pacific Trade Agreement (APTA). These are some of the trade blocs that have aided India in becoming of the booming economies of the world (GlobalEdge, 2020). In countries such as the United States US), Russia and China. India is recording an increase in yield of 7% in terms of its overall growth.
The political system in India is within the framework of the country’s constitution. It has a parliamentary system that is guided by democracy. It has a federal structure of government in which it has a central authority. The bicameral legislature is divided into both the upper house, that is, the council of states and the lower house, which is also referred to as the house of the people. The legal system of India is a hybrid one consisting of various laws such as common law, religious law, civil law and customary laws (D’Souza, 2020). The courts are divided into the superior court and the subordinate courts.
The global economy is down right now due to the adverse effects triggered by the Covid-19 pandemic, the Russia-Ukraine conflicts and the rising energy prices all over the world. The nature of India’s economy is keeping the country afloat. One important factor to note is that India is densely populated, and therefore local demand and consumption are high, which in turn reduces the rate of exports in the country. Local consumption of goods produced in a country keeps and maintains its steady cash flow. The Indian government is also putting and implementing policies that are keeping inflation in check. For instance, the government is providing its small and medium enterprises with credit guarantees as well as providing credit relief to debtors.
Furthermore, India has found a way to negotiate with Russia on discounted fuel. The decision by India to purchase oil from Russia was against the demand of the United States and Europe, not to buy oil from Russia. The economy of India has recovered, as seen in its estimated Gross Domestic Product (GDP), up to 8.7 % (The Heritage Foundation, 2019). These figures indicate a continuous growth momentum in India’s economy, especially in the manufacturing sector, which recorded an increase in the utilization of capital.