In the article it is spoken about Business Leaders – India. India, up until very recently, 1991 to be exact, was one of the slowest growing economies in the world. This was due to excessive regulation, influenced heavily by corruption among officials. Reforms came about, however, and most noticeably beginning in 2001, the economy grew rapidly. It is now the twelfth largest economy in the world. This has been fuelled by less restrictive market policies, allowing more business to thrive, and consequently reducing unemployment.
Industry is the single largest contribution to India’s economy, with 27.6 % of gross domestic product and employing 17 % of working citizens. The fastest growing industry is the automobile industries, which have spawned cars that can compete on the world scale, further boosting economy through exports.
Another large contributor to the economy is agriculture. It accounts for 16.6 % of gross domestic product but is also the largest employer of the active workforce – 60 % of working Indians are employed in agriculture. Some of their agricultural exports are milk, beef, wheat, rice, peanuts, sugar, and a host of other products. Worthy of special note is India’s heavy export of fruits. India is the largest fruit exporter in the world, accounting for over 10 % of fruit production – a significant contributor to the country’s growing agriculture industry.
Finance has grown in recent times and the nation’s financial capital, Mumbai, hosts a World Trade Center. The market is extremely attractive to investors and local banks, as mandated by law, offer credit for industries such as farming, and small scale businesses, in an effort to further stimulate the economy. This has resulted in a number of successful companies, and a volatile stock market that has attracted attention from international investors.
The country has made great strides, in recent times, and has seen rapid economic growth catapult it into the forefront of the world economy.