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India
is the seventh largest and second most populous country in the world.
A new spirit of economic freedom is now stirring in the country, bringing
sweeping changes in its wake. A series of ambitious economic reforms aimed
at deregulating the country and stimulating foreign investment has moved
India firmly into the front ranks of the rapidly growing Asia Pacific region
and unleashed the latent strengths of a complex and rapidly changing nation.
India's
process of economic reform is firmly rooted in a political consensus that
spans her diverse political parties. India's democracy is a known and stable
factor, which has taken deep roots over nearly half a century. Importantly,
India has no fundamental conflict between its political and economic systems.
Its political institutions have fostered an open society with strong collective
and individual rights and an environment supportive of free economic enterprise.
India's
time tested institutions offer foreign investors a transparent environment
that guarantees the security of their long term investments. These include
a free and vibrant press, a judiciary which can and does overrule the government,
a sophisticated legal and accounting system and a user friendly intellectual
infrastructure. India's dynamic and highly competitive private sector has
long been the backbone of its economic activity. It accounts for over 75%
of its Gross Domestic Product and offers considerable scope for joint ventures
and collaborations.
Today, India is one of the most exciting emerging
markets in the world. Skilled managerial and technical manpower that match
the best available in the world and a middle class whose size exceeds the
population of the USA or the European Union, provide India with a distinct
cutting edge in global competition. |