Related Research Articles
The economy of India is a middle income developing market economy. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 128th by GDP (PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%, and from 2013 to 2018, India was the world's fastest growing major economy, surpassing China. Historically, India was the largest economy in the world for most of the two millennia from the 1st until the 19th century.
The pharmaceutical industry in India was valued at an estimated US$42 billion in 2021. India is the world's largest provider of generic medicines by volume, with a 20% share of total global pharmaceutical exports. It is also the largest vaccine supplier in the world by volume, accounting for more than 50% of all vaccines manufactured in the world. With industry standards compliant mega production capabilities and large number of skilled domestic workforce, Indian exports meet the standards and requirements of highly regulated markets of USA, UK, European Union and Canada. According to the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, domestic pharmaceutical market turnover reached Rs 129,015 crore in 2018, growing 9.4 per cent year-on-year and exports revenue was US$17.28 billion in FY18 and US$19.14 billion in FY19.
The economy of Bengaluru contributes over 43.65% to the economy of the State of Karnataka, accounting for 98% of the Software Exports of the State.
Incredible India is the name of an international tourism campaign maintained by the Government of India since 2002, to promote tourism in India. The "Incredible India" title was officially branded and promoted since 2002.The exclamation mark forms the ‘I” of India. The exclamation used creatively across several visuals compliments the concept behind the word “Incredible”
The Federation of Indian Chambers of Commerce & Industry (FICCI) is a non-governmental trade association and advocacy group based in India.
India Brand Equity Foundation (IBEF) is an Indian Government export promotion agency for the distribution of and sale of Indian products internationally.
Suresh Prabhakar Prabhu is an Indian politician and India's Sherpa to the G7 and G20 who was the Minister of Civil Aviation, Railways, Commerce & Industry in the First Modi ministry.
Anand Sharma is an Indian politician and former Union Cabinet Minister in charge of Commerce and Industry and Textiles in the Government of India. Since June 2014, Sharma is the Deputy Leader of opposition in Rajya Sabha, the upper house of the Indian Parliament.
The ECGC Limited is a government owned export credit provider. It is under the ownership of Ministry of Commerce and Industry, Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters. Its topmost official is designated as Chairman and Managing Director who is a central government civil servant under ITS cadre.
The Ministry of Ports, Shipping and Waterways, a branch of the Government of India, is the apex body for formulation and administration of the rules and regulations and laws relating to ports, shipping and waterways, headed by Shri Sarbananda Sonowal.
NIIT Limited is an Indian multinational skills and talent development corporation headquartered in Gurgaon, India. The company was set up in 1981 to help the nascent IT industry overcome its human resource challenges. NIIT offers training and development to individuals, enterprises and institutions.
The Maryland Department of Commerce is a government agency in the state of Maryland in the United States. Although its was originally founded in 1884, the department came to be recognized as the Department of Commerce in 2015.
The Egyptian Ministry of Communications and Information Technology (MCIT) is the government body responsible for information and communications technology (ICT) issues in the Arab Republic of Egypt. Established in 1999, MCIT is responsible for the planning, implementation and operation of government ICT plans and strategies. MCIT is led by the Minister of Communications and Information Technology, who is nominated by the Prime Minister and is a member of the cabinet. The current ICT Minister is Amr Talaat who assumed the position on 14 June 2018. MCIT is headquartered in Smart Village Egypt, in 6th of October, Giza Governorate, in the Cairo metropolitan area.
Information technology in Pakistan is a growing industry that has the potential to expand more in the future. Matters relating to the IT industry are overseen by the Ministry of Information Technology of the Government of Pakistan. The IT industry is regarded as a successful sector of Pakistan economically, even during financial crisis. The first IT policy and implementation strategy was approved under the leadership of Atta-ur-Rahman, the Federal Minister of Science and Technology in August 2000 which laid the foundations of the development of this sector. The emphasis was placed on quality IT education in universities rather than numbers during this period. The quality measures introduced by Atta-ur-Rahman as Chairman of Higher Education Commission during 2002-2008 included:1) All PhD thesis were evaluated by eminent foreign scientists,2) All PhD thesis and research papers were checked for plagiarism 3) Some 11,000 students were sent abroad to leading universities for PhD level training and absorbed on their return, 4) Appointments at faculty positions were linked to international stature of the applicants as judged from their international publications, patents and citations, and (5) Quality Enhancement Cells were established in all universities for the first time in the history of the country. Thereafter two policies were launched by the Ministry of IT under the leadership of Anusha Rahman Khan, Federal Minister for IT and Telecom (2013-2018). The Telecom Policy was announced in December 2015, and later National Digital Pakistan Policy that was approved by the cabinet in May 2018. In 2001, a 15 year tax holiday was approved to promote the IT industry which has the grown from $30 million to over $3 billion during the last 16 years. A nationwide programme to train teachers was initiated by Intel in March 2002 in Pakistan on the request of Atta-ur-Rahman which has resulted in the training of 220,000 teachers across 70 districts at no cost to the government. The government of Pakistan has given incentives to IT investors in the country during the last decade, this resulted in the development of the IT sector. From 2003 to 2005, the country's IT exports saw a rise of about fifty percent and amounted a total of about 48.5 million USD. The World Economic Forum, assessing the development of Information and Communication Technology in the country ranked Pakistan 111th among 144 countries in the Global Information Technology report of 2014. In an analysis of scientific research productivity of Pakistan, in comparison to Brazil, Russia, India and China, Thomson Reuters has applauded the developments that have taken place as a result of the reforms introduced by Atta-ur-Rahman, since Pakistan has emerged as the country with the highest increase in the percentage of highly cited papers in comparison to the "BRIC" countries. Atta-ur-Rahman is Co-Chairman of the Prime Ministers Task Force on Information Technology and Telecommunications. As a result of the measures introduced on the recommendation of the Task Force, there has been a sharp increase in software exports of Pakistan.
Make in India is an initiative by the Government of India to make and encourage companies to develop, manufacture and assemble products made in India and incentivize dedicated investments into manufacturing. The policy approach was to create a conducive environment for investments, develop a modern and efficient infrastructure, and open up new sectors for foreign capital. The initiative targeted 25 economic sectors for job creation and skill enhancement, and aimed "to transform India into a global design and manufacturing export hub."
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct control. Broadly, foreign direct investment includes "mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations, and intra company loans". FDI is the sum of equity capital, long-term capital, and short-term capital as shown in the balance of payments. FDI usually involves participation in management, joint-venture, transfer of technology and expertise. Stock of FDI is the net cumulative FDI for any given period. Direct investment excludes investment through purchase of shares.
Craftsvilla is an Indian e-commerce portal that sells ethnic apparel, footwear, fashion accessories, beauty products, handcrafted home accessories and other ethnic fashion and lifestyle products. The company is headquartered in Mumbai, Maharashtra.
Financial technology is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and rise of FinTech in the country
The Indian electronics industry saw growth in the early years of the 21st century, encouraged both by government policies and incentives and by international investment. Its key and most resource-intensive segment, the semiconductor industry benefitted from domestic demand growing briskly. Semiconductors were required by a large number of industries, including telecommunications, information technology, industrial machinery and automation, medical electronics, automobile, engineering, power and solar photovoltaic, defence and aerospace, consumer electronics, and appliances. As of 2015, however, the skill gap in Indian industry threatened progress, with 65 to 70 per cent of the market relying on imports.
Canara HSBC Oriental Bank of Commerce Life Insurance is a Life insurance company in India. Established in 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). The company brings together the trust and market knowledge of two big public sector banks in India i.e. Canara Bank and Punjab National Bank combined with the global insurance expertise of HSBC.
References
- ↑ "brand india campaign: Government to launch Brand India Campaign to boost exports". The Times of India. 4 January 2022. Retrieved 18 May 2022.
- ↑ "Commerce Ministry to launch Brand India Campaign to boost exports". The Hindu. 4 January 2022. ISSN 0971-751X . Retrieved 18 May 2022.
- ↑ "About India Brand Equity Foundation (IBEF)". India Brand Equity Foundation. Retrieved 18 May 2022.
  | This article related or pertaining to the economy of India is a stub. You can help Wikipedia by expanding it. |