INDIA
Economy
Growth rate: 4.4%
Inflation rate: 9.5%
Interest rate: 50 bps to 6.75%
Unemployment rate: 3% Urban
2% Rural
Total=10.8 million
• India is a significant force in world trade, but its economy continues to operate far below its potential.
Transport
• Public transport remains the primary mode of transport for most of the population, and India's public transport systems are among the most heavily used in the world.
• India's rail network is the 4th longest and the most heavily used system in the world.
• The government owned Airports Authority of India (AAI) operates 125 airports and civil enclaves out of a total of 449 airports and airstrips located throughout India.
• Buses take up over 90% of public transport in Indian cities.
Labor
• Although India has benefited from a high % of English speakers (Important for call centre industry) there is a still high level of illiteracy amongst the population. Over 50% of Indian women are illiterate. This limits economic development and a more skilled workforce
• Rigid labor Laws.
Comments
• 2013/14 has seen a slowdown in the rate of economic growth to 4-5%. Real GDP per capita growth is even lower. This is a cause for concern as India needs a high growth rate to see rising living standards, lower unemployment and encouraging investment. India has fallen behind China, which is a comparable developing economy.