Indian Economy Essay

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Abstract
This paper talks about the Indian economy and covers topics like stability of the currency, GDP, percentage of workforce, social programs in India. It also explains how the financial markets works, economic and financial structure of India. It also covers the type of government and the political structure. It shows how the interest rates are affected by inflation. And finally it concludes on the overall growth and the pitfalls of Indian economy and what steps are required to be taken by the government.

India
India, officially the Republic of India, is a country in South Asia. It is the seventh largest country by geographical area, the second-most populous country with 1.2 billion people, and the most populous democracy in the world. Indian economy is one of the fastest growing economies in the world, third largest economy in the world in terms of purchasing power, and is going to touch new heights in coming years. It is expected to grow to 60% of size of the US economy.
Indian Currency and its stability
Indian Rupee (INR) is the official currency of the Republic of India. The English translation of “Rupee” is “Silver”, and the name exists because it was previously a silver coin, while the major economies of the world were following the gold standard. Rupees are used in India and Pakistan. The Indian Currency is issued by the Reserve Bank of India. There are many economic factors which decide the value of currency. A currency will tend to become more valuable when its demand is higher than supply which is a basic theory. When one USD can buy 45 rupees in the past and 52 rupees today means that the value of the rupee is depreciating. The exchange rate of the Indian rupee is determined by market conditions. However, in order to maintain effective exchange rates, RBI actively trades in USD/INR currency market. In June 2008, the rupee appreciated to a ten-year high of...

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