The Indian Economy

Indian Economy
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Indian Economy
Question One
The economy of India is the 12th largest in the world and 4th largest in terms of purchasing power. The state of India has had roles in the economic development of India, as several steps have been taken by it in ensuring the country is in good shape. Many sectors in India have had to be controlled by the state for the sake of ensuring that there is economic development in the country. According to the World Bank, India was advised to take care of specific sectors like the public sector forum, rural development, and agriculture, infrastructure, and the removal of labor regulations (Gupta, 2019). The state followed in the advice, and for that reason, it had control of the mentioned sectors.
In a sector like Agriculture that includes logging, forestry, and fishing, the state played an essential role in ensuring that farmers had what they needed when it comes to planting or harvesting trees. Banking and Finance is the other sector that has seen the hand of the state. There has been a merger of banks which has been overseen by the state to ensure that there is no merger without taking care of the interests of the customers. It is for that reason that the economics of India has grown at an alarming rate as the state has remained watch (Gupta, 2019).
The market in India cannot also be forgotten for the role that it has played in the economic development of India. Modernization of Industry has been seen as there have been improvements like the use of tractors, harvesters, threshers in a sector like Agriculture, all of which are undertaken by the market in India. Promotion of development of science and technology is another effort played by the market as there are things like research being conducted, communication through satellite, all of which are spearheaded by the market (Gupta, 2019). Capital formation is another thing that is carried by the market in India, ensuring that there are things like industrialization.
By the 1960s, there was too much poverty in South Korea. The state under Park Chung Hee set out on industrial policies that would lead to the economic development of the country. The state encouraged savings, which it has continued to even up to this time. There were policies passed on the kind of crops that were allowed to plant. Setting out economic plans is the other role that the state of India does. Deciding on which projects to be undertaken like infrastructure are all set out by the state. Control of revenue and expenditure is the other role of the state to ensure the country does not lack money to spend on essential projects 9Gupta, 2019).
The market in South Korea plays a vital role in that it promotes a good environment and innovation. Technology has been developed by the market, which has led to the economic development of South Korea. Setting out of laws and support to industrialists is one of the other ways in which the market of India has been in support of the economy of India, leading to its development. It is for that reason that there has been economic development in India as the market monitors the things happening within the South Korean industries (Gupta, 2019).
Question Two
Patterns of foreign trade in...