Indian Economy
- In recent years, India has produced a lot more Science and Technology graduates than western countries such as the USA. This means there is a higher level of education.
- India’s fastest growing exports are zinc, sugar, steel and cotton. They also export diamonds, jewellery, medicine/pharmaceuticals, iron, industrial machinery and organic chemicals, as well as rubber.
- The profit for their exports amounts to $178 billion.
- British colonisation also affected the Indian economy, as it increased poverty –
therefore, production and exports are mainly in the primary sector. India ranks second in the world in agricultural production. Much of India’s money is also made in the forestry industry, as well as in fishing.
- The least amount of GDP in India is earned in the Tertiary sector.
- India is the second largest GDP among the rapidly developing countries.
- Understanding the Indian Economy.
- The fact that the Indian speaking population in India is growing by the day means that India has become a home of outsourcing activities for some of the major economies of the world including the United Kingdom and the United States. Outsourcing to India has been primarily in the areas of technical support and customer services.
- With the massive growth of the Indian middle class, this vast country may become Asia's first major 'buy' economy.
Irish Economy
Ireland suffered a
collapse of confidence in sovereign debt markets 12 months ago, as
the twin costs of the rising deficit and expensive bank-bailout was
increasingly seen as unsustainable, forcing Ireland to go to the
EU/IMF for support. Since then there has been increasing signs of
stabilisation, although Ireland’s journey to recovery is far from
over.
- While
tax and revenue figures are running slightly ahead of target,
Ireland will still have the highest public deficit in the EU in
2011, so further austerity measures will be needed from 2012-14.
- While
cost competitiveness has improved substantially since the onset of
the boom, Irish Labour costs are still relatively high and need to
adjust further.
- Ireland has the
youngest population in Europe, with a median age of 34.3 years,
compared with 40.9 years in the EU 27.
- Unemployment
remains high but stable at over 14% – up 10 percentage points on
the pre-crisis average.
- The rapid growth
of short-term unemployment is now seeping through to long-term
unemployment, with 7.7% of the working population now unemployed for
over a year.