Economic Reforms

PART 3: ECONOMIES – THEIR SIMILARITIES AND DIFFERENCES
RESEARCH ASSIGNMENT: INDIA AND AUSTRALIA
India has a total area of 3,287,590 sq km. It has a population of 1,049,700,118 people. Its natural resources include coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, titanium ore, chromate, natural gas, diamonds, petroleum, limestone, arable land and much more. India is a federal republic.
India's purchasing power parity (PPP) is a staggering $2.664 trillion. India has the 5th highest PPP in the world, whereas Australia ranks 17th. The PPP's of these two countries indicate that India has a much more stronger economy and is more well off as a nation. India's GDP real growth rate is 4.3%; this is a significant annual increase from an economic perspective. This has been achieved through the success of traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of support services. India's GDP per capita is $2600; this is much lower than the Australian GDP per capita. India has a much lower GDP per capita than Australia because it has a huge population of over one billion people. India has a GNP of 1.254 trillion US dollars; in comparison to the Australian GNP of 284 billion US dollars it is much stronger. The economy has posted an excellent average growth rate of 6% since 1990, reducing poverty by about 10 percentage points. India has large numbers of well-educated people skilled in the English language; India is a major exporter of software services and software workers; the information technology sector leads the strong growth pattern. Yet deep-rooted problems still remain, notably conflicts among political and cultural groups.
India has a labour force of 406 million people, ranking it second in the world. The Indian labour force exceeds the Australian labour force by far, as Australia only has a labour force of 9.2 million …

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