Pick either a COUNTRY or a COMMODITY (or group of commodities) or a MULTINATIONA
ID: 421609 • Letter: P
Question
Pick either a COUNTRY or a COMMODITY (or group of commodities) or a MULTINATIONAL CORPORATION.If COUNTRY picked, examine its former and current links with the global economy, and other aspects of its culture, economy, labor practices, etc. relevant to issues you learned through this class.
If COMMODITY picked, examine the global trade of this commodity.
If MNC picked, examine the global operations of this corporation.
COUNTRIES: China, Japan, Brazil, Russia, India, South Africa, Singapore, Hong Kong, South Korea, North Korea, Saudi Arabia.
COMMODITIES: Oil, wheat (or other grains), coffee, sugar, wine, tea, silver and gold.
CORPORATIONS: HSBC, Samsung, China Mobile, Petrobras, the Tata group, Siemens, Carrefour
300 word paragraph describing these subjects. Pick either a COUNTRY or a COMMODITY (or group of commodities) or a MULTINATIONAL CORPORATION.
If COUNTRY picked, examine its former and current links with the global economy, and other aspects of its culture, economy, labor practices, etc. relevant to issues you learned through this class.
If COMMODITY picked, examine the global trade of this commodity.
If MNC picked, examine the global operations of this corporation.
COUNTRIES: China, Japan, Brazil, Russia, India, South Africa, Singapore, Hong Kong, South Korea, North Korea, Saudi Arabia.
COMMODITIES: Oil, wheat (or other grains), coffee, sugar, wine, tea, silver and gold.
CORPORATIONS: HSBC, Samsung, China Mobile, Petrobras, the Tata group, Siemens, Carrefour
300 word paragraph describing these subjects.
300 word paragraph describing these subjects.
Explanation / Answer
India is one of the rising superpowers of the world economy. From its independence from Britain in 1947, and a broadly low growth agrarian economy, it has come a long way, breaking the shackles of low growth, poverty, illiteracy, ill health, low life expectency and low human development index of its people. After independence, India had a challenge to become self sufficient in foodgrains and basic infrastructure. The focus was on economic growth through industrialisation and employment generation, and reducing dependence on the imports that tilted the trade balance against it, resulting in trade deficit and loss of valuable foreign currency. Upto 1980s, India relied on the developed nations for technological advancement and growth. The economic reforms of early 1990s helped India to open up its economy and integrate it with the global economic system. Riding on its large pool of skilled human resources and rapid technological advancement coupled with improving infrastructure and global connectivity, India shows an impressive growth rate of over 6% against the global growth of 2-3%. Owing to its favorable industrial and investment policies and low cost manufacturing capabilities, many MNCs have set up their production hubs to export their products worlwide. India has emerged as a big market for the global products and services for a rapidly growing middle class that has high disposable income and affordability. Being one of the most tolerant and accomodating culture that is an example of unity in diversity, it is one of the favoured destinations for the global organisations.