Reliance industries are limited to India Indian companies are one of the largest businesses in the world with a revenue of around US$ 541 billion. In
Reliance industries are limited to India
Indian companies are one of the largest businesses in the world with a revenue of around US$ 541 billion. India is the second-largest economy in the world with over 60% market share after China. India also has major infrastructure projects like roads, bridges, and railways. The country’s industries have many diversified sectors including automobiles, food processing, pharmaceuticals, chemicals, IT, and the media industry. The Indian government has been focusing on setting up industrial zones in different places to increase exports and reduce imports. In the year 2000, the government decided on establishing special economic zones (SEZ) or special business zones (SBZ).In 2003, the Industrial Development Corporation of India (IDCI), an autonomous agency was formed for promoting economic growth in India and other developing nations. In 2008, the Industrial Organization of India Act, 2011, which acts as a law for promoting private sector investments was introduced. Under this law, any firm can start investing in Indian companies. In 2007, some 30 to 40 Indian conglomerates were listed on BSE Nifty Index, which is made by the Bombay Stock Exchange. There are many people who think that India’s growth rate should be less than 8%. There are a few reasons why this case should not happen. As we know the income of people in the country is not very high. In the past years, it has been increasing but in recent years it has become stagnant. This can lead to more poverty in near future for those who cannot meet their living expenses. The most important reason why India’s growth rate should be higher can be discussed under 4 main points. According to World Bank’s Report, the Indian population is growing rapidly and even though its level of unemployment is much lower it will take time for it to grow at par with other countries. Due to rapid population growth, there will be a lot of people migrating from rural areas to urban areas. Many factors will happen such as rising unemployment, environmental problems, global crisis, etc., can affect the growth rate of India. If we compare the per capita earning in the country with other developed countries then the per capita earning of India is less compared to the USA; however, if it is seen in comparison with the whole globe, the per capita earning of India is more than $ 1,500 USD. These facts can bring some serious questions. As mentioned earlier the per capita income of India is not enough for its sustainable development. But India has only 1.5% of the total GDP which is enough for social and economic progress. For example, every poor man earns around 3 cents a day whereas it takes another person 12 hours to earn $ 5. Due to poverty and lack of jobs, the cost of education is quite low in India. It can increase educational standards which ultimately affects childbirth and also causes rapid aging, hence the rise in the number of elderly is high. With the help of technology, we can solve these issues and make India a vibrant nation. For instance, we can provide quality healthcare facilities for everyone. We can create employment opportunities for both skilled workers and unemployed youth. We just need to have some good policies and schemes. The current condition has no solution. So, to avoid this, Indians have to come together and help each other out. It may seem difficult, even now our country is facing this issue, but it is possible.