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India's Transformation Case Essay

510 words - 3 pages

1. During 1947 to 1990, mixed economy was India’s kind of economy, and later after India recognized the incapability of the system to deliver the economic progress that many Southeastern Asian nations had started to enjoy, India started to adapt a market economy system to become more attractive to the foreign possible investors and businesses. So, up to today, India has been using a market economy system, but, still with some government oversight which made the current economic system as a hybrid one. In the transformation conducted, it carries impediments which are the following; first, labor laws make it almost impossible for firms with more than 100 employees to fire workers. Second, other laws mandate that certain products can be manufactured only by small companies, which made ...view middle of the document...

Although the government will never be lost in the lives of the businesses say for example the implementation of taxes and the protection of workers, employees and the representatives, at least the government of India is now lenient than before, and is giving away the businesses their freedom to operate the market. Also, in line with this change, India’s rate of economic growth rate will be increasing since the more businesses come and operate in the country, the more profit it could get which will be included in the country’s GDP. By means of an increasing economic growth, they have the increase in employment rate and a decrease in poverty. Another one big contribution to the country by letting a foreign company to enter their market is also the possibility of bringing in a multinational corporation which could encourage different industries to also come and establish their business. It will be a great opportunity to attract more companies, thus more possibility of having a stable economy.

3. Through the reduction of government intervention by privatization, deregulation, and removal of barriers in dealing with the economy, and by fully applying a market economy system, foreign businesses will be more attracted to come and establish a business in a certain host country like that of India. The businesses will also be given the power to rule over the market by letting the supply-demand relationship establishes a price change and not the government itself. By doing so, businesses will become efficient because they control the market and on how to play the changing of customers demand and use it as the basis of their supply inventory, and vice versa. Through this lenient economic system in India, the rate of the economic growth can also be increased because the coming of different foreign businesses could help in increasing the employment rate and the GDP of India.

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