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The Impact of Real Estate Development in India - Research Paper Example

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The purpose of the following paper "The Impact of Real Estate Development in India" is to submit an annotated outline for the research proposal project. The annotated outline will include in every section contents outlined in the research proposal. …
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The Impact of Real Estate Development in India
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Table of Contents 2 Chapter Introduction 2 Objectives of the study 3 Chapter 2-Market Structure 3 History of real market development in India 3 Real Estate Market Size and Market segment 5 Characteristics of the Real Estate Industry 5 Commercial sector 6 Retail & Hospitality Real Estate 7 Chapter 3- Analysis of Indian Real Estate [PEST Analysis] 8 Factors affecting real estate in India 8 Theoretical framework of the review 13 An overview of the related research 13 Chapter 5-Research Design and Methodology 14 Statement of the research problem 14 Research design and methodology 14 Expected Findings 14 Future Position of Real Estate in India 15 Conclusion 15 Bibliography 16 Abstract The purpose of the assignment is to submit an annotated outline for the research proposal project. The annotated outline will include in every section contents outlined in the research proposal. It will also provide the introduction, statement of the problem, review of the related literature, and the methodology of the research study. Ever section will contain detailed information that will be included in the final project thus leading to a strong proposal. Chapter 1-Introduction This section will provide an overview of the entire study, statistics, and past perspectives on the impact of real estate development in India. Many companies have developed throughout the world. They range from real estate companies, royalty companies, international construction companies, ship management companies, international trading companies and many more. There is a continued rise and development of companies throughout the world. This is mainly due to the increase in demand of various services that range from social amenities to business. Organizations have used a strong business strategy to take advantage of the developing markets to increase their profits. Real estate is one of the fastest growing sectors in India with an average of 14% annual pegs returns because of the Indian BPO boom. In addition, the housing sector has been growing at an average of 34% annually while the hospitality sectors have had a growth of 15% every year (Sarathy, 2011). It is anticipated that the real estate industry in India is purposed to grow exponentially in the future promising a potential market for investment. Therefore, real estate business is one of the key drivers of growth in India, with companies trying to consolidate their positions and trying to find effective means of suitable growth, the management of the real estate has emerged as one of the key challenges for the corporate sector. The Merlin Group is one of the real estate investors in India that have taken advantage of the rising real estate market to increase its profits. The company has developed a strategy to take advantage of the market boom to position its business in the most competitive manner. By conducting a PEST analysis of the India’s real estate industry, it is possible to evaluate the effectiveness of the market strategy that Merlin Group has employed to promote its business in this dynamic market. For the purpose of this research, the various factors influencing the Indian real estate business will be investigated, identified and evaluated. Objectives of the study To conduct a PEST analysis of the real estate industry in India To identify the market share and nature of competition in real estate industry in India To understand the pricing and advertising strategies of Indian real estate industry To study the growth strategy of Real Estate Industry (The Merlin Group) To know the market conditions and current trends in Real Estate Industry To conduct quantitative analysis and understand the financial status of the industry in India To study the future market perspective of the Real Estate Industry Chapter 2-Market Structure History of real market development in India This section of the outline will discuss into details the history of real estate development in India and the rest of the world and how the industry have come to contribute to the high rate of development in Indian Economy. Globally, the real estate industry has grown in many countries due to the growing demands for space and shelter in the world. One of the reasons why the real estate continues to grow is because there is an insatiable demand for business spaces across the world. In the 21st century, the business industry has grown significantly as more investors enter in the business market and other organizations seek to expand their business. In addition, international business strategy has resulted to business expansion across geographical boundaries, demanding for more business space in potential countries. In countries such as India where the population is growing exponentially, the demand for structural develops has led to the growth of the real estate industry. The Indian economy shows an upward trend as more people in this country rise into the bracket of medium income earners. This has led to the increase in consumer purchasing power and the increase in business opportunities. However, the history of real estate industry has shown a variable trend in the real estate market development. Topalova (2014) questions whether the real estate bubble in India is large enough to burst or the investors in this industry should anticipate any further inflation (Vishwakarma, 2013: Warren-Myers, 2012). This author points out that the real estate industry in India have shown no fixed pattern as there have between period of boom as well as those of recession. The main reason why this trend is evident in India is because political and demographical factors have all impacted on business growth. This is a warning for real estate investors such as the Merlin group to be keen to predict market trends while designing their future market investment strategy. A research by Crisil (2010) points out that the Indian real estate industry has grown in the recent past due to continuous growth in population, migration towards urban areas, rising job opportunities in service sector, growing income levels, rise in nuclear families and easy availability in finance. A housing trajectory graph indicates that the real estate industry has shown a variation of patent since the year 2001. Between 2001 and 2005, the real estate in India remained at the growth phase as the demand for real estates remained fairly constant. Between 2005 and 2008, there was a take-off as the housing industry grew exponentially to its peak. During this time, the demand was much higher than the supply, providing a great market opportunity. However, the business declined between 2009 and 2010 due to a wide range of factors. Since 2010 to now, the real estate industry has shown an upward trend and 2014 many real estate sector analysts have predicted that the bubble is expected to burst in the near future. From the history of real estate industry in India, it is clear that it is a promising market, though constrained by a number of external business factors. Real Estate Market Size and Market segment In the final project, the paper will discuss various studies done by researchers over the past few years on the market size and the market segment of the real estate industry in India. For instance, according to studies, Real estate in India is broadly classified into residential, retail segments, and commercial. The total size of the sector in economic value is approximately $45 billion, which is 6% of the country’s GDP, with the residential form taking the biggest percentage. Over the next around 5 years, Indian real estate market is expected to grow at 20%, having an 18% growth in residential estates, 55% in retail estates, and 20% in commercial estates. In the recent years, the real estate industry has evolved from highly fragmented and unorganized market into a semi-organized market. Characteristics of the Real Estate Industry This section will discuss in details the various sectors of the real estate industry highlighted below, providing various examples of the real estate developed in each sector in India. Commercial sector The commercial offices space in India has evolved significantly over the years due to change in the business environment. The growth of the commercial sector has been driven largely by the service sector, for example, The Merlin Group is one of the real estate in India, which has made the commercial sector grow with the group innovating several projects and formats, which include premium housing and essential housing (Bosworth, Collins & Virmani, 2007). Others include I.T buildings, malls, hotels, clubs, and resorts. The commercial sector has continued to grow in the recent past due to demand for more business space in India. Unlike in the past when the commercial properties majorly existed near the central business district, it is clear that today the city outskirts are developing at a much higher pace than the CBD. As space continues to diminish in the middle of the town, real estate investors are taking their business out of city and constructing large capacity structure in the town outskirts. In the emergence of the IT-ITeS, which demanded a large space of offices, commercial development outside the CBD has become evident. Crisil (2010) points out that the increase in the employment opportunities in India underpins the rapid expansion of business in the recent past. Many US and European investors have reacted to the business potential in India by infiltrating the market. Resultantly, there has been a higher demand for employees, and consequently a higher demand for more office space. Crisil predicts that this trend is bound to remain further and may reach its peak in the year 2014. Residential Sector The residential demand is the foundation of the residential real estate in India, with the main drivers of the sector being disposable income levels, increase in the number of nuclear families, tax savings on home mortgages, and a notion that real estate is a necessary investment. Over the years, there has been a variation in the demand of the residential real estate’s due to changes in macroeconomic factors. In the year 2001, the demand for residential houses declined due to perceived increase in the interest rates. As the interest rates rose to 8 times that in 2010, the public found it unaffordable to invest in real estates. In addition, there has been an increase in the cost of construction projects as the cost of raw materials went high discouraging investors from investing in this market. However, the residential sector has opened up as more people feel that it is a worthy investment due to rising employment rates in the urban areas and increase in the population in these areas. By 2015, it is anticipated that residential houses will be great income earners for investors, leading to the explosion of this market. Crisil (2012) provides research based information that indicates that project of about 2.0 billion square feet are likely to emerge between 2014 and 2015, which will see a 75% expansion of the residential sector. The figures provided by research indicate that the real estate industry is expected to grow considerably in the near future. Retail & Hospitality Real Estate Real Estate developers such as The Merlin Group have contributed to organized retail malls across India, concentrating mostly in Mumbai, Chennai, NCR, and Bangalore. On the other hand, Hospitality real estate has enjoyed a significant growth over the years sustained by a good economic and political environment. For example, higher weekend trips, business, and leisure travels has contributed to the rise of hotels in India. A historical analysis of the hospitality industry shows that this is one of the industries whose demand by far outweighs the supply. Between 2008 and 2009, the demand for hospitality services grew by 15% while the supply grew only by 6 percent. The developing economy in India, the rise in the employment rate has seen the demand for hospitality services grow. As more people in the country rise in terms of living standards, they demand more hospitality services as they can afford this luxury (Bujold, M.C., C.R.E., 2011). Thus, the demand for real estate has gone higher, opening up opportunities for companies such as the Merlin Group to invest. Additionally, the tourist arrival rate in India has increased, leading to the growth of hospitality industry and opening up business opportunities for real estate investors to position themselves in the market. As the government of India seek to expand its tourism projects, it is possible to anticipate higher growth in the hospitality industry. Chapter 3- Analysis of Indian Real Estate [PEST Analysis] Factors affecting real estate in India This section will include what the researchers believe to be true about the various factors that are affecting the real estate industry in India. Political factors The political factors such as government regulations impact on the incentive for investors to start business. The government in a country issues rules to regulate the business industry which may encourage one business and discourage the other. Some of the government rules and regulation that favor the real estate and favor the public include disclosure of the property, number of flats and the landowner, and the restriction of advertising non-approved flats by the state or the central government. These provide safety and accountability in this industry. However, the government has suppressed real estate business by issuing high tax rates to regulate the industry. The government requires the real estate firms to pay 12% of their income in form of income tax. The high tax rate discourages investors from entering in this business and opts for other businesses whose tax remission is much lower. Economic factors The main aspect of the economic factors is the fact that people are choosing to live a luxurious life and changing with the daily growth in technology and the level of purchasing of houses. However, the country’s inflation and the economic level of the GDP rate, which is 6.9%, affect the economy of those people who would wish to buy houses (Das & Pani,. 2005). One of the eminent economic factors that have led to the development of the real estate industry is the controlled inflation levels in this country. Inflation rate determines the value of real estates in a country and hence the affordability of the public. In India, the government has launched a war against inflation leading to stability in prices. Resultantly, the prices of real estates have become more stable, providing an incentive for the public to purchase residential houses. From this economic behavior, it is anticipated that the demand for real estate houses will increase considerably giving an opportunity for investors from this industry to benefit from increased number of customers (Nayyar, 2006). In this effect, the Merlin Group has an opportunity to capitalize on this market behavior. India is one of the countries whose economic state is growing a tremendous rate. As the industrial sector continues to expand and more invest flowing into this country, the country is benefiting from increased job opportunities and income flow. In any business environment, the purchasing power of the society depends on their income levels as it has a direct impact on their purchasing power (Nayyar, 2006). As more people acquire jobs, they have more money to spend and their can climb to higher standards of living. Growing economic rates have opened up a wide range of business opportunities in India, real estate business being just one of them. The interest rates have impacted the real estate industry in the history of China. In 2002, the interest rates hiked by 8% and this discouraged the public from investing in real estate business (Das & Pani, 2005). As the public anticipated a further increase in the interest rates, they refrained from acquiring real estate and opted for other businesses. Since then, the interest rates have remained stable despite the depreciating value of the real industry. As such, the interest rates have become bearable, hence attracting more people into this business. In this respect, the real estate has more appealing and more investors are willing to pursue the business. Social Factors Mostly in New Delhi, the rate of consumption has increased to 17% due to the increase in wages and increase cost of living. As the public acquire decent jobs, their purchasing power increases and they can afford to acquire mode decent structures. In addition, the demand for hospitality services such as hotels provides contributes to the increase in the demand for real estates (Kaminsky & Long, 2011). This gives investors in this industry a market for their houses. Due to this fact, banks in India are offering loans on row interest rate thus attracting more customers leading to the growth of the industry. Another social factor that leads to the development of the industry is the migration trends in India. As the central business district provides more opportunities for employment, the populations have moved towards the urban areas creating a population rise in the urban parts of the country. This has increased the demand for rental houses as the population seeks residential building where they can settle. The effect of this is that the demand for residential houses has gone high, while the supply remains fairly constant (Kaminsky & Long, 2011). This promises investors in this industry an increase in investment opportunities both in the short term and the long term. Technological factors In the contemporary business environment, technology changes have impacted the business exchange provide new avenues to invest and push business into a better position in the market. In the advent of internet and website technology, organization has moved to new advertising technologies that can help them reach for customers across a larger geographical scope. The website technology has provided a platform for global business advertisement. In the real estate sector, it has become easier for real estate companies to market their houses and get more customers from all over India (Naidu, Reed, and Heywood, 2005). Also, it is easier for international organization willing to lease houses in India to view the advertisements and express their interests. As the advertisement mechanics become simpler and more efficient, real estate business has become more attractive and promising. In addition, the construction technology has changed in the recent past as more constructors integrate technology into their operations. This has made it more effective and faster to construct new houses. As such, it has become easier for construction companies to satisfy the demand of the company quickly and efficiently. Efficiency has a direct impact on the cost of production and investors have adopted technology to reduce their cost of production and increase their profit margins. In addition, customers are demanding for new construction technologies as they prefer certain forms of structures (Sebastian, Parameswaran, & Yahya, 2006). Unlike in the past when the society demanded for brick houses, glass structure have become more popular and investors have to put this into consideration as they venture in this industry. The media has also become a new avenue for advertisement. As television and radio station increase in India, real estate firms have had a better platform to roll out their business to the customers. As the investors become more accessible and reachable, the real estate business is likely to attract more customers and hence the profits. From a critical point of view, technology has given an upper hand for business investors in real estate industry to optimize their profits and create an avenue for business development (Mallick and Mahalik, 2010.). The proliferation of the internet, web, media, and construction technology has favored investment in this market. For investors such as the Merlin group, integrating technology in their business strategy will give them a better position in the market, and provide an avenue for provide optimization. The Merlin Group Business Strategy The Merlin Group is an international real estate investor that has positioned itself in the Indian real estate industry. The strength of the organization lies in its diversification strategy. The organization has spread it wing across the major towns of India and has huge number of projects within these towns. In addition, the organization has taken advantage of technology to advertise its business in the industry (Merlin Group, 2012). The organization has capitalized on the internet and website technology to create a good public image, advertise and market its services to the country. Through this strategy, the organization has managed to attract loyal customers from across the international and national boundaries. In this light, the organization has a competitive advantage. Customer based approach has served right for the Merlin Group company in satisfying the customers in this industry. The management team in the organization has put customer tastes as a priority seeking to satisfy them by all means. As the Merlin Group company serves a diverse population, from hospitality, malls, residential and commercials, they require adapting to the demands of specific customers. They require considering the specific requirements of the projects in terms of materials, design and structuring quality. The management team pays details on every project and works as per the customer requirements, seeking to satisfy them in the best way possible. Project timing has become a critical issue in this industry (Lynn, P.H.D., C.R.E., Wang, and Mehlum, C., 2011). As such, it has become crucial at times to service quick projects as per the demands of the customers. This approach has helped the organization to remain top in this industry, serving most of the unique projects in this country. Chapter 4- A Review of the Related Literature This section will provide a recap of the overview and the major questions of the research study, followed by a clear overview to the literature review. The importance of doing a literature review will also is explained, in this section also, several articles will be referenced. Theoretical framework of the review A wide range of literature shows that real estate industry is one the most profitable industries in the contemporary business environment. In many countries, the real estate business seems to appreciate and grow compared to other businesses. This provides a good opportunity for the organizations to invest and optimize their profits. In India, it is clear that the bubble of the real estate business is likely to burst, and open opportunities for profitable business (Kumar& Kasilingam, 2012). This prompts both local and international real estate investors to consider the option of investing in this market. However, a wide range of literature warns against the risk of investing in the real estate industry in a country such as India where the economy has not yet stabilized (Newell and Kamineni, 2007). The capital risk is still high and there is likelihood of high inflation, leading to unpredictable market trends. This provides an inconclusive market evaluation and hence this research intend to analyze this market environment to provide a conclusive answer to advise whether India is a potential market for real estate business both in the short and long-term. An overview of the related research This section will enclose the literature review. An overview of the articles relevant to the study and their presentation will be discussed. This section will also analyze the growth strategy and performance of real estate industry through a prism of The Merlin Group involved in real estate development. In this case, the paper will put into test their claims about huge organization valuations and the strategies the company uses to draw their actual performance and their strategy formulation to enable them penetrate the market. A summary of the key findings from the literature review will be highlighted, where conclusions and analogies of the literature review will also be discussed. Chapter 5-Research Design and Methodology Statement of the research problem This section will give the overview expectation of the study, the limitations involved while correcting information, for example, lack of enough time, people did not feel interested in giving their views concerning the real estate therefore encountering difficulties in getting the exact result. Research design and methodology This section will provide the different methodology and designs to be used in information collection. In this case, data collection methods will be classified into secondary and primary methods, where the primary method will consist of survey and observation. For example, through interview with the real estate developers will provide the information needed to compile the report. On the other hand, secondary method will also be use, in this case, internal records from the various real estate developers on their sales records, credit records, and their published directories. In addition, external sources such as commercial demographic data store and audit diary panel will be important for the research study. For the research design, qualitative research and quantitative research design will be adopted. In this case, therefore, a sampling plan; sample method will be probability sampling, sample size will be wide sampling design cluster and area sampling; 65% secondary data and 35% primary data. Expected Findings This section will include what the researcher hopes to find from conducting the study. For example, a finding that will show how the growth of the real estate industry has contributed to the economic growth of India. In addition, interventions based on the findings will be provided. Future Position of Real Estate in India This section will be providing expectations for the future of the real estate in India. For example, by 2018, China will be the leading construction market in the world, however, the construction growth rate expected in India will be higher, and being expected to touch the double digit in both the commercial and residential markets on the short-term basis. This is because the emerging markets are expected to grow by 110% to reach to $7 trillion market, with a representation of 17% GDP (Geltner, 2007). In addition, with India expected to be the world’s fastest growing economy, it will be holding 17% of the global population by 2030, meaning that the real estate industry will continue growing. Conclusion The entire study will be summarized; it will include the purpose, intention, and findings of the study. Additionally, the implication of the findings for further research will be discussed. It will also discuss the how companies such as The Merlin Group have contributed to the development of real estate industry not only in India but also in other international market. Bibliography Bosworth, B., Collins, S. M., & Virmani, A. 2007. Sources Of Growth In The Indian Economy (No. W12901). National Bureau Of Economic Research. Bujold, M.C., C.R.E., 2011. Emerging Market Real Estate Investment: Investing In China, Brazil And India. Real Estate Issues, 35(3), Pp. 54-57. Crisil Research, 2010. India Real Estate Overview. Available At:< Http://Crisil.Com /Pdf/Capitalmarket/Industry-Content.Pdf> Crisil Research, 2012, India Rel Estate Market. Available That; < Http://Crisil.Com/Pdf/ Research/CRISIL-Research-Cust-Bulletin_May12.Pdf> Das, B., & Pani, A. K. 2005. Real Estate Market: New Economy New Business. Excel Books India. Das, P, Sah, V, Sharma, D, Singh, V, & Galuppo, L 2013, Real Estate Development Process In India, Journal Of Real Estate Literature, 21, 2, Pp. 271-292, Business Source Complete, Ebscohost, Viewed 28 February 2014. Geltner, D. 2007. Commercial Real Estate: Analysis & Investments. Cengage Learning. INDIA REAL ESTATE REPORT 2013, India Real Estate Report, 5, 3, Pp. 1-77, Business Source Complete, Ebscohost, Viewed 28 February 2014. Kaminsky, A. P., & Long, R. D. (2011). India Today: An Encyclopedia Of Life In The Republic. Santa Barbara, Calif, Abc-Clio. Lynn, David J,P.H.D., C.R.E., Wang, T., P.H.D. And Mehlum, C., 2011. Investing In Emerging Markets: China, India And Brazil. Real Estate Issues, 36(2), Pp. 21-26. Mallick, H. And Mahalik, M.K., 2010. Constructing The Economy: The Role Of Construction Sector In Indias Growth. Journal Of Real Estate Finance And Economics, 40(3), Pp. 368-384. Merlin Group, 2012, Merlin Branding. Available At:< Http://Www.Merlinprojects.Com /Corporate%20Profile.Pdf> Naidu, K., Reed, R. And Heywood, C., 2005. The Impact Of Business Outsourcing On Corporate Real Estate In India. Journal Of Corporate Real Estate, 7(3), Pp. 234-245. Nayyar, D., 2006. Indias Unfinished Journey Transforming Growth into Development. Modern Asian Studies, 40, Pp. 797-832. Newell, G. And Kamineni, R., 2007. The Significance and Performance of Real Estate Markets In India. Journal Of Real Estate Portfolio Management, 13(2), Pp. 161-172. Praveen Kumar, P, & Kasilingam, R 2012, Impact Of Economic And Life Style Factors On Real Estate Prices In India, Skyline Business Journal, 8, 1, Pp. 43-47, Business Source Complete, Ebscohost, Viewed 28 February 2014. Sarathy, P 2011, Organizational Innovations In The Real-Estate Industry Using AhP, International Journal Of Organizational Innovation, 4, 1, Pp. 5-26, Business Source Complete, Ebscohost, Viewed 28 February 2014. Sebastian, R. O. D. N. E. Y., Parameswaran, A., & Yahya, 2006. Doing Business In India. New Zealand Journal Of Asian Studies, 8(1), 17. Topalova, P. 2004. Overview Of The Indian Corporate Sector: 1989-2002 (Epub) (No. 4-64). International Monetary Fund. Vishwakarma, V.K., 2013. Is There A Periodically Collapsing Bubble In The Indian Real Estate Market? Journal Of Applied Business Research, 29(1), Pp. 167. WARREN-MYERS, G., 2012. The Value Of Sustainability In Real Estate: A Review From A Valuation Perspective. Journal Of Property Investment & Finance, 30(2), Pp. 115-144. Read More
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