< Although poverty has fallen and there are pockets of dazzling wealth, much of the economy is primitive. Infrastructure is decades behind China’s.... Only 3% of Indians pay income tax, leaving a hole in government finances. About 90% of jobs are informal, leading to widespread poverty. Agriculture is feudal and food shortages cause inflation. India is meant to be industrialising but manufacturing contributes only 15% of GDP and 11% of jobs, and its share has been falling. A majority of India’s 50m manufacturing workers toil in facilities without electricity.. At market exchange rates India’s GDP remains smaller than Italy’s and ranks tenth in the world, about the same as in the 1980s. > - The Economist Magazine article Reviving Indias Economy .
Posted on: Tue, 29 Jul 2014 09:24:42 +0000
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