India is well on its way to becoming a global economic superpower. The country finds itself alongside Brazil, Russia,and China in the group of new world economies that are collectively called the “BRIC”‘s.
It is widely understood that the countries recorded population of 1.24 Billion people likely falls shy of the actual number of people living in the country, owing to problems with recording and tax evasion issues. But even still, it is not hard to see why India is already the worlds 3rd largest economy with GDP lagging behind only the USA and China.
The economy of India remains predominantly one of agriculture and industrial manufacturing, however, recent years have seen a substantial increase in the service and financial sectors. The country has infamously become home to the call centres for many multi-national companies, as well as a home to a large IT and Technical Support service economy.
India culture continues to place strong importance on education and there are many important universities that offer a global quality education. As a result, India is home to many highly qualified graduates which support the nations burgeoning middle class and drive forward the transitioning economy into the service and financial sectors.
The teething pains of a growing economy can, sadly, be seen in some sectors of the Indian economy with problems such as rampant inflation and a growing gulf of wealth disparity between the rich and poor. The region is home to some of the most egregious instances of income and wealth inequality among its citizens, with many of the country’s nationals living below the poverty line, whilst others are among the world’s richest.
Increasingly, people are pouring into the more residential and metropolitan areas of the country as they seek more economic prosperity than they might otherwise find in the rural parts of countryside. This is leading to increased strain on the services of the built up cities and increasing property prices and rental demands.
Similar to the United States, home ownership is a cornerstone of the Indian financial psyche and many people strongly place home ownership high on the list of their financial goals and priorities.
Many expats from India work in the Middle East, Western Europe, and the United States. The higher salaries available overseas make expat working a very inciting opportunity for educated Indians to earn good money and support their families.
The remittances from Indian workers overseas are among the highest in the world, registering in the tens of billions of dollars per year, and for many families in India these remittances are a vital part of their livelihood. Typically, the vast majority of Indian workers overseas remit money on a regular basis to support their parents, and or wives, that remain in the country.