CNN recently held a competition asking budding young entrepreneurs to write an essay about why does India means business.
You can read the winning entry at:
Essay competition: Why does India mean business? - CNN.com
It's an insightful essay. Here are some highlights:
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India is among the world's youngest nations with a median age of 25 years as compared to 43 in Japan and 36 in USA.
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"The economy is vibrant -- India's foreign exchange reserves stood at a healthy $ 300 billion as of August 08, 2008. The foreign institutional investors (FIIs) brought in $16.1 billion in 2007-08. Foreign direct investment (FDI) inflows during 2007-08 rose 56.5 percent to US$ 24.57 billion.
"The number of companies incorporated has increased at an annual average of 55,000 companies in the last two years to 865,000, from 712,000 companies at the end of 2005. (IBEF Report)
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"However, all the progress made by the country is obscured by the core problems that plaques the nation. The following are the 10 core problems facing India: Poor educational standards; poor infrastructure; balance of payments deterioration; high levels of debt; unemployment; economic inequality, large budget deficit, high inflation and rigid labor laws; high subsidies.
"These problems stunt growth and restrict India to being only a developing economy. Reform of inappropriate policies, unproductive government programs and inefficient public organizations and projects can generate hope and confidence in a more productive future.
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Congrats to winner Anuj Jalote!
Why India Means Business
