Introduction
India is a developing country that is improving its economy day by day. Not only in the economy is India also improving its other aspects which deal with the life of its people and its relations with others. Shortly we can say that India is making progress day by day in each and every walk of life. In this paper, the progress of India’s economy, Its GDP, employment, labor law analysis and routine work life activities will be discussed in detail. All of these factors will depict the current situation in India and its performance or position in future.
GDP of India
It is the output of national income of any country and its output for the country’s economy. From the last few years, the economy of India expanded to 7.3 percent which was less than the growth in previous years that was 7.7 percent. The decrease in growth of the economy was due to some downfall in the manufacturing sector. GDP rate increased from 6.04 to 11.4 in the last few years
The GDP of India was of value 2066.90 billion US dollars in 2014. The worth of GDP of India represents 3.33 percent of the world economy. Gross domestic product of India averaged 550.27 USD Billion from 1970 until 2014, which reached the heights of 2066.90 USD Billion in 2014 and formed the history of low record of 63.50 USD Billion in 1970 (Agrawal and Khan, 2011).
Economic Strength of India
After facing downfall in its economy, India is now progressing day by day in its economy and is improving its progress which has led its economy towards heights. Despite few defects, the economist says that Indian economy has much strength. Some of the strengths are as follow
Demographics of India Are Favorable
The birth rate of India is increasing day by day which will increase its population and will also increase the workforce. As there in high literacy rate in India so there will be more availability of skilled and trained workers adding up to the economy
Scope of Increase in Efficiency
In India, there is much scope for increase in efficiency. The condition of the infrastructure in India is so bad that even if we make a very small improvement this will lead to a very large increase in economy
Globalization and Outsourcing
The literacy rate is high in India. The people of India are very educated and good at speaking English so it can easily communicate with people in international markets which can lead to betterment in their economy
Growth Forecasts
The forecasts about growth tell that India can make further growth in future by improving its condition in education and skills which will also bring a very rapid growth in its economy and will take them to the heights of development
Financial Regulations
The regulators of financial sector in India are following:
Reserve Bank of India (RBI)
Securities and Exchange Board of India (SEBI)
Federal Movement Count (FMC)
Insurance Regulatory and Development Authority (IRDA)
Reserve Bank of India (RBI)
This institution of Indian economy is a regulator of deposit taking agencies. It regulates debts, deposits, foreign exchange markets. It deals with the central bank. It is a type of investment banker for the government
Securities and Exchange Board of India (SEBI)
It regulates the exports of India. It has the right also to enforce the regulations with their formation. It also has the right to impose punishment on those who will not follow the regulations and will do any wrong act
Federal Movement Count (FMC)
It is a regulator of commodity derivative markets. Rather than imposing the regulations on people, it forms policies. It helps in the progress of commodity derivative markets. It also plays an important role in the department of consumer affairs
Employment in India
The employment rate in India is not very high. The number of the labor force is not too much. There are some unemployed people in India. So there is need of time to increase the employment rate. Most of the people after getting education search for jobs but they do not get jobs, and they suffer a lot because of this they move to other countries and because of this the labor force move outside the country. From the past few years as the economy of India is improving and the literacy rate of India is also high, so this also has increased the number of jobs due to increase in the number of industries in India. There are more job opportunities for people and thus the employment rate in increasing day by day.
Labor Law Analysis
Labor law in any country refers to the laws regarding labor of that country, in the same way, the labor laws in India refers to the laws regarding the betterment of labor in India. The Indian government is federal and state sort of government, but it had many rules regarding the protection of labor. Labor matters and under both federal and central government. Indian labor law distinguishes between people who work in organized sectors and those who worked in unorganized sectors. Indian law focuses properly on the wage rate and the safety and health of its workers. It forces a lot on the security of its workers. The Indian state has established different trade unions and organizations for the betterment of employees. It creates a sense of security and trust among the labor force. Different articles in Indian government focused on the equality of workers and fair treatment with them. In the case of and unfair treatment with the labor force, there are punishments that protect them and provide them their rights
Work-Life Balance Issues in Country
The work weeks of employees in India are largest among other countries. The use of technology that has made our minds omnipresent has led to a decrease in leisure time. If a person does not have any leisure time he had no time to fresh his mind and this will affect his performance. Experts say that the most important thing that matters while evaluating balance in work life is to see the priorities of the individuals and the relative importance of different relationships. A cultural drive shift or change of place also helps people to increase their performance because it changes their mind and increases their efficiency. To maintain work life balance one should not reduce its working days because it will increase the pressure and one have to work more in the working days, and this will affect the performance
Conclusion
This report shows that the economy of India is improving day by day. The number of workforce and industries is also increasing day by day. It shows that India can make progress in the coming years in the field of economy and will be counted as a developed country.
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