|
India, the
world's largest democracy, is the 7th largest country in the
world and the 5th largest economy in terms of purchasing power
parity. India's richness and diversity of culture, geographic and
climatic conditions, natural and mineral resources are matched
only by few other countries in the world. India's enduring
institutions, rooted in the principles of democracy and justice,
ensure a transparent predictable and secure environment for
domestic and foreign private investment. The existence of an
independent judiciary, strong legal and accounting system, a free
and vibrant press, reservoir of highly skilled manpower, and the
use of English as the principal language of business and
administration are some of the attractive features of the Indian
business environment.
A highly regulated
business environment, a pervasive license system and high tariff
barriers characterized the Indian economy, until 1991. Sweeping
reforms, introduced in 1991 and continued by successive
governments, have radically changed the course of the Indian
economy. Today, a new spirit of economic freedom is stirring
India, bringing sweeping changes in its wake and unleashing the
vast potential of the Indian economy. The Government's policies
are now relatively simple, transparent and geared towards
promoting domestic and foreign private investment. There exists a
strong political consensus on the economic liberalization
policies at the central and state government levels. This augurs
well for the continuation and progressive strengthening of
investor friendly policies that have created a sea of
opportunities for domestic and foreign investors particularly in
the infrastructure sector. |
General Section
