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India Factfile - A Glimpse |
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| Outsourcing
Services |
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Accounting
& Finance |
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Financial Accounting |
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General Ledger |
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Accounts Payable |
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Accounts Receivable |
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Billing |
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Payroll |
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Bank Reconciliation |
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Financial Analysis |
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Budgeting & Forecasting |
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Tax
Preparation Services |
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| 1. |
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India is one of the oldest
civilizations in the world. It is also the largest democracy
in the world. The seventh largest in the world in terms of area, India
is the second most populous country in the world. It has a rich cultural
heritage, mingled with different races and religions. The country
is rich in natural and human resources. India has about 15 major languages
and 844 different dialects. The Sanskrit of the Aryan settlers has
merged with the earlier Dravidian vernaculars to give rise to new
languages. |
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India shares borders
with Pakistan, China, Nepal, Myanmar, Bangladesh and Bhutan. At its
southernmost tip is Sri Lanka. The Himalayas rise out of India in
the north. The Indian Ocean surrounding the southern portions, the
Bay of Bengal in the east and the Arabian Sea in the west make India
a peninsula surrounded by water on three sides. |
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India, a union
of states, is a sovereign, secular, democratic republic
with a Parliamentary system of Government. The Indian polity is governed
in terms of the Constitution, which was adopted by the Constituent
Assembly on 26 November 1949 and came into force on 26 November 1950.
The President is the constitutional head of Executive of the Union.
Real executive power vests in a Council of Ministers with the Prime
Minister as head. |
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Advancement
- India is the tenth most industrialised country in the world. It
is self-sufficient in agriculture. India is the sixth nation to have
gone into outer space and the sixth nation to have become nuclear. |
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Today, India is one of the most exciting
emerging markets in the world.
Skilled managerial and technical manpower that match the best available
in the world and a middle class whose size exceeds the population
of the USA or the European Union, provide India with a distinct cutting
edge in global competition. |
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India's economy
encompasses traditional village farming, modern agriculture, handicrafts,
a wide range of modern industries, and a multitude of support services.
67% of India's labor force work in agriculture, which contributes
25% of the country's GDP. Production, trade, and investment reforms
since 1991 have provided new opportunities for Indian businesspersons
and an estimated 300 million middle class consumers. Government controls
have been reduced on imports and foreign investment, and privatization
of domestic output has proceeded slowly. The economy has posted an
excellent average growth rate of 6% since 1990, reducing poverty by
about 10 percentage points. |
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India is set on a fast
growth track, with strong economic growth predicted for
2004-2005. There is youthfulness in the economy as about 500 million
people are below the age of 25 years. |
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A growth rate
of above 8% was achieved by the Indian economy during the year 2003-04
and in the period April-Dec 2004. Growth in the Indian economy has
steadily increased since 1979, averaging 5.7% per year in the 23-year
growth record. (However in comparison to many East Asian economies,
having growth rates above 7%, the Indian growth experience lags behind.)
Many factors are behind this robust performance of the Indian economy
in 2004-05. High growth rates in Agriculture, Industry & service
sector and a benign world economic environment provided a backdrop
conducive to the Indian economy. Another positive feature was that
the growth was accompanied by continued maintenance of relative stability
of prices. |
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Economics experts and various studies
conducted across the globe envisage India and China to rule the world
in the 21st century. For over a century the United States has been
the largest economy in the world but major developments have taken
place in the world economy since then, leading to the shift
of focus from the US and the rich countries of Europe to
the two Asian giants- India and China. |
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The rich countries of Europe have seen
the greatest decline in global GDP share by 4.9 percentage points,
followed by the US and Japan with a decline of about 1 percentage
point each. Within Asia, the rising share
of China and India has more than made up the declining global share
of Japan since 1990. During the seventies and the eighties, ASEAN
countries and during the eighties South Korea, along with China and
India, contributed to the rising share of Asia in world GDP. |
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According to some experts, the share
of the US in world GDP is expected to fall (from 21 per cent to 18
per cent) and that of India to rise
(from 6 per cent to 11 per cent in 2025), and hence the latter will
emerge as the third pole in the global economy after the US and China.
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