Scene in India
Our country has a population of 139 Crores and a population growth rate of 1.548%. As per the report published (in July 2020) by the National Population Commission, Ministry of Health and Family Welfare, India’s population in 2011 was 121 crore, comprising approximately 246 million households. The decadal growth rate during 2001-2011 stood at 17%. This is estimated to have decreased to 12% during 2011-2021 and is likely to decline further to 9% during 2021- 2031. However, with the country’s population in 2030 estimated at 1,470 million, India will continue to be a major opportunity market from a demand perspective. The share of urban population in total population has been rising consistently and is expected to reach 35% by 2023 from 31% in 2011, spurring demand. India’s diverse economy encompasses traditional village farming, modern agriculture, handcrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, leading the government to articulate a rural economic development programmer that includes creating basic infrastructure to improve the lives of the rural poor and boost economic performance.
The government has relaxed controls on foreign trade and investment. Higher limits on foreign direct investment were permitted in a few key sectors, such as telecommunications. However, tariff spikes in sensitive categories, like agriculture and incremental progress on economic reforms still hinder foreign access to India’s vast and growing market.