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United States Vs. India - Essay Example

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The purpose of this assignment is to compare India to the US in terms of unemployment and inflation, the general economy and the banking system.
The labor force in India is…
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United States Vs. India
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United States Vs. India

The rate of unemployment according to the CIA Factbook was 9.5% in 2009 and 9.1% in 2008 in India. When compared to the USA, the unemployment rate is very similar for the year 2009 as the country had 9.4% unemployment but in 2008, the rate was 5.8%. The rise in unemployment in the recent years in US has been caused by the economic conditions and the sub-prime crisis. General Motors filed for bankruptcy in 2009 and many other companies which employed a large proportion of the population also closed down. Many companies made lay-offs to reduce costs as their products were not being sold in the market. Many economists say that the unemployment that the US faces is seasonal and will improve with time.
The inflation rate in the US for consumer prices was -0.7% in 2009 and 3.8% in 2008 (CIA, 2010). In contrast, India had an inflation rate of 9.8% in 2009 and 8.3% in 2008 (CIA, 2010). The rate of inflation is very high in India as compared to the USA which was negative for the last year. This high inflation rate in India accounts for the high demand of products in the country and the low rate in US accounts for the low demand and higher production in the economy.
The US is the largest hub of technology in the world with per capita GDP of US$ 46,900 where as the Indian economy has per capita GDP of US$ 3,100 as of 2009 (CIA, 2010). Both these countries derive most of the GDP from the services sector and have economic liberalization policies. India has become a well known exporter of software products and has an edge of low labor cost. Although more than half of the labor force is self-employed in the agricultural industry in India, but the sector only accounts for 17% of the net income of the country. The US only derives 1.2% of its total revenue from agricultural sector and 71 % of the revenue from the services sector (CIA, 2010).
USA has been struck hard by the worldwide economic downturn and the country itself ... Read More
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