India as Emerging Market - Essay Example

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India as Emerging Market

The preamble of Indian Constitution declares India as sovereign, socialist, secular and democratic republic and importantly promises social, economic and political justice. Therefore, India is constitutionally a modern social democratic state with a strong emphasis given to ‘socialistic pattern of development’ (Basu, 1994). The Directive Principles of State Policy delineated in part IV of the Indian constitution upholds the notion of an active welfare state which could intervene in the social, religious, and cultural affairs of the country in order to ensure progress. Indian federalism is of a mixed type in which states and the centre effectively wield power distinct areas. However, the centre has supreme power in many areas including the power to dismiss the elected governments at the state level in terms of article 356. For Basu (1994), although the federal system is the basic structure of the government of the country, a strong mixture of unitary bias is apparent. The Panchayati Raj system is a unique characteristic of Indian polity. Kashyap (2002) is the view that “the seventy-third and seventy-fourth constitutional amendments have made some fundamental changes in our political structure and in the status of local institutions”. Thereafter, governance has been considerably decentralised through panchayats and other institutions of local governance. Although India has a strong economy and an young, vibrant work force, it is still long behind in terms of human development. ...
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This paper intends to introduce briefly the internal and external realities of contemporary India and its strengths and prospects vis-à-vis the rest of the world. The paper examines a variety of interrelated but distinct factors such as its social and economic indicators, trade and markets…
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