Flashcards in India, NICs Deck (9)
What percentage has the economy grown by since 1997?
7% per year
What has growth been focused on?
Services industries rather than manufacturing
How many people graduate from Indian universities each year?
Name 3 reasons why growth of service industries have succeeded...
English is widely spoken and understood
Low labour costs
Extensive communication network
In 1980s and 1990s, what did some young Indian IT professionals do?
They migrated to the UK or US to work for western companies. When they came back, they understood the IT needs of more developed countries
What did low cost of labour mean for India?
They could provide the same service as their competitors in developed countries but at a lower price
Why did TNCs relocate service areas of their business to India?
Availability of skilled, English speaking workforce means India can offer a range of other office-based services
TNCs save a lot of money
In 2011, what percentage of GDP did the service sector account for?