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Evolution Of Education Sector in India:

New Education Policy Consultation released in 2016

The National Policy on Education was framed in 1986 and modified in 1992. Since then several changes have taken place that calls for a revision of the Policy. The Government of India would like to bring out a National Education Policy to meet the changing dynamics of the population’s requirement with regards to quality education, innovation and research, aiming to make India a knowledge superpower by equipping its students with the necessary skills and knowledge and to eliminate the shortage of manpower in science, technology, academics and industry.

For the first time, the Government of India is embarking on a time-bound grassroots consultative process, which will enable the Ministry of HRD to reach out to individuals across the country through over 2.75 lakh direct consultations while also taking input from citizens online.

Some Stats:
1. In India 48% Girls and 70% Boys are literate.

2. In U.S. 99% Girls and 99% Boys are literate.
3. Leading destination for abroad students.
U.S. – 36,210
India – 4,377

Graph showing Education stats for different countries

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Evaluation in Banking and Finance sector

•   Being a developing country, India is not as economically prosperous as the United States.

•  The figure compares the purchasing power of the world’s five largest economies. Both the United States and India are projected to increase their purchasing power by 2020. Furthermore, India is shown to experience a relatively significant increase in purchasing power compared to the other countries

•  An assessment of the banking sector performance shows that banks in India have experienced strong balance sheet growth in the post-reform period in an environment of operational flexibility. Improvement in the financial health of banks, reflected in significant improvement in capital adequacy and improved asset quality, is distinctly visible.

•  The financial inclusion model followed in India is aimed at providing access to formal banking to a large section of socially and economically excluded segment of population and improving its social/economic status.

•    The Indian banking system is multilayered, comprising  82 scheduled commercial banks (SCBs), 92 regional rural banks (RRBs), 4 local area banks (LABs), 1,813 urban co-operative banks (UCBs) and 107,497 rural co-operative credit institutions.

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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997.

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Indian vs US Economies
India is developing into an open-market economy, yet traces of its past autpolicies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997.

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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and have served to accelerate the country's growth, which averaged under 7% per year since 1997.

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Large economies are moving up in Global Manufacturing

The Global manufacturing sector has undergone tumultuous phase in the period from 1980 to 2010, with large developing economies leaping into the first tier of manufacturing nations. In the United States, every unit of output from manufacturing requires 19 units of service as input. And in some manufacturing industries, more than half of all employees work in service roles, such as R&D engineers and office-support staff.

According to an analysis done by Mckinsey Global Institute, the United States ranks first consistently during this period in the list of 15 top manufacturers by share of global nominal manufacturing. While India stood at the fifteenth rank in 1980,it has risen to rank 10 in 2010 while remaining on the fourteenth rank in 1990 and 2000.

In 2010, the United States stood as the world's second largest manufacturer, with an industrial output of approximately $1,696.7 billion. On the Indian context, in the year 2010 the manufacturing industry provided employment to more than 62 million individuals in the country including highly educated professionals as well as the lesser educated individuals.

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PRN 15030241163
Evolution of Healthcare sector in India
Healthcare has become one of India’s largest sectors - both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing,  medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players.
The overall Indian healthcare market today is worth US$ 100 billion and is expected to grow to US$ 280 billion by 2020, a Compound Annual Growth Rate (CAGR) of 22.9 per cent. Healthcare delivery, which includes hospitals, nursing homes and diagnostics centers, and pharmaceuticals, constitutes 65 per cent of the overall market. The Healthcare Information Technology (IT) market which is valued at US$ 1 billion currently is expected to grow 1.5 times by 2020

C omparison of Indian Healthcare sector with that of US's:
In India the total expenditure as percentage of GDP is as low as 4-5 %,whereas in US it is well beyond world standards, as high as 16.2 % of GDP.India spends about $68 per person annually on health care; the United States spends $8,500. One of the biggest differences between the United States and India is in the public health arena. There’s not enough spent on safe water,sanitation, and nutrition in India. Only 25% of the population has access to sanitation. In the US doctors spend more time on each patient and it is said that diagnostic testing is the norm.
Indian Doctors devote far little “examination time” on each patient, seeing some 60 patients in three hours. Sometimes drugs are prescribed without physical examination. The use of diagnostic testing in India is almost unheard of. The Indian Healthcare system can be considered as a Mixed Healthcare System where there is a government health infrastructure which provides healthcare at primary, secondary and tertiary levels. In addition to this there is a strong presence of private healthcare infrastructure which is growing stronger by the day with decline of trust of people in public hospitals. While in US the system is majorly privately funded where the employers are supposed to fund for the employees working with them.There is public funding is available only for unemployed people who cannot afford to purchase health insurance. Out of the pocket payments account for 70% of healthcare costs in India which warrants a work up on strengthening of financing mechanisms like insurance. On the other hand in US the out of pocket expenditure stands at around 10-12%.India has a universal, decentralized health care system managed by both the Central and state government. The central Government oversees medical education and collects statistics on infectious diseases. The US does not have a universal health care system yet though efforts are on.

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PRN 15030241163

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Evolution in service Sector
Indian Evolution of Services Sector:
• Service Sector in India today accounts for more than half of India's GDP.
• Services or the "tertiary sector" of the economy covers a wide gamut of activities like trading, banking & finance, infotainment, real estate,  among several others
• The share of services in India's GDP increased by 21% in the 50 years between 1950 and 2000, nearly 40% of that increase was concentrated in the 90’S.
• While almost all service sectors participated in this boom, growth was fastest in communications, banking, hotels and restaurants, community services, trade and business services.
• One of the reasons for the sudden growth in the services sector in India in the nineties was the liberalization in the regulatory framework that gave rise to innovation and higher exports from the services sector.
Comparison of Indian Service sector to US service sector:
• US Services Sector will be producing more than 82 percent of GDP in the years ahead.
The comparison can be presented trough the graph
The graph clearly depicts that the Indian GDP has risen from 18% to 46% since 1950 though it remains considerably low as compared to that of US.

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Evolution in agriculture Sector
Agricultural economics arose in the late 19th century, combined the theory of the firm with marketing and organization theory, and developed throughout the 20th century largely as an empirical branch of general economics. The discipline was closely linked to empirical applications of mathematical statistics and made early and significant contributions to econometric methods. In the 1960s and afterwards, as agricultural sectors in the OECD countries contracted, agricultural economists were drawn to the development problems of poor countries, to the trade and macroeconomic policy implications of agriculture in rich countries, and to a variety of production, consumption, and environmental and resource problems.
•American farming is capital intensive, mostly commercial farming less than 3% of its population is dependent on farming and most farms are irrigated.

•Agriculture and agriculture-related industries contributed $789 billion to the U.S. gross domestic product (GDP) in 2013, a 4.7-percent share and arable land being the largest.

•USA is ranked as leading producer of Corn and also largest exporter of wheat.

•USA plans to develop more accurate risk management practices and also increase the antioxidant levels to enhance the importance of fruits in the industry in the near future.
indian-economy-vs-china-usa.jpg

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PRN : 15030241161

Comparing Banking and Finance Sector of India and USA
INDIA:

India has a diversified financial sector, which is undergoing rapid expansion.

The Indian banking sector is broadly classified into scheduled banks and non-scheduled banks. Some other classifications include Foreign Banks, Regional Rural banks, Urban & State Cooperatives, Public & Private sector banks.

The size of banking assets in India reached US$ 1.8 trillion in FY-14 and is expected to touch US$ 28.5 trillion by FY-25. Contribution of the Banking sector to GDP is about 7.7%.

USA:

Banking in the United States is regulated by both the federal and state governments.

Financial markets in the United States are the largest and most liquid in the world.

In December 2011, the five largest banks' assets were equal to 56 percent of the U.S. economy, compared with 43 percent five years earlier.

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PRN : 15030241159

Evolution of Manufacturing Sector

In the most recent data, manufacturers contributed $2.09 trillion to the US economy. This figure has steadily risen since 2009, when manufacturers contributed $1.73 trillion. The sector accounts for 12.0 percent of GDP.

Deloitte’s global index 2013, for 38 nations has ranked India the fourth most competitive manufacturing nation behind China , The US and Germany. Manufacturing contributes just 16 percent to India’s GDP.

However India’s share of global manufacturing stands at little over 2 percent. Contributes one-fourth of total GDP.

Indian Government has initiated to get participation from NRIs to invest more in manufacturing sector to create more job opportunities.

Following picture depicts the disruptive waves in manufacturing industries:

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PRN 15030241160

Glancing at Indian Economy and US Economy

INDIAN ECONOMY

Economic Liberalisation , Privatisation and Globalisation began in early 1990's and have served to  accelerate the country's growth, which averaged under 7% per year since 1997.

India's diverse economy encompasses slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for nearly two-thirds of India's output, with less than one-third of its labor force.India has capitalised on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers.

In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms.

India's economic growth began slowing in 2011 because of a slowdown in government spending and a decline in investment, caused by investor pessimism about the government's commitment to further economic reforms and about the global situation.

In late 2012, the Indian Government announced additional reforms and deficit reduction measures to reverse India's slowdown, including allowing higher levels of foreign participation in direct investment in the economy. The outlook for India's medium-term growth is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy.

US ECONOMY

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800.

US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II.

From 1970's to 2005 , US has shown significant growth in real estate sector.

Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression.

In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover.

In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt.

In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%

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PRN: 15030241162

Evolution In Agriculture Sector
India

•Indian agriculture is labor intensive, mostly subsistence farming, nearly 60% of its population is dependent on farming and most farms are rain fed.

•India accounts for 16% of GDP and 10% of export earnings. India's arable land area of 159.7 million hectares is the second largest in the world.

•India is ranked within the world's five largest producers of over 80% of agricultural produce items, including many cash crops such as coffee and cotton.

•India's agricultural economy is undergoing structural changes. Between 1970 and 2011, the GDP share of agriculture has fallen from 43 to 16% .

•Today, India ranks second worldwide in farm output. Agriculture and allied sectors like forestry and fisheries accounted for 13.7% of the GDP , about 50% of the workforce.

•In addition to growth in total output, agriculture in India has shown an increase in average agricultural output per hectare in last 60 years.

•Adoption of modern agricultural practices and use of technology is inadequate in the case of small land holdings.

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Evolution In Infrastructure
•A key driver of the economy, Infrastructure is highly responsible for propelling India’s overall development.

• This sector includes power, bridges, dams, roads and urban infrastructure development.

•India's infrastructure and transport sector contributes about 5% of its GDP.

Roads India has the world's third largest road network, aggregating over 4.24 million kilometres (km) and account for 65 per cent of freight and 80 per cent of passenger traffic, according to the National Highway Authority of India (NHAI).

Aviation India’s aviation sector has emerged as one of the fastest-growing aviation markets in the world, driven by its sustained economic growth. It is poised to be among the top five aviation nations in the world in the next 10 years.

Railways Indian Railways (IR) is the third largest railway network in the world with 7,083 railway stations, 9000 locomotives, 51,030 passenger coaches, 219,931 freight cars and 63,974 route kilometers.

Power The power sector (electricity generation) has been witnessing a steady increase of around 6- 7 percent in the recent years. During the current Five-Year Plan, the country’s average annual capacity addition has been about 10,000 MW. However, as India aspires to achieve a GDP growth rate of 8-10 percent, it would ideally require an annual capacity addition of 30,000 MW.

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