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Devika Mukherjee - 15030241011 In 2013. India was the 18th largest goods market for the U.S. That year, total India-U.S. trade was $96.7 billion, up over 400 percent from $23.9 billion in 2003. Of this total, U.S. exports to India were $35.7 billion and imports were $61 billion, producing a bilateral trade deficit of $25.4 billion in 2013, up from a deficit of $6.3 billion in 2003.A key feature of growth in bilateral trade has been in services, which grew 600 percent since 2003, from $5.8 billion to $32.5 billion in 2013. This includes an increase in India’s services exports to the U.S. of over 900 percent since 2003—from $2 billion to over $19 billion in 2013—and growth in U.S. service exports to India of over 350 percent from $3.7 billion in 2003 to almost $13.5 billion in 2013. In fact, since 2006 the U.S. has had a growing services trade deficit with India, even though the U.S. runs a services trade surplus with the rest of the world.Related Top Ten Global Economic Challenges: An Assessment of Global Risks and Priorities.Why China should join the Trans-Pacific PartnershipTaiwan’s Economic Opportunities and Challenges and the Importance of the Trans-Pacific Partnership.This services deficit largely reflects the growth in India as a destination for outsourcing by U.S. companies. Outsourcing has given U.S. businesses access to lower cost services inputs that has allowed them to be more competitive in the U.S. and overseas. There have been concerns, however, that outsourcing can negatively affect U.S. jobs.For the U.S., tourism and education are the largest services exports to India.Total goods trade has also grown substantially—over 400 percent from $18.1 billion in 2003 to $64.2 billion in 2013. The U.S. has a growing trade in goods deficit with India, which was almost $20 billion in 2013, up from $8 billion in 2003.

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Devika Mukherjee - 15030241011 In 2013. India was the 18th largest goods market for the U.S. That year, total India-U.S. trade was $96.7 billion, up over 400 percent from $23.9 billion in 2003. Of this total, U.S. exports to India were $35.7 billion and imports were $61 billion, producing a bilateral trade deficit of $25.4 billion in 2013, up from a deficit of $6.3 billion in 2003.A key feature of growth in bilateral trade has been in services, which grew 600 percent since 2003, from $5.8 billion to $32.5 billion in 2013. This includes an increase in India’s services exports to the U.S. of over 900 percent since 2003—from $2 billion to over $19 billion in 2013—and growth in U.S. service exports to India of over 350 percent from $3.7 billion in 2003 to almost $13.5 billion in 2013. In fact, since 2006 the U.S. has had a growing services trade deficit with India, even though the U.S. runs a services trade surplus with the rest of the world.Related Top Ten Global Economic Challenges: An Assessment of Global Risks and Priorities.Why China should join the Trans-Pacific PartnershipTaiwan’s Economic Opportunities and Challenges and the Importance of the Trans-Pacific Partnership.This services deficit largely reflects the growth in India as a destination for outsourcing by U.S. companies. Outsourcing has given U.S. businesses access to lower cost services inputs that has allowed them to be more competitive in the U.S. and overseas. There have been concerns, however, that outsourcing can negatively affect U.S. jobs.For the U.S., tourism and education are the largest services exports to India.Total goods trade has also grown substantially—over 400 percent from $18.1 billion in 2003 to $64.2 billion in 2013. The U.S. has a growing trade in goods deficit with India, which was almost $20 billion in 2013, up from $8 billion in 2003.

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Current trends in Indian economy and US economy 

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Current trends in Indian economy and US economy 

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Indian Economy:

Indian economy is classified in three sectors — Agriculture and allied, Industry and Services. Services sector is the largest sector of India. Gross Value Added (GVA) at current prices for Services sector is estimated at 61.18 lakh crore INR in 2014-15. Services sector accounts for 52.97% of total India's GVA of 115.50 lakh crore Indian rupees. With GVA of Rs. 34.67 lakh crore, Industry sector contributes 30.02%. While, Agriculture and allied sector shares 17.01% and GVA is around of 19.65 lakh crore INR.

Indian Economy in recent years:

It is said that India is all set to overtake China to become world’s fastest growing economy. The growth of Indian economy is majorly driven by private consumption and public investment. However for a robust and sustainable growth of Indian economy private investment and exports need to act as driving force and pull up the economy. Prime minister Modi’s high profile trips to other countries with the aim of improving India’s image as business and investment destination has also helped India leverage a lot of opportunities of foreign investments. According to 2015 year’s data, Foreign investors sold off a lot of Indian equities this year as they exited emerging markets broadly, leading to sharp gains being wiped out.

US economy:

The US is the world's largest national economy in nominal terms and second largest according to Purchasing power parity. IN 2015, Americas unemployment rate for those of labor class with the education level of less than that of high school dropped by 1.7% i.e more jobs for less educated. As far as  inflation is concerned the nation enjoyed a lower rate of  increase in cost while some cities especially on the western coast saw a price rising of 1 or more percent.

Indian economy Vs US economy:

India is growing at the rate of eight to nine percent per annum whereas US economy is growing at a very slow speed until last year. India has no.1 growth rate among stock markets in the world. India has fifth highest foreign currency reserve in the world. India is winning triumph over other economies in various aspects like green job sector, by voluntarily cutting carbon emission, shifting to clean energy, pioneer in recycling industry. TATA is one of the major players in this initiative. India will also lead in internet and telecommunication.

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Indian economy
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 fewer than 7% per year since 1997.

India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. 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 capitalized on its large educated English-speaking population to become a major exporter of information technology services, business outsourcing services, and software workers.

Us economy

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace.

US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

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. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits.

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                                       Comparison Economic between US and India

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                                       Comparison Economic between US and India

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The US economy is the largest, most powerful economy with a per capita GDP of $49,00 , with this it enjoys greater flexibility than their counterparts in making decisions to expand capital requirements and develop new products, however saying this they face greater barrier in entering rival markets than foreign firms face entering their markets. The United States, the largest economy in the world accounting for 24.5 percent of the global GDP, continued growing at the moderate pace in 2016 after the decrease of output growth in the second quarter of 2015. The NYSE is by far the largest and most influential in terms of market capitalization. If we compare the foreign investments made in the US total it totals to almost $2.4 trillion, while American investments in foreign countries total over $3.3 trillion. U.S. economic growth has been slowing since last spring due to the housing slump. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others. The Current US economy is facing stiff competition from the new growing economies like India and China. US economy is already developed well. so the development of indian economy is in better rate comparing to US. We are lagging in advanced technologies, infrastructures, corruption Free State. Though we are having experts, we cannot hold them to work for India because of salary concerns. But now the scenario is changing down. Even the experts, specialist in US gone from India want to return to India. Because the salary now they are getting there is somewhat equal to salary giving in India. comparing to US, our population is playing a main role. Our GDP growth rate is very high comparing with US mainly because of the population in India. Also the MNCs in the other countries trying to invest in India because of cheap investment. So the job opportunities in India is very good. India, the third world largest economy announce that it expanded by 7.3 percent over the last quarter while jumping from 6.6 percent in the last year. Several factors make India an attractive emerging market. In addition to strong growth, India is a net oil importer, which means the decline in oil prices has helped bring inflation down. demographic also helps India with half the population under age 25,which is one of the reasons India is expected by some economists to become the youngest country in the world — a boon for consumer and tech companies and one of the reasons Wal-Mart and Apple, among others, have been trying to expand aggressively into the country. The Indian economy is on a robust growth trajectory and boasts of a stable annual growth rate, rising foreign exchange reserves and booming capital markets among others. It is hoped that within some 20 years, India will be a developed country and at par with the US economy.

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Contributors listed sector wise in Indian economy

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Indian Economy as compared with US and Other Nations

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Indian Economy as compared with US and Other Nations

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India is an emerging economy and comparison of Indian economy with other countries such as the US, European Union, Canada, Japan and China is needed to study international economy and business.

People want to compare economies to make strategies. This article will help you understand better Indian markets, consumers, industries and overall growth picture of India in Comparison with US, EU, Canada, Japan, China and rest of the world.

India is a large country having a population of more than a billion, second highest in the world. It is also the largest democracy in the globe. GDP India is fourth highest in the world in PPP terms. Here is a comparison of Indian economy vs. the US, EU, Canada, Japan, China and rest of the world.

Indian GDP ranks to No.12 in nominal term of world GDP after US, Japan, UK, Germany, China, France, Italy, Spain, Canada, Brazil, and Russia. However, India ($3000B) comes to No.4 after US(($13800B), China ($7000B) and Japan($4300B) in PPP terms .

India is a large economy. It has GDP of $1100 B (2007) or RS.55000 B. It is approximately two percent of the GDP of the world i.e. $55000 B. It does not tell the real story because world GDP is calculated based on US dollars. However, Indians have to buy, sell and spend in Indian rupee.

Price parity parameter shows a comparatively better picture. In PPP method, Indian GDP is calculated to $3000B that is approximately 4.7 percent of world GDP of $64000B in PPP.

BSE stock index of India has grown at the fastest pace beating all stock indexes in the world including America, Canada, China, Japan and of course, all stock markets in the European Union. India has no.1 growth rate among stock markets in the world.

India’s recent initiatives for Economic development:

Narendra Modi, Prime Minister of India visited Japan recently and signed treaties with his Japanese counterpart. He also met with Japanese entrepreneurs, industrialists and investors. Japan has agreed to invest $ 35 B in coming five years in various projects in India. This will enhance Indo-Japan cooperation in business and economic sectors and will benefit both countries.

Australian Prime Minister visiting India has signed four business agreements with India. The most important is a nuclear deal signed with India. Australia has been mining best quality uranium in the world and is now agreed to supply their products for nuclear power projects in India. Australia has reduced dependence on China by signing a nuclear deal with India. India is the best potential customer for Australian uranium.

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Since U.S. got independence much before India, it had the opportunity to grow steadily and slowly. Like all other economies it started with the traditional civilisation (Agriculture), but gradually by the mid 19th Century the first industrial revolution took place after which U.S. was on a full boom in the manufacturing sector with the population also moving with the shift. During the mid 20th century, the country saw another shift towards the tertiary civilisation (services sector) and slowly and gradually, this sector went on to contribute 67.8% of GDP and employing the maximum population. This led to a fast growth of the United States to a developed nation.
Whereas, in comparison, India, after its independence in 1947 remained predominantly an agrarian society employing the maximum population. There were efforts for manufacturing growth but in vain. Then in 1990s with LPG reforms, India started shifting towards the services sector, without completely going through the transitional period of manufacturing growth. This led to maximum people being still employed by the agricultural sector though the contribution to GDP is very low from it. And this became a reason for India's under-development.
With the advent of Narendra Modi's rule, people have hopes from Make in India campaign to take India through that transitional period so that it can grow and prosper and someday be at par with the United States.

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Indian Economy

·  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.

·    India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. 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 capitalized 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.

·   However, 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. High international crude prices have exacerbated the government's fuel subsidy expenditures, contributing to a higher fiscal deficit and a worsening current account deficit.

·    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.

·   India has many long-term challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities, inadequate availability of quality basic and higher education, and accommodating rural-to-urban migration.

US Economy

·   The US has the largest and most technologically powerful economy in the world, with a per capital GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace.

·    US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

·    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. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits.

·   Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. 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. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. 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. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP).

·    The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. 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. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

·   In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished.

·  Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.

·  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%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.

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India is an emerging economy and comparison of Indian economy with other countries such as the US is needed to study international economy and business. Often, economies are compared to make strategies.

The Wall street and The Dalal street are metaphors indicating the US economy and the Indian Economy respectively. Over time, it has been witnessed that the US economy has already developed. So, the development of the Indian economy is at a better rate when compared to the United States. Nonetheless,  due to lack in advanced technologies, infrastructures, and the prevailing corruption, the Indian Economy is finding it hard to cope up with the reckless pace of competition in the global scenario.

In comparison with the United States, the population in India is contributing to exponential GDP growth. Multi National Corporations in the other countries are looking forward to invest in India because over the years India has proved to be a secure and safe investment destination and the cost effective nature of investment in India is an added advantage.

The US has abundant natural resources, a well-developed infrastructure, and high productivity. It has the world's ninth-highest per capita GDP (nominal) and tenth-highest per capita GDP (PPP) as of 2013. The Indian economy can be further developed when factors like brain drain, corruption, bribery etc. are controlled. India is the fourth largest economy on the globe. It produced $8.0 trillion in goods and services in 2015. However, it has a long way to go to beat the top 3: China ($19.5 trillion), the EU ($19.2 trillion) and the United States ($17.9 trillion).

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Through my supposition, I think these two intense nations are unrealistic to be defeated easily regardless of the possibility that they both face diverse trouble in enhancing market result. U.S has a resilient monetary nation which mean it confronted numerous testing in the past yet at the same time can survive after some time even now U.S has a low point in sparing and venture due to the lack of individual sparing however the duty transforming may be important to help this economy framework and it will likewise help the neighborhood speculation not to be attacked or vanquish by the remote investors.However, India is still in another level of free market which mean India need to take in more in in request to enhance its business sector result by empower family unit sparing and speculation and it doesn't meet that the general population area has no intercession on the business sector, they require additionally attract foreign financial specialists to build work for nearby individuals hence they will have a decent paid occupation and also increased the individual sparing. This may help them to decide putting their cash in the bank, then bank may credit the cash to the neighborhood business and this is liable to appropriation the newborn child industry, the outcome is that there will be more neighborhood interest in India as opposed to the foreign investors.India is forming into an open-market economy, yet hints of its past autarkic policies remain. Monetary progression measures, including mechanical deregulation, privatization of state-possessed ventures, and diminished controls on outside exchange and speculation, started in the early 1990s and have served to quicken the nation's development, which found the middle value of under 7% per year since 1997. India's different economy includes customary town cultivating, modern agriculture, handiwork, an extensive variety of cutting edge ventures, and a huge number of services. Slightly more than half of the work power is in farming, however administrations are the major source of monetary development, representing almost 66% of India's yield, with short of what 33% of its work power. India has profited by its extensive taught English speaking populace to wind up a noteworthy exporter of data innovation administrations, business outsourcing administrations, and programming specialists. In 2010, the Indian economy bounced back robustly from the worldwide monetary emergency - in huge part as a result of solid household request - and growth surpassed 8% year-on-year in genuine terms. In any case, India's monetary development began slowing in 2011 due to a lull in government spending and a decrease in investment,caused by speculator cynicism about the administration's dedication to assist economic-re forms and about the worldwide circumstance. High worldwide unrefined costs have exacerbated the government's fuel sponsorship uses, adding to a higher monetary shortage and a worsening current record deficiency. In late 2012, the Indian Government declared additional reforms and deficiency decrease measures to turn around India's log jam, including allowing higher levels of outside support in direct interest in the economy. The viewpoint for India's medium-term development is certain because of a youthful populace and relating low dependency proportion, solid funds and venture rates, and expanding coordination into the global economy. India has some long haul challenges that it has yet to completely address,including neediness, debasement, brutality and oppression ladies and young ladies, an inefficient power era and circulation framework, incapable implementation of protected innovation rights, decades-long affable suit dockets, deficient transport and agricultural infrastructure, restricted non-agrarian occupation open doors, insufficient accessibility of quality fundamental and advanced education, and pleasing country to-urban relocation.

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• Employment rate of Primary sector was approximately 73%, Secondary sector was approximately 13%, and tertiary sector was 14% approximately in the early 1970s.

• This figure changed to primary sector employing 56%, secondary sector 20% and tertiary sector 24% while contributing to the GDP at the rate of 18%, 24% and 58% respectively.

• India is still predominantly an agricultural economy with not much advancements done in the farming methods as compared to the US.

• The manufacturing sector never grew much. There has been only an increase of 7% approximately. The transitional phase passed very quickly as the economy shifted from primary to tertiary sector specially after the LPG reforms.

• There was no major industrial revolution due to which the manufacturing sector suffered in India and couldn’t contribute much in comparison to the US.