India's economy in comparison to other BRIC states
India possesses one of the fastest-growing economies in the world and as a result, India is recognized as one of the G-20 major economies as well as a member of the BRIC countries, an association that is made up of rapidly growing economies. As well as India, three other countries, namely Brazil, Russia and China, are BRIC members. India’s manufacturing industry plays a large part in the development of its economy; however its services industry is the most significant economical factor. The majority of the population of India works in this sector. India’s notable economic boost can be attributed to significant gains over the past decade in regards to the efficiency of the production of goods as well as maintaining relatively low debt, particularly when compared to the total amount earned from goods and services produced throughout the years.
When considering individual development as a country, India progressed significantly over the years. However, in comparison to the other emerging countries in the BRIC group, India’s progress was rather minimal. While China experienced the most apparent growth, India’s efficiency and productivity remained somewhat stagnant over the course of 3 or 4 years. India also reported a rather large trade deficit over the past decade, implying that its total imports exceeded its total amount of exports, essentially forcing the country to borrow money in order to finance the nation. Most economists consider trade deficits a negative factor, especially in the long run and for developing or emerging countries.