With one of the fastest growing economies in the world, clocked at a growth rate of 8.3% in 2010, India is fast on its way to becoming a large and globally important consumer economy. The Indian middle class is estimated to be 250 million people, by McKinsey Company.[1] It will reach 600 million by 2030. According to Deutsche Research the estimates are nearly 300 million people for all Middle Class.[2] If current trends continue, Indian per capita purchasing power parity will tom waddle youth authentic jersey significantly increase from 4.7 to 6.1 percent of the world share authentic dj williams youth jersey by 2015.[3] In 2006, 22 percent of Indians lived under the poverty line. India aims to eradicate poverty by 2020.[4]
According authentic lamarr houston youth jersey to NCAER, India's middle class population to touch 267 million in 5 yrs. Further ahead, by 202526 the number of middle class households in India is likely to more than double from the 201516 levels to mike singletary youth jersey 113.8 million households or 547 million individuals. .[5]
The standard of living in India shows large disparity. For example, rural areas of India exist with very basic (or even roberto garza youth jersey nonexistent) medical facilities, while cities boast of shea mcclellin youth authentic jersey world class medical establishments. Similarly, the very latest machinery may be used in some construction projects, but many construction workers work without mechanisation in most projects.[6]
In 2010, the richard dent youth jersey per capita PPPadjusted GDP for India jon bostic youth jersey was US$3,608.[7]
Since independence, India has allocated nearly half of the total outlay of the fiveyear plans for infrastructural development. Much of the total outlay was spent on large projects in authentic tom waddle youth jersey the area of irrigation, energy, transport, communications and social overheads. India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 has prevented India from sustaining a growth rate of around 8%. This has prompted the government to partially open up infrastructure to the private sector allowing foreign investment.[14][17][18] India holds second position willie young youth jersey in the world in roadways' construction.[19]
As of 31 December 2005, there ryan mundy youth authentic jersey were an estimated 835,000 broadband lines in India.[20] Low teledensity is walter payton youth authentic jersey the major hurdle for slow pickup in broadband services. Over 76% of the broadband lines were via DSL and the rest via cable modems.
A 2007 study by the Asian youth jeremiah ratliff jersey Development Bank showed that in 20 cities the average duration of water supply was only 4.3 hours per day. No city had a jim mcmahon youth authentic jersey continuous water supply. The longest duration of supply was 12 hours per day in Chandigarh, and the lowest was 9 hours per day in Rajkot.[21]Main article: List of regions of India
One of the critical problems facing India's economy is the sharp and growing regional variations among India's different states and territories in terms of per capita income, poverty, availability of infrastructure dj williams youth authentic jersey and socioeconomic development. For instance, the difference in growth rate between the forward and backward states was youth matt forte jersey 0.3% (5.2% 4.9%) during 198081 to 199091, but had grown to 3.3% (6.3% 3.0%) during 199091 to 199798.[22] Per Capita Income in India varies drastically. As of 2010, New Delhi had a Per Capita Income of $ 3,020 whereas Bihar's Per Capita Income was at a paltry $ 445.
The fiveyear plans have attempted to gale sayers youth jersey reduce regional disparities by encouraging industrial development in the interior regions, but industries still tend to concentrate around urban areas and port cities. Even the industrial townships in the interiors, Bhilai for instance, resulted in very little development in the surrounding areas.[23] After liberalisation, the disparities have grown despite the efforts of the union government in reducing them. Part of the reason being that manufacturing and services and not agriculture are the engines of growth. The more advanced states are better placed to benefit from them, with infrastructure like well developed ports, urbanisation and an educated and skilled workforce which attract manufacturing and service sectors. The union and state governments of backward regions are trying to reduce the disparities by offering tax holidays, cheap land, etc., and focusing more on sectors like tourism, which although youth eddie royal jersey being geographically and historically determined, can become a source of growth and is faster to develop than other sectors.[24][25]