India – the eleventh largest economy on the planet, and one of the fastest-growing economies in the entire world. Aided by a workforce of around 487.6 million, the country is the nineteenth largest in terms of exports, and accounts for 1.5% of the world's trades, as estimated in 2011. Their major agricultural products include rice, wheat, tea, sugarcane, cattle and water buffalo, but they also have enormous output in industry, finance, energy and power. The economy is aided by the world's third largest road network, as well as the fourth largest rail network, and economic growth rates are predicted to be 7% for the 2011 – 12 fiscal year.
But even India
hasn't been able to sustain its success throughout the recession, and its highest growth rates were in the mid-noughties. The reason for the growth was put down to an increase in middle-class consumers and foreign investments. The success can be credited – somewhat late, admittedly – to ex-foreign minister Manmohan Singh, who created strong economic reforms which led to very high growth rates and consequently increased incomes to much of the population. And although growth has slowed in recent years, the 7% prediction is still impressive, considering the UK and US governments would be excited at the prospect of any growth whatsoever.
So how is the country succeeding where others are failing? Unlike Britain and the US, India has an enormous and varied export rate – something which keeps people in jobs, and keeps income to the country when a recession is in action. After all, other countries will always need to purchase livestock and milk, and India has the second largest cattle population and is the largest producer of milk. The country ranks second in worldwide farm output, and its farming industry employs around 52% of its total workforce.
It is at this point that the rest of the world should be paying attention and scribbling keenly into their notepads. Rather than relying heavily on the finance industry, perhaps countries should seek to diversify their trade. For example, Britain's car industry reported a trade surplus for the first time in years in May 2012. Who is to say that isn't an opportunity?