India is developing into an open-market economy, Singapore has a highly developed and successful

yet traces of its past autarkic policies remain. free-market economy.

Economic liberalization measures, including
industrial deregulation, privatization of state- It enjoys a remarkably open and corruption-free
owned enterprises, and reduced controls on environment, stable prices, and a per capita GDP
foreign trade and investment, began in the early higher than that of most developed countries.
1990s and have served to accelerate the country's
growth, which averaged under 7% per year since The economy depends heavily on exports,
1997. particularly in consumer electronics, information
technology products, pharmaceuticals, and on a
India's diverse economy encompasses traditional growing financial services sector.
village farming, modern agriculture, handicrafts,
a wide range of modern industries, and a Real GDP growth averaged 8.6% between 2004 and
multitude of services. Slightly more than half of 2007. The economy contracted 0.8% in 2009 as a
the work force is in agriculture, but services are result of the global financial crisis, but rebounded
the major source of economic growth, accounting 14.8% in 2010, on the strength of renewed exports,
for nearly two-thirds of India's output, with less before slowing to 5.2% in 2011 and 1.3% in 2012,
than one-third of its labor force. India has largely a result of soft demand for exports during
capitalized on its large educated English-speaking the second European recession.
population to become a major exporter of
information technology services, business Over the longer term, the government hopes to
outsourcing services, and software workers. establish a new growth path that focuses on raising
productivity, which has sunk to an average of about
In 2010, the Indian economy rebounded robustly 1.0% in the last decade.
from the global financial crisis - in large part
because of strong domestic demand - and growth Singapore has attracted major investments in
exceeded 8% year-on-year in real terms. pharmaceuticals and medical technology
However, India's economic growth began slowing production and will continue efforts to establish
in 2011 because of a slowdown in government Singapore as Southeast Asia's financial and high-
spending and a decline in investment, caused by tech hub.
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.

India is developing into an open-market economy,
yet traces of its past autarkic policies a policy of
establishing a self-sufficient and independent
national economy.
remain.
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.
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.
Inflation rate: 9.7%
Unemployment rate: 8.5 %
Technology Index : The technology index denotes
the country's technological readiness. This index
is created with such indicators as companies
spending on R&D, the creativity of its scientific
community, personal computer
and internet penetration rates.
Singapore has a highly developed and successful
free-market economy.
It enjoys a remarkably open and corruption-free
environment, stable prices, and a per capita GDP
higher than that of most developed countries.
The economy depends heavily on exports,
particularly in consumer electronics, information
technology products, pharmaceuticals, and on a
growing financial services sector.
Singapore has attracted major investments in
pharmaceuticals and medical technology
production and will continue efforts to establish
Singapore as Southeast Asia's financial and high-
tech hub.
4.6%
1.9%
5.11 (ranked 10th in world)

3.72 (ranked 61st in world)