Name: Chirag Agrawal

SRN no: 201900784

CIE 1- Detailed analysis of GREECE and comparison of GREECE and Indian market.

This detailed PESTEL analysis of the GREECE to explore some of the political, economic, social, technological,
environmental, and legal factors.

Basic facts about the country

Name and capital of the country: Hellenic Republic, Athens
Provinces/Administrative Divisions: 13 regions and 1 autonomous region
Population: 10.8 million (as per 2011 census - ELSTAT)

Currency: Euro
Language spoken: Greek
Time: 3½ hours behind IST in winter; 2½ hours in summer

Head of State: Ms.  Katerina Sakellaropoulou

Head of Government: Mr. Kyriakos Mitsotakis
Foreign Minister: Mr. Nikos Dendias

Political environment
Greece is a unitary parliamentary republic.
The current Constitution was drawn up and adopted by the Fifth Revisionary Parliament of the Hellenes and
entered into force in 1975 after the fall of the military junta of 1967–1974. It has been revised three times
since, in 1986, 2001, 2008 and 2019. The Constitution, which consists of 120 articles, provides for a separation
of powers into executive, legislative, and judicial branches, and grants extensive specific guarantees (further
reinforced in 2001) of civil liberties and social rights.
Women's suffrage was guaranteed with an amendment to the 1952 Constitution.
The nominal head of state is the President of the Republic, who is elected by the Parliament for a five-year term.
 According to the Constitution, executive power is exercised by the President and the Government. However,
the Constitutional amendment of 1986 curtailed the President's duties and powers to a significant extent,
rendering the position largely ceremonial; most political power is thus vested in the Prime Minister,
Greece's head of government. The position is filled by the current leader of the political party that can obtain a
vote of confidence by the Parliament. The President of the Republic formally appoints the Prime Minister and,
on his recommendation, appoints and dismisses the other members of the Cabinet.
Legislative powers are exercised by a 300-member elective unicameral Parliament.
Statutes passed by the Parliament are promulgated by the President of the Republic.[159] Parliamentary
elections are held every four years, but the President of the Republic is obliged to dissolve the Parliament
earlier on the proposal of the Cabinet, in view of dealing with a national issue of exceptional importance.
The President is also obliged to dissolve the Parliament earlier, if the opposition manages to pass a motion of
no confidence. The voting age is 17.
According to a 2016 report by the OECD, Greeks display a moderate level of civic participation compared to
most other developed countries; voter turnout was 64 percent during recent elections, lower than the OECD
average of 69 percent
Economic environment
According to World Bank statistics for the year 2013, the economy of Greece is the 43rd largest
by nominal gross domestic product at $242 billion and 53rd largest by purchasing power parity (PPP) at $284
billion. Additionally, Greece is the 15th largest economy in the 27-member European Union.[192] In terms
of per capita income, Greece is ranked 41st or 47th in the world at $18,168 and $29,045 for nominal GDP and
PPP respectively. The Greek economy is classified as advanced and high-income.
Greece is a developed country with a high standard of living and a high ranking in the Human Development
Index. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes
up 3.0% of the national economic output.[202] Important Greek industries include tourism (with 14.9 million
international tourists in 2009, it is ranked as the 7th most visited country in the European Union and 16th in
the world by the United Nations World Tourism Organization) and merchant shipping (at 16.2% of the world's
total capacity, the Greek merchant marine is the largest in the world), while the country is also a considerable
agricultural producer (including fisheries) within the union.
In October 2021, unemployment stood at 12.9% and youth unemployment at 33.2%, compared to respectively
7% and 15.9% in the EU and in the Euro zone.
With an economy larger than all the other Balkan economies combined, Greece is the largest economy in the
Balkans, and an important regional investor. Greece is the number-two foreign investor of capital in Albania,
the number-three foreign investor in Bulgaria, at the top-three of foreign investors in Romania and Serbia and
the most important trading partner and largest foreign investor of North Macedonia.
Greek banks open a new branch somewhere in the Balkans on an almost weekly basis. The Greek
telecommunications company OTE has become a strong investor in other Balkan countries.
Greece was a founding member of the Organisation for Economic Co-operation and Development (OECD) and
the Organization of the Black Sea Economic Cooperation (BSEC). In 1979 the accession of the country in
the European Communities and the single market was signed, and the process was completed in 1982. Greece
was accepted into the Economic and Monetary Union of the European Union on 19 June 2000, and in January
2001 adopted the Euro as its currency, replacing the Greek drachma at an exchange rate of 340.75 drachma to
the Euro.
 Greece is also a member of the International Monetary Fund and the World Trade Organization, and is ranked
24th on the KOF Globalization Index for 2013.

Social environment
The culture of Greece has evolved over thousands of years, beginning in Mycenaean Greece and continuing
most notably into Classical Greece, through the influence of the Roman Empire and its Greek
Eastern continuation, the Eastern Roman or Byzantine Empire. Other cultures and nations, such as the Latin
and Frankish states, the Ottoman Empire, the Venetian Republic, the Genoese Republic, and the British
Empire have also left their influence on modern Greek culture, although historians credit the Greek War of
Independence with revitalising Greece and giving birth to a single, cohesive entity of its multi-faceted culture.
In ancient times, Greece was the birthplace of Western culture. Modern democracies owe a debt to Greek
beliefs in government by the people, trial by jury, and equality under the law. The ancient Greeks pioneered in
many fields that rely on systematic thought, including logic, biology, geometry, geography, medicine, history,
philosophy, physics and mathematics. They introduced such important literary forms as epic and lyric poetry,
history, tragedy, comedy and drama. In their pursuit of order and proportion, the Greeks created an ideal of
beauty that strongly influenced Western art.

Visual arts
Artistic production in Greece began in the prehistoric pre-Greek Cycladic and the Minoan civilizations, both of
which were influenced by local traditions and the art of ancient Egypt

Architecture
The architecture of ancient Greece was produced by the ancient Greeks (Hellenes), whose culture flourished on
the Greek mainland, the Aegean Islands and their colonies, for a period from about 900 BC until the 1st century
AD, with the earliest remaining architectural works dating from around 600 BC.
Literature
Greek literature can be divided into three main categories: Ancient, Byzantine and modern Greek literature.

Languages
The first textual evidence of the Greek language dates back to the 15th century BC and the Linear B script which
is associated with the Mycenaean Civilization. Greek was a widely spoken lingua franca in the Mediterranean
world and beyond during Classical Antiquity, and would eventually become the official parlance of the Byzantine
Empire.

Regulatory environment

Executive branch

The Cabinet of Greece, which is the main organ of the government, includes the heads of all executive
ministries, appointed by the president on the recommendation of the prime minister.

Legal framework

The founding law of the Hellenic Mapping and Cadastral Organization (HEMCO) (law no. 1647/1986) deals
with the use, dissemination of personal data and general national security issues. Law 3882/2010 FEK 166A on
the creation of the National Geospatial Information Infrastructure (EVGEP) is the law that transposes the
INSPIRE Directive. The Law was adopted on September 22, 2010 and aims to ensure equal access to geospatial
data and services for all citizens and Public Administration. The Law is the answer to the need to:

a) establish harmonized practices and standards for the collection, production, procurement, management,
sharing and distribution of geospatial data and

 b) comply with Directive 2007/2/EC (INSPIRE), which provides a framework of technical specifications for
interoperability to enable the automated sharing of geospatial data in the environment (e.g. areas NATURA
2000) at national and European level.

Policy and legislation on access to public sector information (PSI)

The main laws regulating and facilitating access to the information maintained by the Public Sector are:

1. Law 2690/1999 “Hellenic Code for Administrative Procedure” (especially article 5) which replaced law
1599/1986 “State–Citizen Relations”. It is a new freedom of information act that gives citizens the right of
access to the administrative documents created by government agencies.

2. Law 3448/2006 “Reuse of public Sector Information, Local authorities Affairs etc” through which PSI
Directive 2003/1998 was transposed into national law.

3. The Common Ministerial Decision No 11764/653 of 17th March 2006 by ajoint Ministerial Decision (Minister
of Interior, Public Administration and Decentralization, the Minister of Economy and Finance, the Minister of
Environment, Energy and Climate Change and the Minister of Justice), through which the European Directive
2003/4/EC concerning the access to environmental information was transposed into national law.

Religion
Religion in Greece is dominated by the Greek Orthodox Church, which is within the larger communion of
the Eastern Orthodox Church. It represented 90% of the total population in 2015 and is constitutionally
recognized as the "prevailing religion" of Greece. Religions with smaller numbers of followers
include Islam (comprising 2% of the population), Catholicism (comprising less than 1% of the
population), Evangelicalism, Hellenic Paganism, Sikhism and Hinduism. Also, a small number of
Greek Atheists exists, not self-identifying as religious. Religion is key part of identity for most Greeks, with 76%
of Greeks in a 2015-17 survey saying that their nationality is defined by Christianity. Statistics
on metaphysics and worldview, do not concern narrowly only the hyponym religion. According to other
sources, 81.4% of Greeks identify as Orthodox Christians and 14.7% are atheists. Other minor faiths in Greece
include Jehovah's Witnesses (who number about 28,000), Seventh-day
Adventists, Mormons and Scientologists. Groups that constitute less than 1 percent of the population includes
those of the Baháí Faith.

Language
The official language of Greece is Greek, spoken by 99% of the population. In addition, a number of non-official,
minority languages and some Greek dialects are spoken as well. The most common foreign languages learned
by Greeks are English, German, French and Italian.

Nature
Geographically, Greece belongs to Southeastern Europe and to the Eastern Mediterranean region. It is the crossroad
of three continents, namely, Europe, Asia, and Africa.

The geomorphology is diverse. Greece is primarily a mountainous country, with seventy per cent of its territory
covered by mountains. It has a very long coastline, with a plethora of peninsulas and islands.

The climate is markedly influenced by the combination of geography and geomorphology. It is, broadly speaking,
Mediterranean with rainy winters and dry summers. However, one encounters many specific climatic types ranging
from the semi-arid and desert-like type of Southeastern Crete to the cold wet continental type of the Rodopi
mountain range in the north, on the Greek-Bulgarian border.

The abiotic diversity, most notably the "mosaic" of micro-climatic types, is reflected in the presence of a highly
diverse flora and fauna and a great variety of ecosystems.

The flora of Greece is composed of Mediterranean, Central European and Irano-caspian elements. Over 6,000 plant
species have been recorded so far. There is a large number of endemic species relative to the size of Greece, due to
the isolation of the numerous mountains and islands. In Europe, a higher number of species is found only in the
Iberian Peninsula, where the flora also includes species of the Atlantic zone.

The fauna consists of a rich mixture of European, Asian and African species, including a considerable number which
are endemic. The freshwater fish fauna is one of the richest in Europe: 107 species, of which 37 are endemic, in the
standing and running water systems of the country. Moreover, 40 endemic subspecies have been recorded. The
herpetofauna is also one of the richest in Europe, with at least 18 species of amphibians and 59 species of reptiles,
approximately 60% of which inhabit the broader areas of the Greek wetlands. Greece is also important
ornithologically. About 407 bird species have been recorded, of which 240 nest in Greece (59% of the total). Some
species (e.g. Pelecanus crispus) nest only in Greece of all EU countries. The mammals of Greece include 116 species,
of which 57 belong to IUCN endangered species categories. Finally, the number of invertebrate species has been
estimated at 25,000, a very large number when compared to the country's small size.
The ecosystems range from the semi-desert like ones of Southeastern Crete to the cold climate mountain forests of
birch, Scotch pine, and spruce. This variety often appears within small areas. For example, in a 150 km transect from
the coasts of the North Aegean to the top of the Rodopi mountain one encounters ecosystems of Mediterranean,
Central European and Scandinavian type.

A cardinal attribute of the terrestrial as well as the wetland-azonic ecosystems of Greece is that in spite of the often
severe man-induced degradations, they maintain their pristine character to a considerable degree. Few countries of
the European Union have such a high biotic diversity in a state so close to pristine conditions. Even the degraded
forest and phryganic ecosystems keep, at least qualitatively, their natural structure.

Economies of INDIA and GREECE

GREECE
The economy of Greece is the 51st largest in the world, with a nominal gross domestic product (GDP) of
$189.410 billion per annum. In terms of purchasing power parity, Greece is the world's 54th largest economy,
at $305.005 billion per annum. As of 2020, Greece is the sixteenth-largest economy in the 27-
member European Union. According to the International Monetary Fund's figures for 2021, Greece's GDP per
capita is $19,827 at nominal value and $31,821 at purchasing power parity.
Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with
the agricultural sector contributing an estimated 4% of national economic output in 2017. Important Greek
industries include tourism and shipping. With 18 million international tourists in 2013, Greece was the 7th
most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in
the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. The
increased demand for international maritime transportation between Greece and Asia has resulted in
unprecedented investment in the shipping industry.
The country is a significant agricultural producer within the EU. Greece has the largest economy in
the Balkans and is an important regional investor. Greece was the largest foreign investor in Albania in
2013, the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and
largest foreign investor in North Macedonia. The Greek telecommunications company OTE has become a strong
investor in certain former Yugoslav and other Balkan countries.

India
The economy of India is a middle income developing mixed economy. It is the world's sixth-largest economy
by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International
Monetary Fund (IMF), on a per capita income basis, India ranked 145th by GDP (nominal) and 122th by GDP
(PPP). From independence in 1947 until 1991, successive governments promoted protectionist economic
policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the
form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the
adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP
growth has been 6% to 7% and from 2013 to 2018, India was the world's fastest growing major economy,
surpassing China. Historically, India was the largest economy in the world for most of the two millennia from
the 1st until the 19th century.
The long-term growth perspective of the Indian economy remains positive due to its young population and
corresponding low dependency ratio, healthy savings, and investment rates, increasing globalisation in
India and integration into the global economy. The economy slowed in 2017, due to shocks of "demonetisation"
in 2016 and the introduction of the Goods and Services Tax in 2017. Nearly 60% of India's GDP is driven
by domestic private consumption. The country remains the world's sixth-largest consumer market.[64] Apart
from private consumption, India's GDP is also fueled by government spending, investment, and exports. In
2019, India was the world's ninth-largest importer and the twelfth-largest exporter. India has been a member
of the World Trade Organization since 1 January 1995. It ranks 63rd on the Ease of doing business index and
68th on the Global Competitiveness Report. With 500 million workers, the Indian labour force was the world's
second-largest as of 2019. India has one of the world's highest number of billionaires and extreme income
inequality. Since India has a vast informal economy, barely 2% of Indians pay income taxes.
.

India's Major Exports and Imports to GREECE

In 2019, Greece exported $123M to India. The main products that Greece exported to India are Aluminium

Foil ($11.7M), Scrap Iron ($10.4M), and Raw Cotton ($9.52M). During the last 24 years the exports of Greece to India
have increased at an annualized rate of 5.17%, from $36.7M in 1995 to $123M in 2019.

In 2017, Greece exported services to India worth $564M, with Transportation ($501M), Travel ($51.6M), and other

business services ($6.55M) being the largest in terms of value.

2019, India exported $479M to Greece. The main products that India exported to Greece were Electrical

Transformers ($28.5M), Molluscs ($23.3M), and Other Oily Seeds ($20.1M). During the last 24 years the exports of
India to Greece have increased at an annualized rate of 6.32%, from $110M in 1995 to $479M in 2019.

In 2019, India did not export any services to Greece.

In 2019, Greece ranked 52 in the Economic Complexity Index (ECI 0.35), and 58 in total exports ($37B). That same
year, India ranked 44 in the Economic Complexity Index (ECI 0.59), and 15 in total exports ($330B).

India Community
11,333 (as per 2011 census), which includes a few thousand Indians without proper documents. They have been
living across various parts of Greece for many years. Some Indians have also left Greece for India or other EU
countries due to the economic decline in Greece since 2010. Most of the Indians are farm, factory or construction
workers or petite shop-keepers. Many Indian workers who entered Greece illegally, obtained stay permits during
periods of amnesty announced by the Greek Government. The last amnesty was in 2005
Immigrants from India, who are mostly Sikhs with some Hindus and Buddhists, have set up Gurudwaras (presently
there are about 15 Gurudwaras) and temples (about two temples) on an informal basis. They obtain permission from
the local municipal administration to set up community centres which are used as places of worship. The local
municipalities are aware of this practice and have been tolerant. Greeks deeply appreciate Indian civilization and
Indians. They have a positive attitude towards the Indian immigrant population

Threats for Indian business in GREECE

1. Human Rights
India has a democratic framework, which guarantees human rights within its constitution. India also has a
parliamentary tradition, an independent judiciary, professional and apolitical armed forces, a vibrant civil society,
and a free media.

2. Terrorism threat
3. Massive consumer market
India has a large and healthy middle class, making it an attractive consumer market. Indeed, India is the world’s
largest market for manufactured goods and services, and ranks number 3 out of 141 economies for market size
according to the WEF’s Global Competitiveness Index.

4. High tariffs and protectionist policies

Despite business reforms and other gestures from the Indian government that point to a free-trade ideology, there
are indications of a rise in protectionist policies.

BIBLIOGRAPHY

https://www.indiaingreece.gov.in/eoi.php?id=Business1

https://en.wikipedia.org/wiki/Economy_of_Greece#:~:text=Greece%20is%20a%20developed%20country,industries
%20include%20tourism%20and%20shipping

https://www.britannica.com/place/Greece/Daily-life-and-social-customs

https://en.wikipedia.org/wiki/Politics_of_Greece#:~:text=Greece%20is%20a%20parliamentary
%20representative,government%20and%20the%20Hellenic%20Parliament

https://en.wikipedia.org/wiki/Languages_of_Greece

https://www.wolterskluwer.com/en/expert-insights/doing-business-in-india