The year 2008 seems to be markedly different from all the other years. Apart from all the fun, frolic and celebrations, 2008 has witnessed a considerable economic decline at the start. Towards the ending of 2007, the instabilities in the world economy had started to creep in primarily because of a downward slump in the US economy and it attained a considerable proportion in January 2008 with a major crash shattering the stock markets all over the world. . The crash also dented the Bombay Stock Exchange in India. The economic decline that is witnessed during the initial months of 2008 is exactly not desirable in India which is considered to be one of the fastest emerging economies in the world along with China. The worst part is that, according to the predictions stated by the economic experts, 2008 is expected to reel under the weight of instabilities and low phases in the economy. This condition is expected to improve only after the first quarter next year.
Following the low phases that the world economy is facing right now, the growth rate for the year 2008 has also been kept at 4.8% as compared to 5.7% last year. What is surprising is that the economies of India and China are expected to meet this assigned growth rate. None of these countries feature among the developed countries of the world. India, infact, is a third world country! A few years back, it had been a joke if the burden of the world economy would have been placed on the economies of two developing countries! This coveted task is always assigned to the US, the European countries, and Japan. Thanks to globalization, the growing IT field and the trend of outsourcing software development, today India and China find their names at the top amongst all the fastest growing economies.
India and China are two of the most populous countries in the world. In the modern times, large-scale human resource of both these countries are utilized in the field of Information Technology. And they are actually proving to be quite good at it! The income level of the people in these countries is increasing and hence it is only natural for these countries to emerge as lucrative markets for the foreign products and foreign investors. The multinational companies are hiring optimum quality of labor at a cheap price from India and China and in return these countries are receiving the much required foreign exchange, primarily USD. In spite of disturbing economic conditions like regression and inflation plaguing the world economy, economic thinkers are hopeful that the robust and emerging economies of these countries will bail out the dismal world economy in the current financial year.
India is credited to possess very intelligent and skilled human resources. The Indian youths have made a mark worldwide owing to their expertise, especially in the fields related to science and technology. No wonders they are quite sought after by the big multinational companies. This brilliant line of young people coming from the background of science and technology has been instrumental in popularizing custom software development and web application development services provided by India. The online traders and firms from abroad and especially from the US are always keen on contacting an Indian software company primarily because of these reasons; with the sheer hope of getting a credible, efficient and cheap solution tom their online business problems! Nevertheless, globalization and the growth of Science and Technology are the main factors behind the economic boom in India and China.
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