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India is the second most populous country in Southeast Asia and is one of the rapidly developing countries. Politically, India is a democracy with a federal form of government. However, business environment in the country is affected by various political factors ranging from a number of taxes to regulation. The political environment in India is medium risk as the ruling party led by Prime Minister Modi has captured an almost authoritarian grip on power and has published some highly unfavorable laws towards India’s large minorities as well as his critically poor approach to Covid management have led to common protests.
Socially, India is a country with high socioeconomic divide. With a population of 1.2 billion, a large majority are living in poverty without basic needs such as clean water. The population is diverse but also divided, with Hindus and Muslims being the primary two religions which are at near constant conflict with each other. Many of India’s communities still live based on traditional laws of their religion (such as caste system). However, those living in major city centers have adopted a Western-based lifestyle and philosophy which is contributing to the country’s economic development (The Heritage Foundation, 2021).
Since industrial reform policies of 1991, India is seeing consistent growth in GDP standing at $3.05 trillion. However, the country’s GDP per capita is low, at just above $2,000 being 145th in the world. The economy is largely dependent on agriculture for internal survival and on fossil fuels for export. Some other sectors such as pharmaceuticals, IT, and medical tourism have seen success in the country. At the same time, the environment is not always conducive for business growth, with high levels of corruption. India is striving to be a leader in technology, investing into space, research, communications and other technological advancements.
Some of the leading IT companies are from India. From a legal standpoint, the country’s regulation is conflicting offering both pro and against-business incentives. Much of it is political and the country’s judicial system is relatively weak and corrupt (The Heritage Foundation, 2021). However, much legislation meant to protect the population has been passed in recent years such as minimum wage and child labor laws. Environmentally, India is struggling despite investments in green technologies. Due to high density, the cities are heavily polluted while large landfills are mismanaged.
References
The Heritage Foundation. (2021). India. Web.
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