India- Advantages and Disadvantages

What is the greatest attribute India has in ensuring a bright future?
The greatest attribute India has in ensuring a bright future is undoubtedly its economy and the current direction in which it is moving. Since the economic reform to move away from socialist policies and towards free-market policies, the Indian economy has been rapidly growing as shown by its 7% growth per year since 1997. According to the CIA World Factbook, services are the major source of the recent economic growth with more than half of the nation’s output and only one-third of the labor force. With a population of over a billion people and with a median age of about 26, India’s workforce will continue to grow at a rapid rate and with such a large part of the nation in the work force, the economy will in turn continue to expand.

What is the greatest limitation India has in ensuring a bright future?
Considering the recent success that the Indian economy has been experiencing, it is surprising to notice the high levels of poverty, one of the greatest limitations India has in ensuring a bright future. The CIA World Factbook states that 25% of the population in 2007 lives not at, but below the poverty line, which, when considering a population of over one billion people is an overwhelming amount. Furthermore, the World Bank, according to Wikipedia, estimates that close to 80% of the population lives on less than $2 a day, very close to the poverty line of $1.25 a day. Nevertheless, it is true that the poverty rate has been declining over the years, and the Indian government has shown an interest in continuing to further lower the amount of Indians in poverty. Many contributing factors of poverty in India include: the Caste system, era under British rule, and the economic policies before reform in 1980s. While there does seem to be improvement on the poverty levels in India, the government will have to step up even more so in the coming years to face one of their greatest limitations for economic growth.

Sources:
http://en.wikipedia.org/wiki/Poverty_in_India
http://en.wikipedia.org/wiki/India
https://www.cia.gov/library/publications/the-world-factbook/geos/in.html