India's Economy Improves as U.S. Looks to Bolster Ties
One of the largest nations in the world, India is a strategic player in the emerging markets landscape. As the country's economy continues to improve, major global players, such as the U.S., hope to build more in-depth fiscal partnerships.
According to The Wall Street Journal, India's economy received a boost thanks to surging exports. In June 2014, the nation experienced a 10.2% increase in this segment from a year prior. That uptick follows yearly gains of 12.4% and 5.3% in May and April, respectively. Not to be outdone, imports also climbed 8.3% from June 2013 to June 2014.
"The whole gamut of data announced lately points to one thing, which is that an economic recovery is already under way and the pace will strengthen going forward," Sujit Kumar, an economist at Union Bank of India, told the The WSJ. "What has mainly anchored India's exports is a recovery in India's main trading partner nations such as the U.S., some African and even South Asian economies."
Ties with the U.S. are something that U.S. secretary of state John Kerry and U.S. secretary of commerce Penny Pritzker hope to maintain. The two explained in an editorial for The Economic Times that India's gains will make the region more secure and prosperous - a boon for all local businesses and trade partners abroad.
If your organization has operations in India, look into safety and security and check out India's risk assessment guide. While India has seen a boom in their economy, other emerging markets like Brazil have seen a recent decline in job growth. Learn more about how the economic growth in Brazil struggles to gain momentum.