Comparitive study of the economies of India and Australia

Australia is an open market system economy in the crew pacific with a universe of discourse of 21,230,468 in 2008 and a contrive down field of operations of 7,617,930 squ are kilometres. Similarly, India is an economy, and a recently modify market economy with a population over a billion people in 2008 and a land area of 2,973,190 square kilometres. Indias major exports overwhelm petroleum products, material goods, gems and jewellery and software whereas Australias complicate mainly resources such(prenominal) as coal, iron ores, tin ores and wool. Its major imports are fossil oil oil, machinery, gems, fertilizer and chemicals while the imports of Australia are machinery and captivate equipment, computers and office machines. economical Growth Australia is classified by the demesne Bank as a developed economy because its piggish Domestic production (gross domestic product) was US $674.6 billion and its per capita income was US $32,900. In contrast India has gross domestic product of US $ 1.250 trillion nearly double of Australian GDP but due to the measly per capita income that was US $1,089 it was classified has a growth country. The average GDP growth rate for Australia is 3.8%, whereas Indias more than than double that, at 9.6%, making it the worlds irregular fastest growing economy in the world.

fiber of invigoration The caliber of life includes the material and non material conditions of the standard of life history of a countrys population. An excellent indicator of a nations quality of life is the Human phylogeny Index (HDI) which is calculated based on levels of life expectancy, literacy and income per capita. In the term 2007 -2008 Australia was ranked 3rd at a rememb! er of 0.962 that has remained relatively unchanged for the recent few years. India, on the former(a) hand, has a HDI value of 0. 619. While it has been increasing over the past years, it is restrained very low, ranking down at 128th. blush considering the some other factors such as access to health and upbeat services, to clean-cut water, and provision of law and localize, India has a relatively low quality of life when...If you want to get a adept essay, order it on our website: OrderEssay.net

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