India Vs Australia

Economic Growth and Quality of Life

The government attempts to reduce economic inequality by reducing

concentration of wealth.

The outlook for India's medium-term growth is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term challenges that
it has yet to fully address, including poverty, corruption, violence and discrimination
against women and girls, an inefficient power generation and distribution system,
ineffective enforcement of intellectual property rights, decades-long civil litigation
dockets, inadequate transport and agricultural infrastructure, limited non-agricultural
employment opportunities, inadequate availability of quality basic and higher education,
and accommodating rural-to-urban migration.

INDIA

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita

http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_
Library/Publications_Archive/CIB/cib0001/01CIB04

population is the major cause for the difference between a developed

country and a developing country like ours
India actually has a higher GDP than Australia but due to a huge
population of 121 crore drops down to 142nd rank in the per capita
income rankings as compared to 10th rank in the GDP rankings. On
the other hand, Australia is placed at 5th position in the per capita
income rankings because they possess a population of just 2.3
crore.
India is a growing economy, there's absolutely no doubt about that.
But the problem is that the population is growing at a much faster
rate.
People have only one aim in their mind: That is to earn money and
have as much savings as they can afford; and rightly so, because to
earn decent amount of money and to maintain a decent living
standard, you have to be the best out of the lot.
There is stiff competition in each and every field; once again, the
reason being population as we don't have enough resources to
accommodate everyone, so we care about the best and leave the
rest
32.7 % of Indian population fall below the international poverty line
There is a school in almost every street of the country and still people
are illiterate, a true reflection of the Indian population and system.
 The overall quality of life in India has improved SUBSTANTIALLY
Eg. Electricity - Until 2014, it was estimated that about one-third of
India did not have access to electricity. If you count the power
cuts that the remaining two-thirds experienced, then it could well
have been argued that 50 percent of the country went without
power at any given point in time.
For the first time in independent Indias history, we have a
surplus of power (not in every state, but overall, as a
country, we do).
In 2016 it was stated that ^^

AUSTRALIA

Australia is a middle sized economy with a relatively small population (just over 23
million people) and an economy that sits just outside of the worlds top ten, in terms
of GDP
Quality of life is a measure of welfare based on more than one economic output per
capita
Quality of life is rather subjective; peoples opinions differ on what exactly
determines a good quality of life
Generally, the quality of life is determined by the quality of health care, educational
opportunities and climate
Australia scores well on these issues INSERT STAT
Australias quality of life is amongst the highest in the world
The Human Development Index a popular but narrow measure of quality of life
takes into account income, life expectancy, adult literacy and educational levels the
HDI ranked Australia 2nd in the world, India was ranked 130th

Similarities
- The International Monetary Fund (IMF) predicted a 7.6% growth rate for India in
2016 and 2017
- "India's GDP will continue to expand at the fastest pace among major economies, with growth forecast
at 7.6 per cent in 2016-17," the International Monetary Fund (IMF) said PUT THIS IN FOR
GOVERNMENT, TALK ABOUT HOW GOVERNMENT CAN USE EXPANSION OF ECONOMY AS AN
EXCUSE TO DIFFUSE THE GAP OF INCOME AND BETTER DISTRIBUTE IT AMONG THE POORER
POPULATION OF INDIA

http://economictimes.indiatimes.com/articleshow/54678810.cms?
utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
- At the same time, the IMF asked New Delhi to continue reform of its tax system by. If the economy is
doing really well, we can cut taxes, give more tax benefit
- and eliminate subsidies to provide more resources for investments in infrastructure, education and
health care
- In 2015, India's GDP grew by 7.6 per cent, compared to Australias 2.4%
- India remains the fastest growing major economies of the world, as IMF has projected 6.6 per cent and
6.2 per cent GDP growth rate for China for the year 2016 and 2017 respectively.
- Economic growth in India is expected to stay high in Fiscal Year 2016
(ending 31 March 2017) on the strength of robust consumer demand
from a general increase in wages that offsets a slowdown in
investment.
 - The enactment of legislation to allow a national value-added tax was
a milestone reform that will create a much more integrated and
productive economy.

THIS CAN GO IN CONCLUSION:

Asias two largest economies are China and Japan, followed by four middle sized
economies including India, Australia, Korea and Indonesia
- Reflecting the increased importance of Asian economies, all six of these economies
are members of the Group of 20, which brings together the worlds largest and most
important economies
- Both countries are a part of the Asian economic region, which is the fastest growing
economic region
- https://www.adb.org/countries/india/economy

The Role of the Government in Each Economy

http://www.mapsofindia.com/my-india/india/quality-of-life-in-india

https://en.wikipedia.org/wiki/Democracy_in_India

https://www.superguide.com.au/the-soapbox/updated-life-tables-is-the-tide-shifting-for-
australian-life-expectancies

http://foreignpolicy.com/2014/04/22/why-south-asia-is-so-vulnerable-to-climate-change/

conclusion
It is interesting to note that over the past few decades, GNP per capita has
risen faster than average earnings, suggesting that profits and increased
employment have been the main factors driving growth.