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e includes Electricity, Railway systems, Airports, Schools, and Factories. India has established itself as a leading IT industry and its growth has helped India create jobs. With all this growth India has been classified by the World Bank as a 'low income' country with Gross National Income equaling $450 billion. About 86 percent of the population lives under $2 per day and 44 percent lives under $1 per day. With all of this growth and setbacks India has proved to itself that it can grow steady and slow. India has been able to expand rapidly in growth and GDP.

Business Cycles 商业周期
Recessions and Booms are part of every country and many countries are faced with hardship and crisis. In India the country was faced with its worst recession in 1991. High oil prices around the world has affected major trading partners of India has been greatly affected by it. India is greatly affected by other countries. It was reported that 8 percent increase has occurred from 1985-1950 but as time went on into the 2000s, the booms have slightly increase but now seem to spiral down to 3%. These recessions and booms have increase and decrease the country ability to move forward. The problem that India faced during the late 1980's was liberalizing steps was taken that made an unprecedented growth for India. India suffer hyperinflation today through high oil prices. Inflation has hit all time high rate of 7 percent. India is taking all the necessary steps to reduce this high inflation.

Trade 贸易
In the 1980s-1990s India used to place tariffs on their major good and services. India was trying to promote free trade and it reduced its tariffs by 12.5 percent. The tariffs were help and protect the country farm based economy. India has become a very competitive with other countries in ASEAN. The tariffs cuts have double its trade with other countries within the ASEAN. India has been able to export 25 percent more than it used to. Trade with the US has provided India with $13billion surplus. India is eliminating trade barriers of goods between each other. Also with tariffs and barrier reduction, India has seen great progress. It has been predicted that by 2020 India will grow 35 percent. To accomplish this goal India has already began decreasing 8 percent tariffs to bordering countries to help improve its GDP. India has been involved in a global integration that helped economy prosper and is able to compete in the global market. Foreign trade goods in GDP have rose 13 percent in 1980 to 44 percent in 2000. During the 1980 unemployment was increased dramatically and it hurt India's economy. In 1970-1980, the Indian government did not make export its main priority. The Indian government believed that trade was biased against third world countries and that they were limited.

Labor Markets 劳动力市场
Labor Markets play a important role in the Indian Economy with the population reaching 1.6 billion and most of the country under poverty, the Unemployment rate during mid 1980s increased from about 6 per cent to 7.3 per cent in 1999-2000. India's is one of the major countries for outsourcing the US IT jobs. India has become the hub for Customer Service call centers for many business corporations. Outsourcing has created a new labor sector for India economy and it has played a important role for increasing the GDP per family. But with the job increase the problem of population also arises. With the increase in job ma