India as Emerging Market Essay Example | Topics and Well Written Essays - 1750 words

India as Emerging Market - Essay Example The preamble of Indian Constitution declares India as sovereign, socialist, secular and democratic republic and importantly promises social, economic and political justice. Therefore, India is constitutionally a modern social democratic state with a strong emphasis given to ‘socialistic pattern of development’ (Basu, 1994). The Directive Principles of State Policy delineated in part IV of the Indian constitution upholds the notion of an active welfare state which could intervene in the social, religious, and cultural affairs of the country in order to ensure progress. Indian federalism is of a mixed type in which states and the centre effectively wield power distinct areas. However, the centre has supreme power in many areas including the power to dismiss the elected governments at the state level in terms of article 356. For Basu (1994), although the federal system is the basic structure of the government of the country, a strong mixture of unitary bias is apparent. The Panchayati Raj system is a unique characteristic of Indian polity. Kashyap (2002) is the view that â€Å"the seventy-third and seventy-fourth constitutional amendments have made some fundamental changes in our political structure and in the status of local institutions†. Thereafter, governance has been considerably decentralised through panchayats and other institutions of local governance. Although India has a strong economy and an young, vibrant work force, it is still long behind in terms of human development. Health remains an unresolved issue, over half of the children in the country are malnourished. One third of the population still faces chronic hunger. Majority of the population lives with less than a dollar per day. In literacy rate, India is even behind some of the poverty-ridden sub-Saharan countries. And, the gender and regional gap in terms of