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Economic Institution Characteristics

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The economic development is affected by the institutional framework within which the economic agents interact to each other in an economy according to the “institutional quality hypothesis”. (Rasha Hashim Osman, 2011).
We can describe 4 institutional characteristics:

• Economic Institution: Economic institutions helps for economic growth because they create framework and roles of economic actors in society. The 3-major economic institution of are: GATT (General Agreement on Tariffs and Trade), IMF (International Monetary Fund), The World Bank. The aggregate economic growth potential of the economy is determined by the economic institution. Economic institution helps in distribution of resources in the society. Economic institution role is …show more content…

Political power is divided into two categories—de jure and de facto political power (see Acemoglu and Robinson, 2006a). De jure means political power generates through political institution in community and de facto means which happens in practice or reality. It might not be legally known by law. The choice of economic institution and political power create conflicts of interest among various groups and individual. There are many political parties in India and they are exercising political power of their interest which has created conflict among BJP (Bhartiya Janata Party) which is on government, and Indian National congress opposition party. The political power of India is Legislative power, judiciary power and executive power.

• Political institution: Political institutions is less dynamic and persistent. The collective choices of people are economic institution and political institution. The distribution of political power in society is the key to born of political institution. India become democratic and secular state in 1950. There are 5 types of political institution in India. (Jain, 2015)

a) The President: The current president of India is Ram Nath …show more content…

India is rich in culture. Different ethnic people follow different culture. Being a secular state, different people follow different religion. The main religion followed by people are Hinduism, Muslim, Sikh, Buddhism etc. There are many religion conflicts between people in India. So, investors must know culture before entering in socio-cultural environment of India. The many cultural institution helps to create harmony among people. Socio-cultural aspect is one of the important aspect for economic growth.

6.0 IT Industry Segmentation in India:
The Indian IT / IT-ITES industry market is divided into
 IT Service
 ITES-BPO
 Software Product, Engineering Services & (R&D)
We know that India is favorable destination which provide services in reasonable cost. The export of India in IT-BPM services according to market segment of IT-BPM industry in India is shown below in following diagram:

Source: NASSCOM, E. Estimated
From the above figure we can analyze that India is selling more IT services that is USD 66 million in FY 2016-2017 comparing with (Software Products, Engineering Services, R&D) which is USD 26 billion and followed by ITeS-BPO which is USD 25 billion. The figure describe that India is achieving growth in IT industry and each year it is growing.

Domestic market selling and exporting services of IT-BPM by India
The figure shows the domestic market selling and exporting services of IT-BPM by

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