Although India Is Often Seen as Being a Growing Economy

question 33

Essay

Although India is often seen as being a growing economy on the verge of becoming a major force in global economics, the fact remains that the country also has a large portion of poor people. First, explain how the poor represent both a political and economic problem for India. Second, address how the country has sought to address this problem, both historically and in contemporary times.

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Definitions:

Encumbering Interests

Legal claims or liens against property that can affect the ability to transfer ownership freely.

Making Loans

The act of providing funds to an individual or organization with the expectation that the funds will be repaid, often with interest, over a specified period.

Creditors

Individuals or entities to whom money is owed by a debtor, who has borrowed funds or purchased goods/services on credit.

Bankruptcy

A judicial procedure allowing people or companies that are incapable of fulfilling their debt payments to obtain exemption from paying off some or all they owe.