Growing the Indian Economy
As one of the world’s top emerging markets, the Indian economy is thriving in just about every aspect. Since 2000, the economy of one of the biggest populations in the world has been on the rise, with businesses and citizens enjoying the perks. As with all emerging markets, the Indian economy has experienced its fair share of setbacks and woes, but each time it bounces back stronger than before.
The consistent growth of the Indian economy has a lot to do with the nation’s immense demand for goods and services. The nation also has a very strong industrial sector, which further drives the economy and keeps the nation moving economically. The economy is an incredibly diverse one, something that was not always the case during colonial times when the country’s primary economic activity was centred around the trade in tea and cotton.
The steady economic growth is largely due to generally good governance. Although the nation certainly has its problems when it comes to corruption that has not stopped the country from having a generally good approach to business policy.
As a global player, India benefits greatly from the numerous global economic developments, including the many changes around money transfer systems.
The Indian economy is a largely middle-class economy and the nation has done incredibly well when it comes to lifting its people out of poverty, meaning more people are also able to spend more, which in turn has allowed the country to grow more.
The IT Influence on the Indian Economy
There was once a time when the entire economy of this fascinating nation was focused on the agricultural trade. But that industry now accounts for only around 18% of the country’s income and the focus has now shifted towards IT services and infrastructure.
The entire service industry of India makes up around 55% of the nation’s GDP. Along with Indian grown businesses offering a great deal of exceptional services, there are countless outside nations also investing in India by outsourcing their services to a team based in the country.
And there is no industry where this is more prevalent than in the IT world.
India boasts a highly skilled population and along with its people being incredibly well educated in a vast range of fields, the country is also a predominantly English speaking one. This gives India a leg up over the rest of the world. With their language and their skills, they are able to operate everywhere, virtually, and as such make a great deal of money, which in turn stimulates their burgeoning economy.
IT, software and telecommunications are, at the moment, the industries employing a huge part of the population. Some of the big names operating in the country include Intel, Microsoft, Google and Hewlett-Packard.
Because of the huge influence that IT has on the nation’s economy and businesses, those living in India are known to migrate to the cities looking for work. And when they do, they need a way to send their money back home. With the growth of the IT industry, money transfer systems have undergone a massive development of their own, and this has further helped with the advancement of the Indian economy.
Money Transfer Systems as a Method of Economic Growth
Money does make the world go around, and in the past, moving money from one place to the next was not just incredibly costly due to the lack of infrastructure and the huge gaps between those transferring the money and those receiving it, but there was also the problem of time. Money transfers could take weeks to complete due to the processes and verifications involved, and this delay would end up slowing down business and preventing economic growth.
But the world has changed, a lot, and now distance and time are no longer a concern for those looking to transfer money.
With the development of money transfer systems hosted not just on the web, but on an app, it allows people from all walks of life to move their money quickly from A to B, all the while not having to worry about the huge costs that might be involved.
Money transfers are done with a few simple clicks of a button.
This type of service is quite ideal for those living in India. It is easy to forget that the country is so big, and the villages are built at a distance from the bigger cities that are known to attract so many of the nation’s most educated and skilled minds.
Money transfer systems have been a great benefit for growing the country’s economy, especially during the last 2 years when, like the rest of the world, massive parts of the economy were shut down, causing a huge setback in the economic growth that had, before the pandemic, been on the move.
But while the pandemic response prevented so many industries from making a profit, money transfer systems became an unintended hero.
As people were unable to move around, being able to quickly and efficiently send money via a transfer system meant families and friends could help one another out. With money transfers, communities could pay for goods using the transfer system and, if it was available, they could have the items delivered to wherever they were. This limited the movement of people while at the same time ensured that people did not have to go without.
The money transfer systems that were available during the pandemic also helped to keep the economy on the move.
An Opportunity to Grow
With the pandemic now passed, and the world returning to some sort of normality, economies around the world, including India, are seeing new opportunities to change and grow in new directions.
India is experiencing a fast revival, and with the assistance of money transfer systems which have made sending and receiving money a little bit easier, those who are now enjoying the benefits of a whole new way of doing things are set to continue to use online international money transfers to send and receive money, especially now that the world is facing a new economic crisis.
Prior to the pandemic, India was already one of the world’s top receiver of remittances, and now that even more people are on board with money transfers, smaller villages and towns can continue to grow via the amount of money that is constantly being sent back home.
The local economies as well as the overall nationwide economy are set to grow greatly, and the result will be a stronger community and a stronger country, which will be in a better position to withstand the fallout of unexpected economic setbacks.
While many countries around the world are going to struggle getting back on their feet post-pandemic, India is already seeing its economy quickly coming back to life. In fact, the pace at which the economy is reviving has surprised even the most sceptical of people. And while the rest of the world has been struggling with high levels of inflation, India has for the most part been able to keep things in check.
The Bottom Line
India might have experienced a few bumps in the road, but which country hasn’t in the past few years? The projected economic growth, which looks set to remain above 5% for the next few years, is certainly going to be aided, at least in some part, by the various money transfer systems that the country currently has access to.
Sikhona Money Transfers is one of those systems. Our money transfer app was originally developed in Africa, for an African market, but we have since expanded our reach to a global client base, with India being just one of the emerging markets now on our list.
With our easy to use, affordable money transfer app, we are able to assist both migrant workers and those just wanting to move money around to pay bills and for other purposes. Our services are a fantastic option for anyone in need of such a service, and with our app in hand, you will be able to send and receive money at any time of the day or night.
In India, Sikhona Money Transfers has the largest pay-out network available via its global partner RIA Money Transfers. We have options available for Bank Accounts, Cash Pick-Up and Mobile Wallets including an integration into the PAYtm Mobile Wallet, which boasts over 300 million users in India.
Through RIA, we an integration to all the major banks in India and provide a have a fully functional support center in India to ensure money transferred arrives safely and on time.
The option of having a money transfer system just makes life a lot easier and with the app being so user friendly, just having a smart phone and a connection to the internet is all you will need to get started.
The Sikhona Money Transfer app offers affordable money transfer rates and a fast transfer speed, and when it comes to withdrawing money, the process is simple and straight forward. For more information about our app and what it can do for you, you can have a look on our website or you can contact us for more information. Our expert team of administrators and developers have made use of the latest technology to offer this service and we are serious about making our money service app as safe as possible.
You can download the app from the various app stores, and after following the easy installation and account making steps, you can quickly start transferring money today.