India's Involvement in World Business
As a known fact, India is now the 10th largest economy in the world and the fastest growing economy, next only to China. As per the Goldman Sach Report 2004, India is poised to be the second largest economy by 2050. In spite of these features, involvement of India with international business is not very striking. India's share in world trade in 2003 was dreadfully low i.e., just 0.8 per cent as compared to other developing countries such as China (5.9 per cent), Hong Kong (3.0 per cent), South Korea (2.6 per cent), Malaysia (1.3 per cent), Singapore (1.9 per cent), and Thailand (1.1 per cent). Even with regards to foreign investments, India has been significantly lagging behind other countries. The following sections provide an overview of the main trends and developments in India's foreign trade and investments.