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India is a socialist democratic republic. It has a federal form of government, comprising 29 states and six union territories. The Indian parliament is the supreme legislative body and is essentially based on the British parliamentary system. There are two houses: The Rajya Sabha (Council of States) and the lok Sabha (House of the People). The national executive power is centered on the Council of Members (Union Cabinet), led by the Prime Minister.

India has been one of the best performers in the world economy in recent years with GDP growth exceeding 9 percent in 2008 and 2009. India is the fourth largest world economy ranked by purchasing power parity, and the second fastest economy by GDP growth. India’s economy has recovered from the global financial crisis faster than other regional economies with growth expected to be approximately 8 percent in 2010.

Besides its economic credentials, India’s demographic profile makes it an increasingly attractive investment destination for foreign investors. India’s substantial and expanding middle class and youth populations – over 40 percent of its population are over 21 – are hungry for consumer goods. India, therefore, represents an enormous market for foreign investors with potential for increased growth over the next two decades.

Since 1991, there has been significant deregulation and liberalization in India. This has opened up many sectors of the economy to private investment, including foreign direct investment. Competition is actively encouraged and the recent re-election of the National Congress Party, with a mandate to implement investor-friendly economic reforms, has been a positive development for foreign investors.