According to India Reports (2010), the economic developments in India though diverse and at pace with most developed countries is clouded by the fact that it has one of the highest population growth rates in the world. The report records that value for human development indeed (HID) has seen some significant improvements from 0.577 in 2000 to 0.611 in 2004 and 0.619 in 2005. However the average ranking globally has not seen a comparable increase. Global rankings in 2008 placed India at position 128 amongst countries with medium human development out of 177; this is a fall as compared to 2007 when India was ranked 126. As a result of the huge population India is considered one of the poorest in terms of Gross National Product (GNP) per capita. India’s economic system is mostly controlled by the central government.
According to the United States Bureau of Economic Analysis(2010), the output of goods and services produced by labor and property within the U.S increased at an annual rate of 5.9% in the fourth quarter of 2009 this marked an increase from the third quarter. The increase in GDP is placed at 5.7 marking positive a contributions from private inventory investment, exports, personal consumption expenditures and non residential. The United Sates has the highest GDP in the world. Furthermore the United States contributes about 1/3 of the world GNP. The rate of population growth on the other hand is decreasing mostly due to the aging of the population and other factors such as reduction in fertility rates. However the population is becoming more and more diverse in terms of race and origin.