International Debt Information Sheet

1. International Debt As you have already been told, India is a country with a large number of natural resources (such as coal, iron, manganese and oil). When you see the work being done in class in our partner school in Nitte, you will... More

1. International Debt As you have already been told, India is a country with a large number of natural resources (such as coal, iron, manganese and oil). When you see the work being done in class in our partner school in Nitte, you will appreciate that the people are just as intelligent as we are and just as hard-working. Yet people in India are a lot poorer than we are in the United Kingdom. They are a Developing Country, an LEDC (less economically developed country), while the UK is a Developed Country, an MEDC (more economically developed country). So why are they so much poorer? India makes its money the same way that most countries do. It exports what it grows and makes. Its main exports are textiles, jewellery, engineering goods and oil. This brings it in £100 billion per year. It then uses this money to import the goods it needs but does not produce itself. Less