The Growth Bandwagon—Ahaa (The Flipside)
We know India is the 'Buzz' word. It’s Indian economy when it comes to Domestic & International trade in the eyes of the World economies today. India; established its prophecy by becoming a NAM member in 1979 when the world was aligning ‘Power Blocs’ that is US & Russia. With the dis-integration of Russia into 15 independent states by 1990, this era of power consolidation vaporized and US emerged as the universal world superpower.
Year 1991, India’s foreign exchange reserves reached all time low, just good enough to support Indian economy for one month (to make payments for imports). Government of India decided to go global by adapting the policy of ‘Import Substitution & Export facilitation’. These measures included combination of various procedural & policy initiatives like delicensing, privatization, liberalization and more.
Year 1995, India became a member of WTO; an interim organization which promotes ‘equality of trade’ among its member nations. India’s entrance to WTO brought in event-marked empowerment to its pre-planned fundamentals towards globalization. This further helped India in becoming a truly market driven economy from a mixed one.
21st century, India is all in the news. Our gross national product is growing @ 7.6 % since 2001 and our GDP is growing @ 8.1% since 2005. India’s annual exports have increased to a staggering USD 125 billion with a net surplus of 14%. India’s foreign exchange reserves stand at 251 billion dollars and foreign investments in the form of FDI, FII & Portfolio are reaching an all-time historical high of USD 25 billion this quarter (Q3, 07).
However, there are few contentious issues which have come along with this era of massive growth & prosperity.
The Flipside
· Growth is not inclusive, 62.3% of India resides rural.
· 3,00,000 Indian villages lack basic facilities like drinking water, electricity, housing and regular clothing.
· Primary infrastructure such as roads, schools and hospitals, are still an agony of tormented, deprived and helpless Indian minds.
· Unemployment, Under-employment & Disguised Unemployment are still bolstering features of India’s growth reality, vis-à-vis. India enjoys 50% young population under the age of 25.
There are many more things which could be added to the flipside of India’s growth story in the 21st century. Never the less, we strongly believe INDIA as a nation is poised to grow. We say it because philanthropically, even Nostradamus predicted a cone shaped nation to become a superpower and of course ‘what we see is what we hear’, Indians going global, capturing & building world benchmarks in all spheres of life. So whether it is soaring stock markets, rising mullahs (Rupee), or tensioning Indian exports; INDIA is born to win until unless another 9/11 sees the world.
Year 1991, India’s foreign exchange reserves reached all time low, just good enough to support Indian economy for one month (to make payments for imports). Government of India decided to go global by adapting the policy of ‘Import Substitution & Export facilitation’. These measures included combination of various procedural & policy initiatives like delicensing, privatization, liberalization and more.
Year 1995, India became a member of WTO; an interim organization which promotes ‘equality of trade’ among its member nations. India’s entrance to WTO brought in event-marked empowerment to its pre-planned fundamentals towards globalization. This further helped India in becoming a truly market driven economy from a mixed one.
21st century, India is all in the news. Our gross national product is growing @ 7.6 % since 2001 and our GDP is growing @ 8.1% since 2005. India’s annual exports have increased to a staggering USD 125 billion with a net surplus of 14%. India’s foreign exchange reserves stand at 251 billion dollars and foreign investments in the form of FDI, FII & Portfolio are reaching an all-time historical high of USD 25 billion this quarter (Q3, 07).
However, there are few contentious issues which have come along with this era of massive growth & prosperity.
The Flipside
· Growth is not inclusive, 62.3% of India resides rural.
· 3,00,000 Indian villages lack basic facilities like drinking water, electricity, housing and regular clothing.
· Primary infrastructure such as roads, schools and hospitals, are still an agony of tormented, deprived and helpless Indian minds.
· Unemployment, Under-employment & Disguised Unemployment are still bolstering features of India’s growth reality, vis-à-vis. India enjoys 50% young population under the age of 25.
There are many more things which could be added to the flipside of India’s growth story in the 21st century. Never the less, we strongly believe INDIA as a nation is poised to grow. We say it because philanthropically, even Nostradamus predicted a cone shaped nation to become a superpower and of course ‘what we see is what we hear’, Indians going global, capturing & building world benchmarks in all spheres of life. So whether it is soaring stock markets, rising mullahs (Rupee), or tensioning Indian exports; INDIA is born to win until unless another 9/11 sees the world.
Inspiration: Mr. Sushant Munjal
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