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Friday, July 08, 2005

Indian Economy
Hmmm... India. India is a mystery that can't be solved. It is too complex and so devoid of convention that no great thinker can even scratch the surface to unravel its mysteries.
I used to think of India as another loser in the great war against poverty and development in general. It was a dark and dirty land of snake charmers and rich maharajas where there was little or no roads and small huts were the rage among the non-maharajah masses. I used to despise the thought of returning to my homeland from Dubai, the city of Gold and spend another two month vacation which i could have spent with more productivity in the constantly developing city-state called Dubai.
But my parents made it compulsory for me to return. And it was during one of these visits that my eyes opened to the amazing marvel that is India. India didn't have beautiful roads and streetlights and steel and glass high-rises. It didn't have all the latest cars and gadgets. It didn't have shopping malls and multiplexes and supermarkets. It didn't have a public Transport system using the latest Volvos and Mercedes-Benzs.
But what it did have was a heart. This was so lacking in Dubai which was a monarchy and people didn't have a say in anything of consequence. Not that the peaople were suffering in Dubai. But it just seemed cunning and cold-hearted and villanous in comparison with India.
India is a thriving democracy(one of the largest in the world). It was home to some of the greatest personalities of the world(Mahatma Ghandi, Sachin Tendulkar, etc.). It has one of the most vibrant and involved press in the world. It was the land of the individual achievers. That is people like Sabir Bhattia(Hotmail whiz kid) where scattered all over the country. But no significant achievements of large scales were seen.
Before the 90s, India was almost a waste land. The roads were a joke. Businesses were closing down. It was considered akin to a barren wasteland. But then in 1991, when the congress was in power, the new financial team of Manmohan Singh(Current PM) and Palaniyappan Chidambaram(Current FM) was introduced. This well educated (Manmohan from Oxford and Chidambaram from Harvard) team would single handedly change the coutry into what it is today : a growing Super Power! They opened up the economy and cautiously yet surely allowed private investors to enter the economy.
Then in 1997 again Manmohan Singh presented the "Dream Budget". This opened up the economy further and catered to the extreme variations in needs of the growing indian population. Thus slowly but surely, India started off on its journey to being a Super Power. It is predicted that by 2015, India will be the 4th greates economic power in the world behind US, EU and China.
India's race to being a Major Power was overshadowed by the Great Chinese Gallop. Where India was Growing at a rate of 6-6.5% of GDP, China was Growing at about 10%.
India's gallop was marred by the beurocratic government and an anti-development themed Marxist party. But inspite of all this, India still continues to generate a growing world presence. Ask any US software techie about outsourcing and you will get the idea!!

2 Comments:

Anonymous Anonymous said...

Hey, some cool insights.... nice!!

12:28 AM  
Anonymous Anonymous said...

U really think the congress is that gud????

1:16 AM  

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