India has emerged from a long period of economic hibernation. The country’s economic scene appears excellent ill all spheres. This year can be taken as the most flourishing year that India has ever had after India attained freedom. ”
India’s GDP growth in the eighties averages 5% per annum. The growth rate during nineties averaged at 6%, despite some adverse developments. All the prospects of economy have seen a tremendous boom this year. People are said to have experiencing ‘Feel Good Factor’ of the emerging economy.
Today Indians command a high respect throughout the world. Many foreigners have started coming to India for medical treatment. Wall mart, the biggest company in the world, making plans to purchase more than $5 billion worth of goods from Indian companies. The emergence of the country as an important player in the software and IT sector has led to recognition by all developed countries ,of the ability, reliability and competence of the educated Indian youth.
See the changed scenario,just ten to fifteen years ago, one has to wait in the long queue to get a telephone connection and today a poor man in a remote village of India, telephone connection within a week.
The availability of mobile or cellular phones has changed the situation to such an unimaginable position that now even a carpenter, a vegetable seller is having cellular phone. Access to things which once considered a luxury are being used by a common man frequently. The quality and way of life has changed miraculously.
It is a universally accepted fact that growth for one year looks better, when it on a low base.
To this extent, advance estimates by the CSO (Central Statistical Organization) suggesting a 8% GDP growth for the current fiscal need to be seen in perspective. The latest figures suggest not only welcome turnaround in ‘culture but greatly encouraging symptoms in both service and industry also.
The figure for agriculture, an estimated 9.12% growth, needs to be seen against an decline of as much as 5.2% last year. Apart from booming agricultural output, is sustained growth in high income services like trade, hotels, transport and communication. Commercial services also reflected a handsome growth during the .Moreover the spurt in credits, the hyper increase in sensex and primary share in booming spree all reflects emerging of Indian economy at a fast pace, never seen after independence. .
‘Then encouraging industrial growth, better traffic growth in ports, railways, and chemicals, and petrochemical sector, all are being judged by the world eyes. The rise in capital goods output, accelerated growth in auto and. segment with demand for steel and cement remain firm, all shows sign of emergence of new India. The infrastl1lcture sector get a fillip due to the recent enabling measures and tax rationalization. The bottom line investment rates for the economy to make further confidence building among the Foreign Financial Institutions (FFI),
“The country is heading towards the target of zero borrowings, one of the greatest strength of India.” said Mr. Jaswant Singh, the Finance Minister.
One of the important factors which contributed to the tremendous spurt In economic growth has been the unprecedented political stability, which could be achieved under the able leadership of Vajpayee’s stature, with his characteristic patience, respect for all and his qualities of give and take and promoting economic relations with trade blocs in different continents, be they SAARC, ASEAN, the European Union or BIMST -EC all directed at strengthening the economic base of the great grand nation.
An interesting phenomenon to note is that now the Indian companies are acquiring and taking over the foreign corporate. Tata Motors announce acquisition of Daewoo Commercial Vehicle Company. The Bharti Telecom. engaging the foreign companies for out sourcing jobs, the wheel is seemingly running in reverse direction.
It shows that not only the Indian economy surging ahead, but it is also going global ,with eyes on collaboration, acquisitions overseas.
In this context, Mr. Jaswant Singh, the Finance Minister, speaking at Elections Financial Express Women in Business awards function in Mumbai on Feb. 19, 2004, asked the Indian corporate and entrepreneurs, “Go and conquer the world, we will be your supporters.”
The shining India is no longer a political slogan to gamer votes, It is a reality. It should never be used to attract voters by a ruling party because India is not due to the efforts made by the present ruling party but collective efforts by previous Govt. as well. The ridiculed phrase of “Mullgeri lal ke Sapne” the reality. Things are transforming rapidly for the betterment, very few feeling better and a prosperity and confidence is reflected in the economy of India.
In spite of all the feel good factors, India shining, a important aspect is lacking which is the prosperity and the feel good experience not being reached to the rural areas. Though a lot of work has done to improve the conditions of rural sector, but our leaders have to realize that India lives in villages, and until or unless the countryside do not actually feel better, all the progress could not be the real progress. For the real shinning of Indian economy for really experiencing the feel good factor, the innocent and illiterate villagers, must experience it is reality. Highest priority be accorded to the upliftment of rural sector. From launching employment generating scheme to providing proper infrastructure keeping in view the absolute problems of rural segment, basic necessities be fulfilled, to make India, shine fully, with backing of Rural economy also surging ahead pace to pace.
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