India is an ancient land where innumerable civilizations thrived. It is a country which has withstood the ravages of time and upheld its identity as an independent, self-reliant nation. India is a land of diversity, where variety is the spice of life. India is the biggest surviving democracy in the world.
During the last decade or so, India has shown a tremendous all-round progress. Its economy has grown at face pace, the social life of people has in general been peaceful and progressive. The main indicators like literacy, per capita income, employment, etc. have been positive. The rights of people are well protected. The world is now looking at India with a renewed respect-as it is an emerging power in the world.
India’s economic growth rate is second highest in the world-next only to China. The two Asian giants-India and China have today turned the leaders of growth of the global economy leaving behind the developed world.
A country that is the abode of over 1/6th of the global population, India of the 21st century is not just a nation, but a dream-a vision of countless souls aspiring to belong to a strong, self-reliant, powerful and developed nation.
According to IMF’s report, Indian economy is expected to grow at 6.3 % this year and 6.5 % in 2016 by when it is likely to cross China’s projected growth rate. In 2014, India’s growth rate was 5.8% against China’s 7.4%.
Global growth in 2015-16 is projected at 3.5% as per the 2014 World Economic Outlook (WEO). In fact, the latest World Investment Report released by UNCTAD clearly indicates that India possesses a great potential to challenge China economically in the near future. It is the high growth India and China that are keeping the global economy floating and preventing it from sinking in deep depression.
The industrial policy resolutions and reforms introduced in 1991 have led to balance in various types of industries like mining and quarrying, steel and cement, primary industries as well as secondary industries. The range of production has been very vast including electronics, textile, transportation, pharmaceuticals, power generation, electrical, various types of consumer durables, etc. As a result of high production, the local business in these items has flourished leading to increased corporate profits, a high rate of saving and investment and hence, capital formation. However, the slowdown in the last two years can be corrected with the administrative reforms initiated by the present govt.
The revenue that the government earns in the shape of taxes-direct as well as indirect has increased many-fold. With this increase in revenue the government has been able to set up new projects for development, and complete already started projects.
India has also attained considerable progress in the field of education and ranks second in the world, with more than 50, 00,000 students enrolled in higher education. We are in a position to challenge the world power through brainpower and mind power nurtured in our schools, universities, IIT’s and IIM’s. India has 5 lakhs engineers, 2.5 lakh doctors and 75 lakh graduates.
Our computer software and Information Technology have progressed by leaps and bounds during the last decade. Many computer software parks and IT-enabled services parks have been set up in different cities.
India has become an expert in computer technology. Several companies from Europe and America are outsourcing their business through India. Our major IT companies like Infosys, TCS, Wipro, Tech Mahindra and HCL are generating profit of millions of rupees every year. A number of call centers have come up in major cities to cater to the needs of outsourcing business.
Our exports have almost doubled during the last few years. The foreign exchange reserves have crossed US $ 300 billion which have given India a great financial strength. Though rupee has been volatile still it has remained strong against the other international currencies- notably dollar, pound and euro.
The planned economic growth has put the country on track. Today, the literacy rate has improved to over 75 %, the per capita income has crossed Rs 25,000, health care facilities are available in every part of the country, and employment opportunities are growing.
Demographic Dividend is a golden opportunity for India to make its presence feel at the international level. Countries in like Japan, France, Russia, etc. face the problem of aged population. The large size of the young population in India is actually a great source of labour supply, which can lead the country to dizzy heights.
A report by National Council for Applied Economic Research’s (NCAER) Centre for Macro Consumer Research said by 2015-16, India will be a country of 53.3 million middle class households, translating into 267 million people falling in the category.
By 2025-26 the number of middle class households in India is likely to soar up double than from the 2015-16 levels to 113.8 million households or 547 million individuals. The growth in the number of middle class households will translate into huge demand for the products such as cars, televisions, computers, air-conditioners, microwave ovens and credit cards. Foreign investors are very ready to grab Indian markets. In fact, our country is among the top ten hottest destinations for foreign investors. The Indian economy is expected to witness over 100 per cent increase in foreign investment inflows and cross US$ 60 billion in FY 15 from US$ 29 billion during FY14.
Nearly 50 % of our population is young which means a great working potential, which, if properly utilized can increase production and eradicate poverty. According to a recent survey by a German magazine: “There are 3.22 millions of Indians in the US (1.5 percent of population). Nearly 38 percent of doctors and 12 percent of scientists in the US are Indians.
Militarily, India is one of the strongest countries in the world. Having the third largest army in the world, it has a huge arsenal of weaponry including nuclear weapons. Its Army, Navy and Air Force are always ready to meet any challenge. Successful Mission on Mars and Chandrayaan mission, developed with indigenous technology and low cost have placed India among elite group of nations in the Space technology.
In recent years, India has been making its presence felt and has spoken against the shortcomings of WTO provisions, as well as the UN Security Council, while demanding for necessary reforms. India being a part of BRICS has played an active role on important policy issues such as terrorism and climate change.
India’s experience in dealing with international organizations will be handy.
To conclude, we can say that, National Democratic Alliance government, with clear majority will be able to bring about strong and stable economic reforms in the coming years. Together with these, the young population, availability of natural resources and strong cultural roots, India will definitely stand out as an emerging global power.