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National Issues/ Economy/ Politics

India – poised to be the “fastest growing economy” by 2015! (as per Morgan Stanley report)

Growth in India

There are many things ‘different’ about India that China does not have. India is the largest democracy in the world – free enterprise, right to pursue capitalist ‘economic’ goals, demographic advantage ( by 2015 India will have 136 million ‘young’ contributing work force when compared 23 million in China), scientific research and development, rich culture and tradition, unbeatable resilience amongst population – Move over, Dragon! we are getting there ‘earlier’ to be the fastest growing economy in the world by the year 2015.

There are two effects that happen when an economy expands along with pursuit of educational growth – the death rate falls ( better ‘available’ medication, medical insurance inclusion etc) and controlled birth rate (family planning, increasing public awareness, empowerment of women to decide?). In such situations, the economy ‘bulges’ because you are left with – more of ‘healthy’ experienced middle aged class aiding the “growing” youth class among the work force. Result:The demographic dividend of ‘younger’ population supported by economic reforms and globalisation! So, India will see a declining trend in the share of non-working (children and the elderly) dependent on the economy. Precisely, this is what is happening in India.

But, there are concerns too : Inclusive Politics is not happening and various reasons of schism is setting a barrier to further the growth achieved in our country. India is secular, probably the only one of its kind in the world, encouraging several faiths and religion. And, the Indian Politicians are not mature but they take advantage of the religious ‘differences’ to meet their selfish goals. It is indeed surprising that despite all this, India has reached where it is now today.

There is terrorism, so the national security needs to be tighter! Education has not yet reached each corner of more than 6 lakhs villages in India. ‘Financial inclusion’ has just started the process to meet the goal of ‘increased savings’ amongst the population. There is female foeticide (sic!) …polio is not totally wiped off as of now… electricity and drinking water is not necessarily available in every habitation…higher education has not yet met the global standards as yet ( though it is happening!)…Indian corporate governance and Integrity (eg., Satyam) is not yet an example for the world to follow…Individual and corporate tax compliance is not happening despite government incentives…rampant sexual abuse amongst children and women are causing to hang our heads in shame…military strength is not enough to safeguard Kashmir’s interest with children still dying in political unrest…..these goals look like ‘Mirage’ inventing and adding themselves as we get on….to meet each of them!

There is a lot…yet to be done! Let us start first with having well educated ‘elected’ members in both Lok Sabha and Rajya sabha ( the two houses in our Parliament), better governance in every state whether through Gram Panchayat or regional parties to ensure public justice that will build and secure confidence in the elected amongst people, increase media ‘exposure’ through technology – DTH television, internet facility in each village, broadband use through better tele-communication, quicker penetration of computer use. We ‘need’ better roads and national highways’ infrastructure to gain easy accessibility to every ‘C’ class city or village.

Political stability and Good governance with sound ‘progressive’ and consistent Economic steps are necessary besides accountability of each elected representative. To get to be the fastest growing economy in the world and to be an Economic superpower, it calls for a leap of faith! But, Don’t you feel excited looking at India’s potential??

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About Raman Ramamurthy

I am a Management consultant, an avid reader, play Lawn tennis in my leisure time and love Music. Presently, I am settled in India along with my wife and my son.

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