The facts aren’t different from the reality; India is indeed on the path of development and that day is not distant when we will proudly say that we are no longer developing but rather a developed nation. Since our Independence, we have left no stone unturned to summon up every bit of our prosperity we lost to the British. Whether it is in bringing the population under one umbrella so that their synchronous movements can lead to the overall growth of the nation or be it becoming more technologically advanced, India has strived to achieve success in all sectors of her economy.
The economic graph of our country has never been so good, whether it is the stock markets touching the 20K mark or the advancement in the IT sector, India is keeping pace with the world’s developed nations. The major factors which drive an economy are-technological advancement, real estate, foreign investments, exports, indigenous businesses, prosperity level of the citizens, literacy level, value of the currency in the foreign market . And our country is covering every possible criterion to become what is the need of the hour i.e. to be developed. India is growing with record 8% growth rate since the past four years. It is the 5th largest market for telecom services, the world’s 4th largest producer for medicines; the world’s 3rd largest market for new aircrafts; the world’s 2nd largest producer of software applications; and we are seen worldwide as the first choice for IT in the aerospace & automotive industries. Another sector which is booming is the business process outsourcing or BPO industry. This sector has got alot to offer and is one of the biggest employment sectors; with TCS, Wipro, Satyam, Infosys and some international IT companies like IBM, Accenture and Global Logic as the mass recruiters.
Impressed by the growth statistics of India, Gordon Brown, the Prime Minister of England has said that it is time for India to become a member of the UNSC, as no economic bloc can prosper without having India as part of its team. A lot of countries are looking at India as a preferred trade destination and are already in a process of setting up their centers in every nook and corner of the country in order to avail maximum profit. India has the manpower which can be directed in a healthy way to reap maximum benefits.
On the canvas of the Indian economy, the auto industry occupies a prominent place. Due to its unfathomable linkages with several key segments of the economy, the automotive industry has a strong multiplier effect and is capable of being the chauffeur of economic growth. A sound transportation system plays a pivotal role in the country’s rapid economic and industrial development. The well-developed Indian automotive industry aptly fulfils this catalytic role by producing a wide variety of vehicles: passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps, scooters, motorcycles, mopeds, three wheelers, tractors etc. The automotive sector in India is growing at around 18 per cent per annum. India holds huge potential in the automobile sector including the automobile component sector owing to its technological, and manpower advantage. Further, India has a well-developed, globally competitive Auto Ancillary Industry and established automobile testing and R&D centers. India enjoys a natural advantage and is among one of the lowest-cost producers of steel in the world. The Indian automobile industry today boasts of being the largest three wheeler, the second largest two wheeler manufacturer in the world, world’s largest motorcycle manufacturer is in India; it is the second largest tractor manufacturer in the world, fifth largest commercial vehicle manufacturer in the world and has the third largest car market in Asia. Bajaj, Mahindra, Maruti and Hero Honda are a few among the huge lists of auto players.
India is an agricultural nation thus one of the most prominent industries is the agro-based industry. Agriculture and allied sectors like forestry, logging and fishing accounted for 18.6% of the GDP in 2005 and employed 60% of the country’s population. It accounts for 8.56% of India’s exports. About 43% of India’s geographical area is used for agricultural activity. Despite a steady decline of its share in the GDP, agriculture is still the largest economic sector and plays a significant role in the overall socio-economic development of India. After Independence, considering India’s growing population, the Government took steps to increase the food production. Yields per unit area of all crops have grown since 1950. The 1970s saw a huge increase in India’s wheat production, in the form of the Indian Green Revolution. Reasons for the growth are the special emphasis placed on agriculture and steady improvements in irrigation, technology, application of modern agricultural practices and provision of agricultural credit and subsidies. India is ranked second in the world in terms of agricultural output. India ranks second worldwide in farm outputs. It is the second largest producer of wheat, rice, sugar, groundnut and inland fish. It is the third largest producer of tobacco.
Education is another sphere where India has proved its mettle. India has a surfeit of engineering institutes, B-schools, Law schools and medical colleges. India has some of the most reputed B-Schools in the world with IIM Ahmedabad being the best in the Asian continent. We have the IITs, which are a brand in themselves, top multinational companies are always queued to hire students from these institutes. Education is one sphere which had seen a radical change since our freedom and is still growing; with every other Indian wanting to become doctor, engineer or MBA. At present, more and more Indians are going abroad for further studies.
The Telecom industry has also contributed to the metamorphosis of Indian subcontinent. Reliance, Airtel, Idea, Tata Indicom and Vodafone are the telecom service providers with a customer base of 100 million. Every week 1 million new subscribers are adding themselves, the industry is growing and becoming technologically advanced.
Another important aspect that has steered India on the global map is that India is a culturally diverse nation due to which it attracts the maximum number of tourists in the world, thus giving an impetus to the tourism industry. Be it the Taj Mahal, the symbol of love or the Qutab Minar, Victoria Memorial or the beaches of Goa, these places attract tourists from all over the world.
Thus, since Independent India has come not only come this far, it is on a rapid path of advancement and development. It is indeed one of the strong contenders in the race to become a super economic power of the world.
[image by dharmesh]