Let's take a look at the facts below:
- Indian companies are overtaking foreign companies
- Sensex is touching its apex
- Foreign firms investing in India
- Foreign reserves are filled up to all time high
- GDP has crossed the 8% limit
From the above facts it's obvious that India is do making a lot of progress but is that the case with India.
Now a day it comes to everyone's mind that India is progressing a lot in the direction of soon to be a developed country. But is that the case with India lets take a tour of what India has achieved so far & what it aims at the future & is it be enough for India to make it a developed nation.
The conventional narrative of India's post-World War II economic history begins with a disastrous wrong turn by India's first Prime Minister, Jawaharlal Nehru, toward Fabian socialism, central planning, and an unbelievable quantity of bureaucratic red tape. This "license raj" strangled the private sector and led to rampant corruption and massive inefficiency. As a result, India stagnated.
This led to further unemployment for the middle class but opened the gateways for the business houses. Moreover, established business houses learned how to game the system with "...parallel bureaucracies in Delhi to follow up on their files, organize bribes, and win licenses..."
The rhetoric seems to suggest that India has suffered a unique series of disasters caused by bad judgment on the part of Jawaharlal Nehru in being over impressed with the Soviet Union's resource mobilization, bad company being kept by Indian colonial elites who listened too much to British Fabian socialists, and malevolent bad judgment exercised by politicians (chief among them Nehru's daughter Indira Gandhi) who saw India's poverty not as a problem to be solved through economic growth but as an interest group to be appeased in an attempt to seize and maintain political power.
Figure 1: Indian Real GDP per Capita Level and 1962-1980 Trend
Now, let's take a look what future holds for India -
India is growing real fast. According to sources the growth internally exceeds that of China by at least 30% though the Government figures show conservative numbers. The first evidence came from industrial output in June.
According to media sources, India's Ministry of Commerce and Industry reported that industrial output jumped 11.7% in June from the same quarter in 2004, surpassing the 10.1% forecast for the month. The result, which also surpassed the nine-year high of 10.9% in May, was driven by strong manufacturing production, which grew 12.5% from a year ago. In addition, the mining and electricity sectors rose 5.8% and 9.4%, respectively.
In the past few years Indian economy has gone from the being the underdogs to one of the future superpower. The SENSEX in the last 2 or 3 years has Rosen touched the sweet 16-K mark which was once considered an apex for Indian economy, now is the baseline of Indian economy. Foreign reserves for India have crossed the billion mark. Foreign investors are investing in Indian firms (US retail giant Wal-Mart had collaboration with bharti group). Indian companies are acquiring the foreign companies (Tata steel takeover Cores steel).
Figure 2: Indian GDP Growth Rate
But does this really give the correct impression of what Indian economy has done to benefit India.
In my opinion, the figures stated above don't signify that India is developing at such a good rate. I know you won't agree with me, because you being a patriotic by nature but sorry to say that I am also a true patriotic as well. But you must have a look at the few problems of ours which still do exist after such an enormous economic growth-
- Mumbai floods
- Farmers committing suicide
- Ageing politicians
- Corruption rate soaring high
- Unemployment still exists
- Untimely justice
These are only a few prominent ones with loads to follow.
From the past three years Mumbai (Indian Shanghai as it is better known) remains flooded for more than a week or so creating a lot of problem to the residents. In such a big city of that caliber if it's not taken into account then what will happen to the other cities of India only GOD knows that. Mumbai is known as the economic capital of India & if it is suffering from such a problem then what will happen you all know?
In the past six months, about 300 farmers in whole of India have committed suicide. In an agriculture oriented country like India does it have any mean & still Indian govt. is not taking any solid steps towards this problem. Around 70% of the Indian population is agriculture oriented & what will they incline from it? The agriculture forms the backbone of the Indian economy & if it is not given thumbs up for its development then this development would not have any meaning.
After all India is someone's own property, because all the leaders from the political powerhouses think so. As no one from the youth is stepping out to join the politics the country is in the shivering hands of the ageing politicians & they are working on the same old principles of the past. As the world is growing very fast & if we will not plan around the present scenario then we will lag behind. With the injection of new blood into the politics it will get the much needed boost to India. The "Times of India" started JAGO INDIA programme for the youths to encourage them to join politics. More programs of such type should be held at the regular basis.
With the youths joining the politics it will also reduce the corruption rate which is at an all time high. Now a days it has become a tendency of an Indian to bribe someone to get his or her work done as fast as possible, no one is prepared to stand in a queue & wait for his turn. If you wait for some time then all the work will be completed on time & the corruption will also get vanished. According to a survey, an average Indian bribes 1.5% of his yearly wages which do make a lot of money as taken on a large scale. So to get done with this problem we have to change ourselves.
The education rate going up & up year after year but the jobs aren't increasing as steadily as that & this is a problem which is to be most concerned of. With the educated person bound not to get jobs of their caliber then what an uneducated can expect something. The UPA government after coming into power showed some signs of that they were taking this problem seriously by appointing M.S.Ahluwalia but after a few weeks this all matter was put into the cool bag. The government should think of establishing small scale industries.
India is still considered to be an underdeveloped nation if we take into account the poverty status of the country. Still the average pay of a person for a month is about 1500 rupees. So, government is not doing anything to solve the problem. The rich are becoming richer & the poor are becoming poorer. Although India has established a good range of billionaire but they also have more than a billion of poor people. There are still people who have to work daily to earn that day's meal. The upper middle class & the upper class are growing really fast but what about the people coming from the lower middle class or lower class. Is government looking forward to them as well?
India has been handicapped by a giant killer known as terrorism. India is been suffering from his bite for over three decades now. And still there is no clue of what the future holds for us. US & other countries of world have fought & are fighting against terror. Lets look at US who attacked Afghanistan & Iraq &has forced the terrorism to go into its den , Israel who is fighting terrorism in Philippines , Russia who is fighting the Chechens & all of them have got reasonable success in bringing down the terrorism activities but where does India stands in front of them. India has totally failed on this front; Indian lives are still not safe enough. Recently Hyderabad was rocked by a series of bomb blasts but so far nothing has been done, why? On the other hand after just one attack onto its WTC building US attacked Afghanistan so why can't India do that?
In a film it was told that around one lakh cases are pending in Maharashtra only so what could be the position of whole of the country. Of these some cases are pending from a decade or more. The Mumbai blast case is still under the process although a few convict have been convicted but it took 13 years for Indian jurisdiction to hear out the case & in the meantime the convicts like Dawood Ibrahim have fled from the country. So who the hell is responsible for this? The bofors case was closed was studied for more than a decade & half so the convict Quattrochy has fled & is nowhere to search for. Although there have been some cases in which the result came very quickly as in the case of a German woman being raped by a taxi driver the jurisdiction came within 14 days of trial but it was the only instance of its type. So more fast track courts must be formulated so as to have speedy trials.
So with all the problems of India (mentioned above) still existing does the economic growth of the country do have any meaning whatsoever?
Now it's up to you to decide whether India is still progressing or it is the same old story?
If you think it's not then do think in making India a developed nation & do work to make it one of the developed countries of the world so that we all can live a better life?