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India was indeed shining says Mr. Gurcharan Das
Posted by: manish on Tuesday, July 06, 2004 - 09:28 PM
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In an article, "India Shining (1984-2004), RIP?," in OutLook India, author Gurcharan Das says that although the recently concluded general elections brought good news for some people, it badly affected global positive sentiment about India. This is clearly evident from the recent stock market crash, fall in the national reserve, and fall in the value of rupee. According to author, if this trend is not checked quickly it may adversely affect our economy, and also adversely affect out long term growth. Das says that investors are doubtful about our country as attractive investment destination. This perception has to be reversed to the one couple of months ago when investors were upbeat about our economy. According to Das, "India Shining" campaign did convinced many major global players that India is indeed a serious player in the global market. To quote the author "From a land of snake-charmers, India suddenly became a serious competitor for the white-collar jobs of the developed world".
Author wonders what transpired change from earlier positive perception to the current negative one. He concludes that this is a result of Congress's and Left's "Indian Whining" campaign. In order to win election Congress and Left trashed BJP, and they ended up trashing India. This has also adversely affected self confidence of our business community. This sentiment worsened with talks about reservation in the private sector. Author feel sad about "India Shining" got mixed with politics. With our growth rate of 6 percent we are already fifth fastest major economy in the world. After a long time we have seen very healthy growth in our economy, our per capita income increased by 4.4 per cent a year. Das further gives a startling fact, if we were to grow at the pre 1980s rate it would have taken us 246 years to achieve the income level of todays America. However, if we were to grow at the rate of 6 percent (with population growth of 1.5 percent ) we would reach the same level in 62 years. The author gives due credit to the earlier Narasimha Rao government for initiating the reform and getting rid of license quota raj. The author salutes people of India who overcame "all the obstacles put in their way by self-serving bureaucrats, politicians, monopolistic industrialists, Left intellectuals and labor leaders—in short, all the vested interests of the License Raj." Author lambastes left as they are "bankrupt of ideas". They still have believe in the state control on everything. Left always blames rich and the middle class for every problem in the country but they themselves have neither come up with any idea nor have they implemented any solution to uplift poor of the country.
Note: If we were to grow at the rate of 7 per cent per annum we would be a 15 trillion dollar economy in the next 50 years from our current half a trillian dollar economy.
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