India is currently listed among the countries having large economies. In fact, India has the fourth highest growth rate following Japan. India’s economic success is not the thing that should be taken into account but the path or the model they have chosen is worth noticing. Instead of relying on the usual method of exporting low priced manufactured goods to West, India depended upon its local markets. India focused more on services and high tech industry which were the main keys to their economic success.
As, the Indians focused more on their domestic markets they were not that influenced from the economic worldwide recession which affected many other countries. One other remarkable thing about the model that India is following is the promotion of the entrepreneurs; India is encouraging a healthy competition among the private companies that are being established in the country. India has always promoted economic activities by removing trade barriers, lowering tax rates, encouraging competition, eliminating state monopolies, and liberating industries.
India’s current trend of growth is likely to continue and even accelerate in the coming years. India started to develop rapidly in the era of Prime Minister Rajiv Gandhi who appreciated the private sector in the country which was previously suppressed. India’s condition enhanced a lot since the start of 1990s. Telecommunications has revolutionized, interest rates are lowered, infrastructure has been developed and a big amount of capital has been raised.
Even though India has progressed a lot, developing from an agriculture economy to service based economy, it missed out on the industrial revolution which could have changed the lives of millions who are forced to live in poverty. The lack of attention on industrial growth has made India’s middle step towards progress a little weak. This lacking is a result of bad policies set by earlier governments. After Independence Nehru tried to bring a government guided Industrial revolution.
Since he did not have trust on the private firms he gave powers to the public sector, making it stronger. This step of his hampered all of the small scale industries, present in the country at that time, as they got helpless against the competition against mighty public sector. Since Nehru’s era government had been neglecting small scale industries, but in the recent year’s steps has been taken to encourage these small industries. It is predicted that in future years India will develop strongly in the industrial sector also.
There are several other things that the current government has to modify in the current India model to make India a more successful state. The government has to provide confidence to the entrepreneurs so that the industrial sector can boost. It has to provide them with low priced energy sources, cut down indirect taxes; instead impose proper goods and services tax, designate economic zones which can reduce the regulatory burdens and abolish unjust labor laws. India’s success and glory lie in the hands of self confident and hardworking Indians.
They are the ones who are going to determine India’s future. To conclude I would like to quote a famous saying that, “As you sow, so you shall reap”. So whatever the government does today to secure the talent of these brilliant minds will surely pay off them in the long run, for preserving and nurturing these outstanding Indian minds government has to take some measure to provide them with quality education, proper shelter, food and water. Laying foundations today is definitely going to waive off the harsh times tomorrow.