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Indian economic prospect loosing momentum

The saga of open market economy along with some necessary reforms in the national scenario, in the early nineties, brought a new prospect, a new conviction that tried to prove India could reach the zenith of success. The subsequent success of the Information Technology (IT) emboldened this notion further since the international honchos of industry were also showering high favors.

However, within a decade this picture seems to be no more and is becoming grimmer with the passing of days. Well, this is not the result of a study report of any Indian organization but similar views were expressed recently by the global investment bank Goldman Sachs. It is to be noted this same organization expressed great hopes of a resurgent India and her economy in 2003, but the expectation is no more since the prospects are diminishing.

All these came out in a startling report of Goldman Sachs containing the results of extensive investigation over India and three other countries — Brazil, Russia and China (BRIC). What is more in 2003 the investment back predicted Indian growth could supersede the US economy by 2050. But that assertion becomes futile if a close look on the Indian potentiality is given.

To the latest annual update of its Growth Environment Scores (GES), Goldman Sachs made it clear that India was lowest among the three BRIC nations with ranking 110 among 181 countries assigned GES. The report also suggested that there would have been a growth potential annually by as much as 2.8%, if India dared to go through the necessary reforms. But several factors in the country and the existence of multifaceted problems of a class divided society restrained India from advancement.

For instance, the national exchequer has to provide subsidy for the sake of common people and that restricts India’s forward pace. But still to develop it will have to adopt reform measures like a complete change in the aspects of education, political stability and the use of PCs, telephone and the Internet.

This is indeed true but how to proceed remains the question since the Left is against any such move or else reforms could have started earlier.

The apposite answer must be found or else the India may have to face worse.

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