Strengths of Indian Economy – “the Might”
“The Might” During Obama’s Visit to India, Mr Barak Obama, the most powerful man on the earth, made the statement that 21st century is going to be the century Indo-American relationship. In this one line, there are many hidden statements and prospective. And, the most important of them is recognizing India as an emerging Economic Super Power.
India has the potential to become one of the global economic leaders by 2025. There are several aspects which will contribute to the above mentioned statement.They are: India A Large pool of skilled professionals Take any MNC of US, you can find more than 10% of Indians in their crucial hierarchical positions. Despite of strong oppose in the western countries and emergence of Philippines as a strong contender, India is still the hub of global IT outsourcing. This phenomenon will be there until businessmen of the West will do business according to their balance sheet. Growing number of engineering and management colleges in India is contributing significantly towards creating the largest pool of skilled professionals in the world.Another, important aspect in this aspect is the English speaking population of India. Now, India is second largest country in world to have maximum number of professionals and students having good command over English. It is helping in eradicating the cultural and linguistic barriers associated with outsourcing. Stable democracy and business friendly India government India is led by Dr. Manmohan Singh, who himself is a world famous economist and initiator of liberalization and globalization of Indian economy. Foreign direct investment cap has gone a sea change after the liberalization process.Economic policies of Indian government are friendly towards both domestic and MNCs. Along with, availability of land at a cheaper rate (compared to other developed nations) is another factor behind the showering of FDI on India. In a nutshell, India has become a safe destination for better return on investment. India’s Rapid Economic Growth After Initial years of slow economic growth, at present economy of India is now amongst the fastest growing economy in the world. Indian Economy is Rising upwards and Economic growth is currently 8-9%, second only to China.