With clear agenda, future is well expected for Indian economy

By Wang Wenwen Source:Global Times Published: 2018/7/12 23:03:44

India has become the world's sixth biggest economy according to World Bank figures for 2017. For a country which is trying hard to establish itself on the world stage, the economic achievements India has made in the past couple of years are not that surprising.

India is often spoken of in the same breath as China, given their similar billion-plus populations and economic prospects. But whereas China has become the world's second largest economy since 2011 and joined the ranks of the great powers, India is still widely seen as a nearly-power.

The status of being the world's sixth largest economy is long overdue for India. After it broke away from British colonial rule in 1947, India did not end up a post-independence basket case. The three consecutive five-year plans (1951-65) drawn up and executed by the country's first prime minister Jawaharlal Nehru went so well that Percival Griffiths, a former colonial administrator who was once skeptical of India's capabilities, noted in 1957 that India was succeeding in doing what he himself had thought impossible. During that time, India's industrial sector grew at 7.1 percent per year. British economist Barbara Ward remarked in 1961 that "the Indian record in both infrastructure and industry is one of substantial advance on a broad front."

However, by relying on import substitution industrialization, India's attempt to boost domestic production and be protectionist did not yield positive results for the economy. It led to the relative decline of India's economic weight in Asia and the world.

But India has been trying to find a kind of pathway toward economic reform. It opened up its economy in the early 1990s and has seen steady growth. By most measures, it is one of the world's fastest growing economies.

As some observers pointed out, two of the major structural reforms that the administration of Prime Minister Narendra Modi carried out in 2017, namely the demonetization of high-value notes and the introduction of a goods and services tax, laid foundations for more robust growth of India in the medium term.

Modi wants his country to become a leading power, though that status can only be acquired when the country's economic foundations are truly solid. This means that the government needs to make economic development at home the priority.

India still faces a slew of challenges such as education, a weak spot. India also needs to put more emphasis on manufacturing to realize long-term economic growth. But it is clear about its economic agenda. The future of India is well expected, as the country heads toward the right direction.


Newspaper headline: With clear agenda, future is well expected for India


Posted in: OBSERVER

  • 尧都区车站街建设社区老党员高德宏同志手抄“党章”庆党生 2019-02-15
  • 1—5月我省进出口总值1439.7亿元 增速全国第二 2019-02-15
  • 关注“人民时尚”微信账号 倒计时抢好货免费试用等你来 2019-02-15
  • 酒与植物 轻酌一樽是花香 2019-02-15
  • 俄政府拟逐步提高退休年龄 总理呼吁各方支持 2019-02-14
  • 包头市:创新机制保护“户户通”用户权益 2019-02-14
  • 2018美国书展在纽约贾维茨国际展览中心举行 2019-02-13
  • “向党献礼 忠诚保畅” 交警铁骑队正式亮相宜春(多图) 2019-02-13
  • 您访问的页面找不回来了 2019-02-13
  • 平陆县纪委监委 对新遴选人员进行岗前“充电” 2019-02-13
  • 世界3D打印技术产业 大会会址永久落户佛山 2019-02-12
  • 创维数码发布年报:净赚5.41亿港元 同比减少58.7% 2019-02-12
  • 余静:“有一肚子的好消息想说给乡亲们说” 2019-02-12
  • 17岁!一图带你回顾青春上合成长之路 2019-02-12
  • 广州市南沙区法院公告专栏 2019-02-11
  • 50| 543| 799| 451| 377| 717| 468| 579| 612| 839|