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

  • 太原摇滚20年演唱会 齿轮橡皮等老牌乐队重出江湖 2019-04-26
  • 【一周"纪"录】"狐狸"外逃,海外群众也不会放过他们 2019-04-26
  • 台当局污蔑大陆“金钱外交”是自欺欺人 2019-04-26
  • 我为家乡优化营商环境献良策 2019-04-26
  • “外婆粽”品出暖暖邻里情 2019-04-25
  • 精彩画面—国际摩托车滚雷巡游节 2019-04-25
  • 吉利博越运动版上市 配置升级更具个性 2019-04-25
  • 和亲戚一起学习传统文化 2019-04-24
  • 2018首届“中新广州知识城杯”绘画摄影作文大賽·奥一网 2019-04-24
  • 当前金融市场流动性合理稳定 2019-04-24
  • [鄙视]关联资源不是人类的劳动成果?那你咋不住到深山老林里面去?光从土地本身来讲,大城市与深山老林有什么区别? 2019-04-23
  • 违法和不良信息举报受理和处置管理办法 2019-04-23
  • 西安市出台《意见》助推网络市场经济发展 2019-04-22
  • 林芝市墨脱县“石锅之乡”见闻 2019-04-22
  • 让城市发光,翼搏用最in的玩法定义年轻态 2019-04-22
  • 434| 749| 91| 912| 8| 309| 169| 19| 567| 610|