India: Economic rise and the development story (in progress)
India is on the path to rapid rise of economic growth and recovery.The global meltdown that affected most of the world did not impact India to so much extent. This has largely been facilitated by India's controlled banking policies and regulated financial market, which came from repeated criticism from the western economies or the G-8. http://www.nytimes.com/2008/12/20/business/20nocera.html?_r=1
While India is cautiously loosening its control over the banking policies , the western economies are beginning tightening their policies, which eventually will lead to a credit freeze. India has in the last one year brought down inflation , which had rose to very high levels with the growing economy and also brought down lending rates. This is slowly beginning to reap rewards in terms of generating economic activity. There is lot to be written about this slow change but that is not the focus of this article. This articles aims the various other structural changes that needs to be accompanied to facilitate and complement the transformation that is taking place in India.
The obvious challenges that face India's development has been amply enumerated by economists, think-tanks and policy institutes across the world and their finding are not very different. The common challenges listed by them include inclusive growth, infrastructure development , education and poverty alleviation. I will spend some little time to enumerate a little on these few issues.
More than 10 years back in a piece called "Goddess of small things", as a magazine editor for my college magazine, I wrote about Architect, Activist, Booker prize winning author Arundhati Roy. She is a necessary voice to all...including India...Salman Rushdie calls her a necessary polemic to democracy...her latest interview from Al Jazeera English..
She is India's Amy Goodman....!
Riz Khan - Arundhati Roy - 02 Nov 09 - Pt 1
Inclusive growth:
Growth in India has to encompass the masses or else due to sheer size of the people not affected by this growth the policies will always centered the impoverished masses. Such policies may not always favor technology or scientific development.
Infrastructure development:
The need for infrastructure , which at times is not existent in areas of India is essential to growth. The challenge is not only investment and flow of capital to serve this sector but the need to align these efforts with sustainable principles, which would be cost-effective and incur lower environmental costs in the long run. This required an imaginative way to deliver goods and services that provides real value to its customers that may be from across the entire economic spectrum.
Education:
Education is the single most and most important driver of human capital that will be the only asset going forward for India. This asset will not only aid economic development but also enable better governance. Literacy should not be the minimum for this goal to be achieved.
Poverty Alleviation:
While India is cautiously loosening its control over the banking policies , the western economies are beginning tightening their policies, which eventually will lead to a credit freeze. India has in the last one year brought down inflation , which had rose to very high levels with the growing economy and also brought down lending rates. This is slowly beginning to reap rewards in terms of generating economic activity. There is lot to be written about this slow change but that is not the focus of this article. This articles aims the various other structural changes that needs to be accompanied to facilitate and complement the transformation that is taking place in India.
The obvious challenges that face India's development has been amply enumerated by economists, think-tanks and policy institutes across the world and their finding are not very different. The common challenges listed by them include inclusive growth, infrastructure development , education and poverty alleviation. I will spend some little time to enumerate a little on these few issues.
More than 10 years back in a piece called "Goddess of small things", as a magazine editor for my college magazine, I wrote about Architect, Activist, Booker prize winning author Arundhati Roy. She is a necessary voice to all...including India...Salman Rushdie calls her a necessary polemic to democracy...her latest interview from Al Jazeera English..
She is India's Amy Goodman....!
Riz Khan - Arundhati Roy - 02 Nov 09 - Pt 1
Inclusive growth:
Growth in India has to encompass the masses or else due to sheer size of the people not affected by this growth the policies will always centered the impoverished masses. Such policies may not always favor technology or scientific development.
Infrastructure development:
The need for infrastructure , which at times is not existent in areas of India is essential to growth. The challenge is not only investment and flow of capital to serve this sector but the need to align these efforts with sustainable principles, which would be cost-effective and incur lower environmental costs in the long run. This required an imaginative way to deliver goods and services that provides real value to its customers that may be from across the entire economic spectrum.
Education:
Education is the single most and most important driver of human capital that will be the only asset going forward for India. This asset will not only aid economic development but also enable better governance. Literacy should not be the minimum for this goal to be achieved.
Poverty Alleviation:
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