The last few weeks have been those of optimism for India. It follows the fact that people have started showing faith in the country's economic capabilities. The BSE's Sensex and the NSE have shown recent trends of growth, triggered by a fast recovery from recession. Even small businesses affected by global meltdown have recieved a major reconcilation. Stimulus packages have proved to be an enormous contributing factor to a quicker recovery. Another major factor to this trend has been the old-fashioned Indian economy.
The recent demograhics have proved favorable for growth in China and India, in the Asian continent. India has been acknowledged by Standard & Poor's as the second-fastest growing economy after China, in the Asia-Pacific region. The Industrial Output growth for the month of September has been termed 9.1 pc this year. The business term 'stagnancy' has long been forgotten. Also, with no waiver in stimulus packages, hope is shining among the economic 'gullies'. The Rupee-Dollar value is on the rise, so also are stock market indices. MNCs are said to have made hiring and expansion plans, following the promising economy. Addressing a gathering at the 25th India Economic Summit, Finance Minister Pranab Mukherjee said the Stimulus packages provided by the government have been aimed at increasing domestic demand in the face of a global recession. He also expected the GDP growth to return to the 9-10 pc growth trajectory by 2012.
With these prompts, the worst is definitely over for the Indian economy. But the spoiler has been the food prices which continue to soar, a fact which has been attributed to be a result of irregular rainfall. The above stated economic developments might be applied to the business world, but for the commoner, life has hardly changed. As the country approaches its high in the economic sense, the woes of the common man remain hardly pacified. Is this 'growth' in the real sense?
Copyright ©2009 Y.K.Campwala
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