Suddenly the world is beginning to see India through a different prism altogether. India is clearly perceived as one of the
fastest growing economies and a key driver of global growth, besides China. Time was when American multinationals were demonized in India, as exploitative entities that damaged the domestic economy and corroded politics. In the 2004 US presidential elections outsourcing of American jobs to India was the central economic theme. As if on cue India's economy has delivered a GDP growth of 8% in the 2005 fiscal and an average growth of 7.5% to 8% in the coming years appears eminently achievable. But all this requires renewed effort. India's' policy regime must rise to meet the challenge of sustaining growth to eradicate poverty and rampant unemployment.
If India is to engage as an important world economic power, we must address key areas. India's biggest asset is its young human resource. The changing global demographic patterns suggest India will be the youngest major nation in a few decades, a far younger than China. There will be great
opportunity for our young, working population to serve ageing nations across the world with skills across sectors. To prepare for this opportunity entails creating
institutions that will supply technical, vocational and other job oriented skills on a sustained basis. As education policy that optimally regulates quality of skills being imparted without hampering the growth of such institutions will help in attaining this objective. 90% of the workforce in unorganised sector and it needs to be empowered. First generational entrepreneurs have already changed Indian industry. The social and economic base of next gen entrepreneurs cuts across broad swathe of society. This new parading must take roots. The other big challenge is to regulate growing urbanisation. Massive infrastructure will be needed to meet basic urban needs.
As India rises as a major power there will be new opportunities to drive growth in domestic industry and create employment. While India's' fundamentals look bright, the responsibility of ensuring sustained economic and social growth and poverty radiations devolves on every stakeholder.
(The writer is a Congress MP)