Rise of India-A myth or reality
For many decades after independence India was the naturally gifted land of potential
and poster diva of third world economies but outsider in the brash first world of developed economies. When two super powers were racing to be the first to land on moon then India was burning midnight oil to provide food to its hungry population, tiling roofs, inventing employment opportunities and trying hard to reach the door of industrialisation before it was finally closed on her. This mayhem became imminent as due to wealth drain and impoverishment caused by British colonialism India's
comparative advantages was lost.Till 1980's comparative advantage was largely determined easy availability of land, labour and capital. Geographical location and early industrialisation also afforded greater impetus to growth. On one hand India was working overtime to emulate success of Japan while on the other it was juggling its finances to evade liquidisation of Rupee.With advent of globalisation the primary sources of comparative advantages changed and that too the advantage of India. Today comparative advantages include technical skills, managerial competence and ability to deliver world quality products at lowest cost and India boosts all of them in abundance. The human capital, the educated workforce, the ‘international brand' for technology capability, the motivated workforce with both a work ethic and a hunger for success, the democratic principles and educational systems at the elite colleges, all favor India.1 It is no surprise that a new confident India is fruitfying it's long held promise of national well being and acquiring conviction of an emerging world power. According to Times News Network India is one of the few major countries that have seen a consistent rise in its share in world GDP over the last 20 years. As a result, it is now among the top five countries when it comes to the share in world GDP.India of 2025 will be a very different place, and a much more dominant force in the world economy, than was the case twenty five years ago or at the beginning of the new millennium.Today India's position in the global arena has come to a crucial stage. On one hand, it is a fast-developing economy having experienced almost a decade of structural economic reforms. On theher hand, as the world becomes smaller and smaller, the importance of a large consumer market (of a billion heads and growing still) can hardly be downplayed. At this juncture, India needs not only to ensure that dollar-induced development does not acquire a lop-sided path and lead to another Mexico or Argentina, but also that its own developmental crises are resolved. The remedy to meet challenges hands down India needs to focus its energies on areas that promise high future growth, promote entrepreneurial tendencies among the youth specifically in sectors that require smaller capital requirements, maintain health competitive environment in the industry and rely on quality education of population to spread development. Government must concentrate its efforts in furthering technology and research centers, stable financial institutions and above all directing growth flow to grassroots for upliftment of those sections of society that have been neglected till now.