THE
BOOMING ECONOMY:
Several years ago India remained only a geographical entity on the map of the world. It was a nation unknown to world economist or investors. On the other hand today the scenario is totaly different, it is one of the most prefered destination for investors across the globe. The reason the booming economy of the
country. When the finance minister Manmohan singh of the erstwhile congress
government in the early 1990's liberalised the economic frame work of the country the entire economic thinking of the nation changed. The private
sector got a fair share to play in the
growth and development of
industries in the country, and the government slowly came out of non profitable public sector companies. The government began to reduce its share in industries and started to focus on social and infrastructural development in order to enhance further growth in the economy.
This conducive environment and the policies of the government transformed the entire economical landscape of the country. Today every sector of the economy is booming with innovation and growth the new mantra. Due to which sectors that where dormant due to controls and legislations for decades are booming today.
The primary drivers of the Indian economy isn't the traditional industries, but service and software. Indians always have given great importance to education and learning.This attribute of Indian thinking has produced professionals of high repute who have the skills and talent to take up jobs outsourced across the shores from round the globe. The outsourcing of jobs has given rise to a totaly new type of industries across the country, they are better known as B.P.O's or ITES.
The rise of the new sector or the ubiquitous software companies in the country has helped the growth of several allied companies that provide service to software companies. For instances when a software development centre is set up in a area the land value around the area goes up. The software engineers begin to stay in and around the company increasing demand for houses on rent or even construction of new houses or flats.
The transport industry grows as the employees of the company have to travel to and fro between work and home. The catering industry grows due to demand for its services by the new employees. The interior decorators gets new orders. The stationary manufacturers get new orders, so on and so forth. In other words the continuous mushrooming of software and software related industries sets of a chain of developments across the country triggering growth in areas never thought of decades ago.
This growth has reflected in the sensex or the stock market of the country. For the past few months the stock market is going skywards, but for a correction in the past week were in the sensex has taken a beating and the graph has been going downwards. Yet it is postive signs of a growing economy. The rise in the sensex has brought in capital from across the globe into India which has changed the mood of investments in the country today.
Every type of investments be it the proven bank deposits, post office savings, Gold, Mutual funds, properties and of course the share markets is seeing a boom today. Every investor in any of the above instruments is seeing his profits soar. This inspite of the oil prices hike and the fear of inflation looming oerhead.
This new resurgence and dynamism in the country is to stay for a while as the growth isn't software centric or industry specific, due to which any slump in one sector wouldn't effect the booming Indian economy in the near future.
Manoj G.Varghese Bangalore India
More reviews about the OUTLOOK MAGAZINE