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  • Category: Miscellaneous
    Points:5

    Indian economy is growing

    Recently a report released by UN mentioned that Indian economy is growing very fast than other countries in the world. The projected growth of economy in the year 2024 is mentioned as 6.5%. It was mentioned in that report that many multinationals are looking at India and planning to extend their manufacturing processes to India as an alternative to China. This will have a positive impact on Indian economy.
    As on now India is the 5th largest economy in the world and overtaken the UK. Our present government is very confident that in the coming 5 years India is going to become 3rd largest economy in the world and will be behind only two nations namely the USA and China. Let us hope it is going to be a reality. I like to know the views of expert members on this aspect.
  • #779478

    Points:4
    During the last decade the efforts done by Govt in various areas are showing their positive results and the whole world is acknowledging the progress made by India in various spheres. The same momentum seems to be maintained and assuming the same growth rate Indian economy is going to increase tremendously. Our export-import policy coupled with diplomatic relations with other countries are paving the newer and newer ways of trade with them. India's foreign policy is yielding good results and many pending business issues with other countries are being settled one by one.
    Seeing the present trend I am hopeful that Indian economy is poised for a robust growth in coming times.
    Knowledge is power.

  • #779479

    Points:4
    I believe that Indian economy is growing. I am also convinced that Indian economy is growing. I base this belief and conviction from the various reports ,data available on public domain, from the general observation of people and the general shopping atmosphere around. I also deduce this from the feedback of NRI Indians and our countrymen visiting other countries. The banking system is showing better results ,the stock market is showing boom. India is able to convince other nations and get our deals.
    All these prove that our economy is growing and is poised for a great place in the economy ratings and status.

  • #779484

    Points:5
    Whether we give the credit to the present regime for it or not the fact is that Indian economy is growing in a big way. On one side there are huge projects going on for improving infrastructure and on the other hand Govt is giving thrust on manufacturing sector emphasising importance on make in India concept. We have a large manpower and an equally large manufacturing capacity. What is required is to motivate and encourage people for increasing the productivity and improving the performance.
    Increased tax collections especially GST has given a boost to Govt exchequer and has enabled margins for spending more in developmental projects. Better governance is also helping in realising more Income tax. People are being encouraged for establishing self employment opportunities. All these things are helping our country for its economic progress.
    I also believe that even better economic times are yet to come.
    Thoughts exchanged is knowledge gained.

  • #779490

    Points:2
    All three opined that the Indian economy is growing and further chances are there to see new heights. Further growth completely depends on how the governments support the industrial sector and give importance to wealth creation in the coming days. Let us hope for shining India in the coming years.
    drrao
    always confident

  • #779531

    Points:3
    I was in Nagpur for two days. Nagpur Airport was a small airport in 2016. But now it is an international airport and we see many passengers travelling to various small cities also on flights. After seeing the crowd there, I was convinced that there is a change in the financial positions of many Indian families and they can spend money for their comforts also. This itself is an indication of the financial status of the country.
    drrao
    always confident

  • #779534

    Points:5
    I recently read a report where it is mentioned that during the ongoing summer season there has been a big rise in the number of air passengers in India and due to that the dynamic airfares have gone up and some airlines are making a brisk business.
    If so many people are using planes even only in the summer holiday time in schools/colleges then that itself is an indication that purchasing power of the people is increasing.
    There are some other indicators also like online food providing companies like Swiggy, Zomato, and others that are doing a good business. There is good crowd in hotels, restaurants, and roadside eateries and people are spending as per their capacities. So all these are positive indications.
    The only down side is the poverty in our country which is still continuing and from a rough estimate about 10 to 12 crores of people are still under that financial line below which life is devoid of any interest. Though there are Govt schemes to help these people by giving them grains and other assistance, but these people are to be recovered from that poverty zone and only way is to create small jobs for them fetching them a regular earning. That is not an easy task for any Govt but until we do that we do not enjoy telling that we are economically progressing.
    Knowledge is power.

  • #779549

    Points:4
    India is poised to grow rapidly in the areas of revenue growth & education. This trend continues due to the government's efforts. There is no problem with human resources in our country, they need suitable employment to reap the benefits of the growing economy.
    The economy has surged due to the expansion of industries in different fields apart from the export of the raised outputs.
    We are doing excellent jobs in terms of exports in the area of steel and other metals. This has led to phenomenal growth of exports. Moreover, imports have been been curtailed drastically to arrest the foreign exchange reserve.
    Hope, our economy will further grow in the years to come with the determined effort of the government.

  • #779711

      

    Points:5
    According to data from various sources, the economy of our country is growing and there is no doubt about it if we observe the purchasing capabilities of the common men. The sales of cars have increased, many are going for properties and so is the salary of government employees. Now let's look into a couple of other aspects like basic salaries and living standards of common men. Yes, the living standards have improved but why the government in every state and the country is concerned for the poor and downtrodden? It's because those who were poor remained poor only. Hardly had they managed to move up even after a lot of efforts by successive governments. There are various jobs and employment opportunities available in our country but do all such jobs provide good salaries? Certainly not. We do not have a basic minimum salary structure for the employees of the unorganized sector and unfortunately, more than 80% of the working class is in the unorganized sector and many cannot enjoy a decent living. China may be the 2nd largest economy but how is the condition of the workers there? Various reports suggest they are underpaid and it has become a big manufacturing hub because of cheap labour. Are such things possible in the USA or Western countries?

    I don't know what may be the definition or parameters for a growing economy but as long as the distribution is not proper the majority is not benefited.
    Sankalan

    "Life is easier when you enjoy what you do"

  • #779733

    Points:3
    Indian economy is definitely growing fast. Look at the GDP growth data that was released today. Indian economy grew at 8.2% for the year 2023-24. It is one of the best when compared to other larger economies.

    We could look at the following Article for comparing Indian economy with other developing countries.
    https://www.newindianexpress.com/web-only/2024/Apr/20/its-the-economy-stupid-how-the-modi-manmohan-and-vajpayee-years-compare-on-growth-front

  • #779755

    Points:5
    As per the data published by the Statistics Ministry, GDP has risen claiming that the Indian economy is the fastest major economy growing globally during the last decade. Now it remains the fifth largest growing economy as against ninth in the previous decade. These growth data may propagate its economic progress, yet to face challenges like unemployment among the educated youth between the age group of 20-29 with the Indian population being the youngest of the world. The country is still struggling to reap the potential benefits from the young generation. I would say it is a big issue to be tackled. Otherwise, it is a shear data showcasing that the economy is growing. Apart from this, infrastructure deficit, inequality in income, poor remains poor and rich grows rich may impact the growth. Youth unemployment creates poverty and they will indulge in social threats like pickpocketing, smuggling, trafficking, etc. The most important would be climate change such as heat waves/cloudbusting weather patterns alleviating more poverty, health, and the growth of the economy.

  • #779761

      

    Points:5
    After going through the responses, a layman like me may conclude that the growth in the economy of a nation is based on the number of air-passengers, the number of people buying cars and properties, the increase in the purchasing capacity and so on. But again, a simple doubt arises. What does the rise in prices of almost all commodities suggest? What about handing over public enterprises to private agencies? What about the level of people living below poverty line? What about unemployment? Have the poor become richer in any sense? What about the emergency reserves in the Reserve Bank?

    Many more such questions will come up. Some may be answered, and some may not be. My point is that while discussing such a topic, our endeavor must be to look at the pros and cons so that we arrive at a judicious conclusion. The approach needs to be serious. Statistics need not be true or accurate due to different reasons. It is a fact that we withstood the recession post COVID while even some of the developed countries were facing the music. Fine and good, but would it be better if we ask questions like how and at what cost? We may get confused whether the net result is positive or negative.
    'Educating the mind without educating the heart is no education at all'.
    -Aristotle

  • #779766

    Points:5
    India exported Gold and pledged it in 1991 to handle the financial crisis in the country. 2 days back I heard news in DD that a little over 100 tonnes of gold was shifted back to India from the UK 2 days before.
    As of March 31, 2024, the total gold held by the Reserve Bank was 822.10 metric tonnes as compared to 794.63 metric tonnes on March 31, 2023. This is also an indication that RBI is having reserves at a comfortable position.
    I read somewhere as of now the unemployment percentage is at the lowest in the last ten years. But I am not sure how far it is correct. Periodic Labour Force Survey data showed the unemployment rate which stood at 3.4% in 2013-14 was only marginally lower at 3.2% in 2022-23. According to the Centre for Monitoring Indian Economy, the unemployment rate was 7.6% in March.
    As per SBI research, the estimated poverty rate was 7.2% in rural and 4.6% in urban areas. This figure shows that there is a fall in the poverty line also.
    After seeing the above facts, we may conclude that there is an improvement in financial status growth. Of course, the rates of commodities might have increased but as the purchasing capacity of people increased purchasing capacity, people are carrying on.
    However, I don't know the exactness of the reports.
    drrao
    always confident

  • #779769

      

    Points:2
    Dr Rao, are we discussing the economic condition of India or the success of the ruling front? Let me reiterate that such discussions will reach a judicious conclusion only if look into the different factors seriously and with an unbiased interest for the nation. When you are talking about statistics and facts, referring to what we read or heard without being able to conclusively be on the positive side does not, actually, help.
    'Educating the mind without educating the heart is no education at all'.
    -Aristotle

  • #779771

    Points:2
    Saji, We have to make conclusions based on the figures and facts available to us. I accept that I am not able to make a judicious conclusion about the subject in the thread. Why can't you give a direct answer either way? Your answer may give us a better understanding of the topic. Indian economy is growing or not growing. I don't want to further discuss this subject.
    drrao
    always confident

  • #779779

      

    Points:4
    I am not interested in discussing politics and so would like to stay with facts on ground. While, as I admitted above, the graph of Indian economy is surely rising but that is only one side of the coin that is being projected. We are still lacking in our core areas and without considering those areas it would be, as many experts say, absurd to say that we are now a booming economy. My simple point is that we must bring up the positives as well as the negatives when we bring up such topics for discussion in this forum or any such platform.
    'Educating the mind without educating the heart is no education at all'.
    -Aristotle

  • #779812

    Points:5
    Saji Ganesh and Dr Rao have brought in some queries, observations, and suggestions and steered this topic further. I am tempted to take this opportunity to share some more thoughts.
    There is no doubt that all the economic indicators are telling us that Indian economy is on the rise. Tax collections are increasing helping the government to spend more money. The whole world is praising India for all this.

    But, there are certain areas where improvements are not happening as should had happened with this economic boom.
    These areas are poverty, unemployment, governance, engagement and opportunity for the youths, etc. We can even add eradication of drug abuse and arresting crime rates to this list.
    Just giving free grains, some financial aid, and some free goodies is not going to solve the problems. Some people say that by shifting the productive units near to villages and remote areas might engage the more of local labour force but again strict policies and governance is required for that.
    I remember the case of selecting state capital for the state of Uttarakhand and a remote but big area was earmarked for that long back. But due to lack of strict governance the capital is still in Dehradun which has became a congested town and does not look like a state capital. There are many examples like that where we had nipped in the bud the probable development of a remote area.
    The issue of price rise is a perplexing one as the people earning in higher brackets are not affected because their salaries or earnings also get proportionately increased. Govt servants are blessed with the inflation linked DA every quarter. Private enterprises also compensate the employees for that though their modus operandi is different than that of Govt. So in essence all those who can afford, for them price rise is not an issue but there are so many who are below the poverty line, for them it is an issue and it is snowballing with each price rise.
    Economic growth is ok and we all agree that it is there but if its benefits are not reaching to the lower strata of the society then can we call it as a real development? I am sure that we are lacking something somewhere and there are some strict and bold decisions to be taken by the government for improving the condition of the poor and unemployed people not by giving freebies but a full time job.
    Knowledge is power.


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