Indian Economy-News & Updates

[Valiant_Soul]

Karan: We are not saying same thing!! . I'm saying our growth is not spread out like Chinese. We have not focussed on the social growth at all!!! .... im worried that this one directional focus will lead to a imbalance, which if not corrected today shall lead us to a chaos in near future. Our people and society still has the old rigid way of thinking -- non tolerance to change and others.

So, us the people should come out of this la la land and start some serious thoughts on how we can start this up-liftment.

Exactly the points to be make! There is what can be called improper distribution of development in our country. This improper distribution of development has seen the rise of Naxalites and Maoists. Where there is no development, there is no education and where there is no education there is hardly any hope for long-term stability and growth. People become restive, when they see no opportunity in their homeland.

This improper distribution of development has led to massive flocking in cities and they are crumbling under huge population density. Improper distribution of development, leads to improper distribution of everything.

Although, we are growing fast, but the basic reforms required to distribute the fruits of growth is not taking place with the same pace.

Now, clearly, it is a matter of states how they develop their respective regions and there lies our systems biggest bottlenecks. We need better leaders in states. Educated people from their respective regions need to flock into political parties and gain control from those who have uneducated or criminal background or better form their own party. That is the only way out of this loop.

 

[footmarks]

Karan: We are not saying same thing!! . I'm saying our growth is not spread out like Chinese. We have not focussed on the social growth at all!!! .... im worried that this one directional focus will lead to a imbalance, which if not corrected today shall lead us to a chaos in near future. Our people and society still has the old rigid way of thinking -- non tolerance to change and others.

So, us the people should come out of this la la land and start some serious thoughts on how we can start this up-liftment.

Buddy, Forgot about Chinese, buying chinese growth story is like buying a cheap chinese mobile phone which, on cards have everything but actual performance is..you know like what.

I agree with your other concers and issues apart from the chinese one. Remember what Mahatma Gandhi has said- Be the change you want to see in the world.. We can blame the system, the society and the Govt. but we need to realize - the base unit of any system, any society or any nation is its people, its citizens, WE. If I see myself in the mirror and ask myself - the kind of life I am living, the kind of morals and etiquettes I carry and the kind of role I am playing on my part for giving back to the society, if somehow the same is replicated in all Indians - wil my country be a better place to live in, will it prosper to the level I want it to?
and the answer I invariably get is- NO.
The fact remains - there are only a handful of people in every strata, every sphere of life around us who will get a YES for the same question. And these are the people who are the drivers, the mechanics, the engineers who are not only driving this rickety bus called India but also overhauling it constantly and making it better day by day. Rest all of us are just passengers - cribbing about the sorry state of the bus. Think about it..

 

[xuxu1457]

Karan: We are not saying same thing!! . I'm saying our growth is not spread out like Chinese. We have not focussed on the social growth at all!!! .... im worried that this one directional focus will lead to a imbalance, which if not corrected today shall lead us to a chaos in near future. Our people and society still has the old rigid way of thinking -- non tolerance to change and others.

So, us the people should come out of this la la land and start some serious thoughts on how we can start this up-liftment.

My dear friend,Stumper,it is the first time ,I feel that I come to this forum not only to improve my English level but also can know some other things. You thought of how the India can be better in future unlike only predicted what the India will be better 20 years late.
If you run for the President of India, I would vote for you

 

[gogbot]

We have grown, have we? .... and how will you objectively define growth? ... by the airports we have built , or by growth in our GDP or by the malls we have built, or by the FII investment in our country?

None, im afraid takes away the fact, that we still after 60 years of freedom have quota/reservation system in our day to day life. We still have a mass exodus of people from rural to urban cities. We still have a pathetic health care system. We have people who beg for a living, we have people who practice religious intolerance and discriminate against people based on religion and caste. We still have biggest slums in our economic capital and other cities.

We can go on and on , but the fact is that behind this economic jubilation we have somewhere forgotten what is the ills we still continue to live with.

Let me give you a example....

The other day, i had a heated debate on the movie 3 idiots. I'm yet to hear any one person not agreeing with the movies point ie; Rotten education system.

While a entertaining movie, that movie squarely lies the blame on our education system. While partly correct, what none of the viewers failed to question was : Is this education system something that the state have forced on us or is this something that we have unwittingly carved out of our need? . I say , its us who have carved out this form of education. Us the people, Us the society. A society where people are judged on basis of how much he/she earns. A society which treats people based on his social status. A society which divides people based on his/her ranks.

No doubt, education system just yielded to the need of such a society by serving what we needed --- "People with best potentials for higher earnings - ie;Doctors and Engineers"

The reason i went off-topic here is that, all the people i encountered after watching this movie were in a bliss land. The blame was shifted to some one else -- the education system. No one , even those i debated with, would agree on my thoughts -- That we the people needs to also question ourselves and our society which judges people by his/her economic achievements. By blaming the education system, we lay off of our responsibility. We have shifted the action on government.

And that is what i see in our world today. We indians are happily living in a la-la land. Happy that we are being touted as the next big economic thing (and we produce all this growth thing as the proof of being on right track).

What we are trying hard and fast to forget is that we are lacking big time on social development.

Thats what worries me.

Look at the problems you want solved, they all exist all across the world.

Poverty, Greed, envy, pride , arrogance, Urbanization, Bad government services, religious nut jobs and urban development issues

You are asking to change the world

What surprises you really

The fact that India has the same problems as the rest of the world.
Admittedly they have their Own India flavor.But if you look at the dark side of all countries you notice they all have the same issues. In varying degree's of intensity and scale.

The common Factor in all these problems is a Human one.

You cant fix society stumper, there flaws built into it. Greater men have died trying.

There is nothing to do but Human development. You can force a change or let it play its course.

But i can guarantee you change is already happening.
You give a society enough resources and technology, It always going to grow evolve. change.

I know i am generalizing but it is a general topic, society.

As an atheist i only believe in two things Humans and their technology.

One day Humans will have the Intelligence , wisdom and technology to create the Utopian society we all want.

but till then we are stuck with a flawed and fragmented one, and the only thing we can do now is inch as close as we can to that dream, one step at a time.

All you need to do is look and you find problems in society all over the world in all the different flavors. Its not India alone that has these issues. But that has not stopped them from being developed nations has it, India and its flawed society is capable of accomplishing the same. And along the way we can see about address some of those issues.

 

[Valiant_Soul]

As an atheist i only believe in two things Humans and their technology.

One day Humans will have the Intelligence , wisdom and technology to create the Utopian society we all want.

I am sorry to break your ice, but there is no Utopian society possible (the way you seem to desire), especially not if your very fundamental notion of development is flawed. That "one day" thingy is an absolutely naive and imperfect idea.

You think the world is developing in real-terms? Please do not think of development superficially, the world is only going down in development because development in real-terms is far more than development of physical infrastructure. Development in real terms is essentially the rise of a virtuous society and there are all convincing factors that we are only going down the drain in that regard.

P.S. I know this is off-topic but is surely elementarily connected to the overall picture of what we actually term as development. This was just to put another perspective to you, you need not respond, but simply introspect.

 

[gogbot]

I am sorry to break your ice, but there is no Utopian society possible (the way you seem to desire), especially not if your very fundamental notion of development is flawed. That "one day" thingy is an absolutely naive and imperfect idea.

You think the world is developing in real-terms? Please do not think of development superficially, the world is only going down in development because development in real-terms is far more than development of physical infrastructure. Development in real terms is essentially the rise of a virtuous society and there are all convincing factors that we are only going down the drain in that regard.

P.S. I know this is off-topic but is surely elementarily connected to the overall picture of what we actually term as development. This was just to put another perspective to you, you need not respond, but simply introspect.

I was speaking in very general terms.

I know that nothing like that is possible in my lifetime or any time in this millennium or even the next.

It can eventually happen or it may not, but there no reason to say its impossible.

My post intended to make only two points.

- Society as it exists today all over the world has it flaws.

- Give people enough resources and technology they will grow and change. Into what kind of people depends on them.

But i see i must add another.

people complain about society failing all the time and speak as if the past it was better, that things have actually gotten worse over time.

This is a lie, Things have in no way gotten worse. In the last 110 years things have changed so much for the better but people only seem to witness the problems that have arisen over those that are no longer our concern.

I am trying to find the words to explain my thoughts but i am having trouble putting it down. So i will show you a video that helped put things in perspective for me.

In the end development is all a matter of perspective is it not.

Video: Even Better Than the Real Thing | The Daily Show | Comedy Central

I really recommend you watch it.

 

[Valiant_Soul]

I was speaking in very general terms.

I know that nothing like that is possible in my lifetime or any time in this millennium or even the next.

It can eventually happen or it may not, but there no reason to say its impossible.

It may have been possible in past, but it can never happen in future. And believe me I know definite reasons for that. You need to un-complicate everything to make that happen, and you certainly cannot do that unless you can reverse the arrow of time.

But i see i must add another.

people complain about society failing all the time and speak as if the past it was better, that things have actually gotten worse over time.

This is a lie, Things have in no way gotten worse. In the last 110 years things have changed so much for the better but people only seem to witness the problems that have arisen over those that are no longer our concern.

That would be correct if you take into account just last one or two centuries and again it depends on how you conceptualize development.

In the end development is all a matter of perspective is it not.

Thank you for the video, it was a good watch. But I already know the point you are trying to make through the video. I am not saying that a virtuous society would have no problems, but that, that is the ideal state we need to aim for. That would be our Utopia. If people, in general, are virtuous everything else will fall into place automatically.

Now your point: Development is not a matter of perspective, but people may choose to see it as such, and that is one way how things get complicated. Development is a clear path and people require visionary leaders to define that path and follow in his footsteps. For example, Gandhiji said that education that is not centered around development of character is useless and also dangerous. That is defining a path for development. But I know to what level the education in India has fallen to in that regard.

Look at sections of Europe and US. There is development, but are people really joyous? A survey says people in India are happier than people in US. The real reason being people do not have a clear vision, because there is no one to lead them in this regard. For a healthy and joyous society, a strong foundation of human relationship and trust is essential and that is where India scores over US (although urban India is quickly falling into the same league).

I would not extend this conversation anymore. All I would say is that each of us must acquaint ourselves with all positive ideas and introspect as to what we desire for ourselves and our society, and where that would lead us to. Both clarity and commonality of our perspective towards development is essential.

 

[no_name]

Hi,

I think economic development, poverty reduction and population growth control are tied at the hips.

I think population is also a root problem in India that needs to be addressed. Unless economic growth is faster than population growth, poverty will always exists. If available positions is a lot smaller than applicants then remaining talents will go to waste anyway. They will become mouths to feed.

Population control on a national-wide level demands a government with clout and control. If the Indian government can took step to rein in population growth then there is nothing else they can't do.

Whether this can be achieved with a democratic government is open to debate. But I think this issue has been avoided by all parties for a long time now.

regards

 

[Lankan Ranger]

AirAsia to launch flights to 5 more Indian cities

Southeast Asia's largest low-cost carrier is aiming to carry two million passengers a year once it begin flights to New Delhi, Mumbai, Bangalore, Hyderabad and Chennai, said Chief Executive Tony Fernandes. AirAsia already flies from its base in Kuala Lumpur to the Indian cities of Trichy, Kochi, Trivandrum and Kolkata.

AirAsia will launch flights from the northern Malaysian city of Penang to Chennai on April 28. From Kuala Lumpur, it will begin flying to Mumbai on May 6, to Chennai on May 17, Bangalore on May 20, Hyderabad on July 20 and New Delhi on Aug. 4, the airline said.

"This is a clear indication of the fact that our expansion plans are fully on track," said AirAsia executive Kathleen Tan.

AirAsia to launch flights to 5 more Indian cities - Yahoo! Asia News

 

[xuxu1457]

Hi,

I think economic development, poverty reduction and population growth control are tied at the hips.

I think population is also a root problem in India that needs to be addressed. Unless economic growth is faster than population growth, poverty will always exists. If available positions is a lot smaller than applicants then remaining talents will go to waste anyway. They will become mouths to feed.

Population control on a national-wide level demands a government with clout and control. If the Indian government can took step to rein in population growth then there is nothing else they can't do.

Whether this can be achieved with a democratic government is open to debate. But I think this issue has been avoided by all parties for a long time now.

regards

agree "population is a root problem in India that needs to be addressed"

 

[RPK]

Nice presentation by Gurucharan Das on Future of India

India S Future By Gurcharan Das ( Nov 2009)

 

[RPK]

India committed to support Zimbabwe`s economy

Harare: India is prepared to help resource-rich Zimbabwe in various spheres to get its economy back on track, Indian Ambassador to the country Ashok Venkatesan has said.


India was prepared to assist Zimbabwe in its quest to recapitalize various sectors of the economy, he said in an interview with New Ziana news agency here.

Venkatesan said Zimbabwe required massive investment injections in various economic sectors to recover from the decade-long slump.

"We are willing to work with Zimbabwe in efforts to revive the economy," he added.

"We would like to be involved in power generation, railway infrastructure as well as transport and Information Communication Technology (ICT) development."

He said there was need for both countries to identify areas of possible co-operation aimed at stimulating economic growth. "It is up to the two countries to single out areas of co-operation to push the economy towards growth."

Venkatesan said Zimbabwe had a rich base of natural resources and human skills which could be tapped to re-invigorate the economy.

"Zimbabwe is one of the richest countries in the region in terms of natural and human resources," he said. "These should be utilised to spur economic growth."

He said India had pledged close to USD 5 million to procure machinery for local small and medium enterprises (SMEs). Part of the money would be used to initiate training projects, with experts flown from India to facilitate the training programmes

 

[EjazR]

Aramco branches out into India - Offshore

NEW DELHI -- Saudi Aramco has opened a new branch of Aramco Overseas Co. in India. The inauguration of the new office in Gurgaon, the industrial district of New Delhi, was attended by H.E.Faisal Hassan Al-Trad, Saudia Arabia’s ambassador to India.

The operation will focus on the companies involved in manufacturing and contracting materials for Saudi Aramco, creating opportunities for Indian businesses. According to AOC managing director Ahmed M. Alzayyat, those opportunities will depend on the ability of Indian businesses to comply with the company’s quality requirements and to offer competitive pricing.

“Saudi Aramco maintains the highest standards in construction,” Alzayyat says. “This office will allow us to identify and assess manufacturer capability and performance, concentrating on material supply for the company’s strategic commodities and detailing the steps that potential partners need to take to qualify as a supplier.”
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Just for info, Saudi Aramco is the largest oil company in the world, their annual revenue is infact bigger than many countries' GDP.

 

[EjazR]

Govt may allow Islamic banking, eyes $1trillion funds

NEW DELHI: Aggressively pitching for $1 trillion worth of Sharia-compliant funds from the Gulf countries for investments in its infrastructure development, the UPA government has drafted a report on Islamic banking even as RBI and the finance ministry are jointly working on necessary legislative changes to implement the same.

A committee headed by the Cabinet Secretary and comprising secretaries from other ministries, including finance, submitted a report to the government recently on the prospects of Islamic banking in the country and on drawing investments from abroad, Rajya Sabha deputy chairperson K Rahman Khan said on Wednesday.

Khan is behind an Indo-Arab Economic Summit to be organised in the Capital from February 3-4 where authorities from the Arab world will be present.

The summit will be presided over by foreign minister S M Krishna. "The emphasis will be to attract investments from these countries through opening up channels like venture capital and mutual fund options which are largely Sharia-compliant," Khan added.

The government has already started similar initiatives with UTI and SBI where certain mutual fund alternatives are available for people to invest in such funds, he added.

To project it as a more secular initiative, the government may term it as ‘participative banking' rather than Islamic banking. "It is an alternative system of banking where people belonging to certain faith and belief can save their money and earn from it too," said Khan, who is also the patron of Indo-Arab Economic Co-operation Forum which is organizing the summit.

According to Khan, the motive behind the summit is to bring the Arabian countries closer to India which has an advantage vis-a-vis China and western countries mainly due to its democratic and liberal credentials and because it is an attractive investment destination.

 

[RPK]

NZ begins talks for free trade deal with India - National - NZ Herald News

India and New Zealand have begun negotiations for a free trade agreement which Trade Minister Tim Groser says will put New Zealand in a prime place to benefit from India's economic growth.

Mr Groser announced the start of the negotiations from Switzerland where he has met India's Commerce Minister, Sri Anana Sharma.

The pair were in Switzerland for a World Trade Organisation trade ministers meeting.

Although negotiations with India have been expected for some time, India did not formally agree until last week.

Mr Groser said a deal held "great promise" for New Zealand businesses and negotiators would target the high barriers to trade. India had a population of more than one billion and was expected to be the third-largest economy in the world by 2025.

Stephen Jacobi, executive director of the New Zealand International Business Forum, said it was good news talks were finally under way after the lengthy process of studies leading up to them.

"We are knocking another big one off, but it will be challenging. This is negotiating with a very large partner and one which we don't have very well-developed trading relationship with."

He expected negotiations to be prolonged. India was not one of New Zealand's traditional trading partners, partly because the high trade barriers on major New Zealand exports, such as wood products and agriculture, had held back trade.

While New Zealand could expect major economic benefits, India was likely to have taken into account other benefits, including its wish to be included in the Asia Pacific Economic Community (Apec).

New Zealand's small size made economic benefits less of a factor than "strategic" interests in international relations.

"I think they see New Zealand in strategic terms, because we are at the forefront of Apec, and India wants to join."

Mr Groser said that despite barriers, India was one of New Zealand's fastest-growing markets and exports had tripled in the past decade.

The Cabinet approved talks last March after the previous Government began the process of studies to analyse the benefits of a deal.

However, India's Cabinet committee only gave approval last week. The delay was partly because of India's elections in mid-2009.