The prestigious Time magazine has now come forward to recognize Indian economic success. In the Asian edition of the magazine, you can find the cover story about India by visiting this link. Time has appreciated the recent economic success of India but at the same time has reminded the readers of the possible loopholes that might exist for the country. I am quoting from Time:
"If ever a country needed a vote of confidence, India did last week. A plunge in stocks listed on Bombay's main market index continued, vaporizing some $87 billion in investor wealth in just four days and raising doubts about the sustainability of India's boom. But then came a spot of cheer: IBM—which already has 43,000 workers in India—announced plans to invest a further $6 billion there over the next three years."
According to Time, Indian economy is growing very impressively and India is now gradually shining in the manufacturing too- traditionally a weak point of India. On the other hand:
"Prosperity and progress haven't touched the 550,000 villages where two-thirds of India's population live. In many ways, the country is growing in spite of itself. Millions of women are not getting the education they need. Transportation networks and electrical grids, which are crucial to industrial development and job creation, are so dilapidated it will take many years to modernize them."
There is every reason that Indian decision makers should feel jubilant after being recognized by Time magazine but at the same time they should seriously use their heads and hearts to tackle the problems mentioned in Time report.
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One time, I watched national geographic's "No Borders." The story is about the life of Indian call center agents (i can't remember the title, sorry)and from that moment on I knew that India is very far from how the world traditionally sees them (exotic, polytheist, traditional). This is really a good year for India.
Posted by: nepspeed82 | June 13, 2006 2:12 PM | Permalink to Comment