Bikky Khosla | 20 Sep, 2022
India is in the sweet spot as far as US
business is concerned, the Union Commerce and Industry Minister claimed recently,
adding that the US is "gung ho" about India because of the
country’s "political stability, emerging power in tech and design, and vast
consumer market place". The minister also pointed out to some core strengths of
the Indian economy, including a consumerist culture, labour prowess and
flourishing entrepreneurship, among others.
Recently, India has become the fifth largest economy in
the world, overtaking the United Kingdom, and the global media seems no less
enthusiastic about our rising economy. In a recent article, The Guardian points
out to some of the strengths of the Indian economy as "economic
liberalisation in the private sector, a rapidly growing working population, and
the realignment of global supply chains away from China". It also mentions
about our world-class IT and pharmaceutical sector.
Similarly, another recent article published in The New
York Times heaps praise on India’s policies including increased public
investment, debt related reliefs and credit guarantees to the SME sector. It
also praises RBI’s monetary policy interventions that have helped control
inflation. Like Goyal, according to whom India's Covid
management was seen as a big plus at the WTO round, the article also states
that the huge Covid vaccination has helped India to become a bright spot
All these sound encouraging, but complacency is not
welcome. Our economy is now amongst the fastest growing economy in the world,
but we still have a lot to do to push our per capita income. Also, the
manufacturing sector needs a constant push. Employment generation is a must to make
the best of our growing working population. In addition, we urgently need to
increase our exports and tighten the noose over our widening trade deficit.
invite your opinions.