Waking up to the ongoing parade marking 61 years of the Republic of India, a historic moment that brings with it overwhelming pride and the occasional sense of nostalgia. A day to sit back and indulge in the glorious past, tricky present and promising future of our nation. The ups and downs are evident but we must certainly and adequately take due notice of the rapid pace at which our country has developed since the inception of governance.
At a time when the nation is undergoing a torrid time marred by corruption scams, inflation and cross border disputes, let us, momentarily though, ponder beyond these challenges to celebrate the successful growth of India and Indians world over.
On being considered an emerging super power let us revisit some facts highlighting India's growth story over the past decade:
Economy: As per 2010 reports, with a nominal GDP of $1.3 trillion it is the 11th largest economy in the world, poised to break into the top 10 by 2012, although by Purchasing Power Parity(PPP) it is the 4th largest economy with a GDP of $3.1 trillion.
Military: In terms of active personnel, it possesses the 3rd largest military in the world, behind China and the United States.
Nuclear: A breakthrough in history as the 123 Agreement between India and the US was signed in 2008, despite India being a non-member of the Non Proliferation Treaty (NPT). This was soon followed by an agreement with France promoting peaceful use of nuclear energy.
Markets: The most sought after destination for Foreign Direct Investment as Indian stock markets have witnessed surging inflows of over $50 billion during FY09 and FY10. India opened its doors to FDI in 1992 and is now on the brink of breaking the $200 billion barrier in FY11.
Labour: At over 478 million, India possesses the second largest labour force in the world and is estimated to account for 25% of the world's workforce force by 2025.
Energy: India features in the world top 10 in terms of coal and natural gas production and wind energy installations.
BPO: The Indian BPO industry recorded earnings of close to $50 billion in FY10 with 7 Indian cities being featured in the world's top 10 BPO's.
Communications: India boasts of the 2nd largest cellular subscriber base at 670 million and has the 4th largest internet user base at 81 million.
Since 1997, India's GDP growth rate has been averaging over 7%, and the IMF has estimated a growth rate of 8.8% for FY11.
The government however, is under immense pressure with the unearthing of corruption scandals, money laundering and tax evasion scams and rising inflation. These testing times call for stern and swift action to tackle such issues before they begin to hamper India's promising growth prospects.
Under the leadership of Dr. Manmohan Singh, touted as the most qualified person ever to serve as Prime Minister of a country, the Indian democracy is in for a turbulent albeit exciting period going into FY12.
At a time when the nation is undergoing a torrid time marred by corruption scams, inflation and cross border disputes, let us, momentarily though, ponder beyond these challenges to celebrate the successful growth of India and Indians world over.
On being considered an emerging super power let us revisit some facts highlighting India's growth story over the past decade:
Economy: As per 2010 reports, with a nominal GDP of $1.3 trillion it is the 11th largest economy in the world, poised to break into the top 10 by 2012, although by Purchasing Power Parity(PPP) it is the 4th largest economy with a GDP of $3.1 trillion.
Military: In terms of active personnel, it possesses the 3rd largest military in the world, behind China and the United States.
Nuclear: A breakthrough in history as the 123 Agreement between India and the US was signed in 2008, despite India being a non-member of the Non Proliferation Treaty (NPT). This was soon followed by an agreement with France promoting peaceful use of nuclear energy.
Markets: The most sought after destination for Foreign Direct Investment as Indian stock markets have witnessed surging inflows of over $50 billion during FY09 and FY10. India opened its doors to FDI in 1992 and is now on the brink of breaking the $200 billion barrier in FY11.
Labour: At over 478 million, India possesses the second largest labour force in the world and is estimated to account for 25% of the world's workforce force by 2025.
Energy: India features in the world top 10 in terms of coal and natural gas production and wind energy installations.
BPO: The Indian BPO industry recorded earnings of close to $50 billion in FY10 with 7 Indian cities being featured in the world's top 10 BPO's.
Communications: India boasts of the 2nd largest cellular subscriber base at 670 million and has the 4th largest internet user base at 81 million.
Since 1997, India's GDP growth rate has been averaging over 7%, and the IMF has estimated a growth rate of 8.8% for FY11.
These handpicked facts give you an insight into India's capabilities and its robust growth which is proving to be a threat to the developed economies.
The government however, is under immense pressure with the unearthing of corruption scandals, money laundering and tax evasion scams and rising inflation. These testing times call for stern and swift action to tackle such issues before they begin to hamper India's promising growth prospects.
Under the leadership of Dr. Manmohan Singh, touted as the most qualified person ever to serve as Prime Minister of a country, the Indian democracy is in for a turbulent albeit exciting period going into FY12.
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