Rupee @ 40 against $ does not make india a bigger or better economy, it is the overall growth that matter.
Point that should be considered while we just talk about the conversion rate.
If 1 Rs is equal to 1$ Indian economy will be thrice as compared to USA. Does that mean india and Indians have everything better then the Americans? No.
Whatever may be the case of IT/ITES/BPO the fact of the matter is India lacks way behind even the third world countries when someone inquires about the basic ammenties that an Indian gets.
We hear a lot of Ho-Halla about million dollar flats in India which are at par with houses in US. This is a great new as we will get the best in India, BUT the moment someone leaves the boundary walls of 4.5 crore flat "INDIA" remains the same, be it roads, police, traffic, Noise, Pollution, Animals on Road, Traffic sense, Bribe, Electricty, Water, Drainage and what not. Out of 100 crore only few lakhs are employed in IT.ITES and BPO and that does not make India a candidate for developed Nation. Neither does a flat of 4.5 crore make india stand parallel to US.
India has a long way to go before it can even claim to be a developed nation.
We need to realise that unless we have the infrastructure and logistics we cannot even get closer to China. Being an Indian I realise that it is hard to digest that we have to many problem that needs to be tackeled.
Example Local Shanghai "Mumbai" has Electricity, Water/Drainage problem for last 30 Yrs
