If India / Indian currency wants to really grow and compete with "developed" countries, there should be a strong domestic demand for goods & services. Our reliance on other economies (like the US) for business should decrease. Hypothetically, if all IT outsourcing to India stops with immediate effect, we will have over 20 million people going jobless (not considering jobs supporting this industry like travel & hospitality, etc which will push the figure even further up). This is an extremely scary situation. Also, Indian businesses should be encouraged to innovate and become globally competetive to withstand MNCs in the home turf. Personally, I am extremely happy with the banking industry in India. Today ICICI & HDFC have given extremely tough competition to MNCs like Citibank & HSBC without any "special treatement" from the Indian government. We should repeat the same in other sectors like FMCG, durables, etc... Doing all this is not easy... India has to go thru a lot of change... but definately not impossible!
