Let us look at it from economist's perspective, China is today an economic super power(GDP of $2.7 trillion) because of manufacturing outsourcing from high cost westerm countries. They have built massive economies of scale in manufacturing. The govt developed a robust infrastructure to support and provide the fuel for a burgeoning manufacturing driven growth.
India's strength lies in services, IT services has created more than 10 million jobs in the last 2 decades and $20 billion (annualized) of exports. Thanks to IT, India's foreign exchange reserves have crossed 150 BN and India today has the 5th largest dollar reserves in the world.
Areas we need to focus 1) Infrastruture - massive investments needed to upgrade the infrastruture($300 BN in the next 5 years), we don't have the resources to invest so much, so we need FDI and the private sector has to pitch in.
2) Agriculture: in deep crisis, 50% of the population live on agriculture but it accounts for only 18% of the GDP. So we need a 2nd green revolution, bi=g retial chains(Reliance, Walmart) will set up the distribution and farm incomes will go up by 200% in the next 5 years.
3)Manufacturing: showing robust growth, SEZ's will be a catalyst for the accelerating growth, I am confident we can develop a robust manufacturing economy.
So we are on the right track, we need to grow our GDP by 10% for the next 10 years and that will catapult India into an economic superpower. We as Indians have to focus on execution of massive projects, inclusive economic growth, improving tax compliance, paying taxes should be a matter of pride and duty.
Hope, Everybody in the forum learn to think in a more matured fashion and speak with more maturity and let this be an intellectual forum
